“I received N5b EFCC recovered loot as part of my retirement gift” Ex-NNPC MD testifies in court

BREAKINGNEWS! N5bn Seized By EFCC Was Part Of The Gifts I Received After My Tenure’, Ex-NNPC MD Tells Court

Yakubu was also accused of more 4 charges including failing to disclose the monies to the EFCC in his asset declaration form, a crime which contravened Section 27 (3) of the EFCC Act.

However, giving evidence as the first defence witness, the former GMD said 97 percent to 98 percent of the sum were gifts he received during celebrations which he hosted.

“The money was not received in bulk but in tranches of not more than $10,000 and not more than £5,000. And a substantial part of the money was given to me after I left office,” he said.

“And it was given to me on the occasions of birthdays, thanksgiving services, weddings of my daughters and other celebrations that I hosted after leaving office.”

He said he kept the money in a safe at home because he was yet to figure out what business to venture into.

“Because the money came unplanned, the plan was to think about the business venture I’ll embark on after retirement,” he said.

“I kept the money in the safe pending when there is a specific business venture I’ll embark on and as soon as that decision is crystalised, the business would be funded through a financial institution.”

Yakubu explained that the remaining two percent of the money was savings he got from estacodes.

“For over 25 years, I had reasons by virtue of my schedule, to travel to many parts of the world. So, I was entitled to estacodes in USD,” Yakubu explained.

“And any savings made during a trip, I came back with whatever I had and saved it. The savings estimated time of start was around 2010 to 2014.”

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