The Economic and Financial Crimes Commission (EFCC), on Thursday said it raided and found a whopping sum of $9.2m and additional 750,000 pounds in the private residence of the former General Managing Director of Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, in Kaduna.
This was revealed by the Acting Chairman of the Commission, Mr. Ibrahim Magu when he appeared before a committee of the House of Representatives to present an appraisal of the Commission’s 2016 budget performance and also defend the 2017 budget..
According to the Magu, the huge money, which is in excess of N3 billion by official exchange rate, was the largest ever recovered by the agency in recent weeks.
Magu also disclosed to the House of Representatives Committee on Financial Crimes that N1.25 billion was recovered from a public servant, all in the last two weeks.
TheNewsGuru.com reports that Yakubu, who served as GMD between 2012 and 2014 is already facing trial for money laundering. He was charged by the EFCC in June 2016.
Magu further revealed that the commission recovered N102.91 billion, 8.30 million dollars, GBP 29,155, 12,475 pounds, 117,004 Canadian dollars as proceeds of crime between January and December, 2016.
Other monies recovered during the period, he said, were 806.50 Dirham, 5,000 Francs and 2,000 Rupees.
“Out of the 37 accounts frozen/forfeited, six banks are yet to provide relevant information on the amount accrued into the suspected accounts within the period under review,’’ he said.
The document revealed that the commission secured 135 convictions, out of which 46 were from Lagos zone, 30 from Abuja zone, 22 from Port Harcourt zone, 19 from Kano zone, 15 from Enugu zone and three from Gombe zone during the period.
Magu acknowledged the support of the committee towards fast-tracking completing of EFCC headquarters in Abuja.
He disclosed that the Federal Ministry of Finance had listed the payment of N1.8 billion out of N2.9 billion meant for completion of the headquarters.
He, however, added that the commission had resuscitated its offices in Kaduna, Ibadan, Benin and Maiduguri as part of efforts to boost its operations across the country.
Magu urged the legislature to support the fight against graft, saying “corruption is fighting back”.
On recruitment, he said that the commission only recruited 331 cadets on equal quota basis across the country except Lagos, Ekiti, Bayelsa and Rivers with lower numbers.
In a breakdown of the 2016 budget of the commission, Magu told the committee that total budgetary approval was N18.89 billion, but that N14.74 billion representing 78.04 per cent was released.
He explained that N7.62 billion was for personnel cost, overhead was N2.75 billion while capital expenditure was N8.49 billion for the year.
Magu added that 91.1 per cent component of the released funds had so far been utilised.