Ex- NNPC's GMD admits ownership of recovered $9.8m

He was sacked by the then Minister of Petroleum Resources, Diezani Alison-Madueke, who reportedly accused him of insubordination.

Saturday PUNCH learnt that the building comprises 18 flats and six penthouses.

On the newly promoted police officer who was said to have "recently recovered N42 billion for the Federal Government", Magu said he was unaware of such recovery.

"The property was allegedly acquired by the former minister between 2011 and 2012 at a total cost of thirty seven million, five hundred thousand United States Dollars ($37,500,000USD) from the developers, YF Construction Development and Real Estate".

The property was allegedly acquired in the name of a shell company, Rusimpex Limited under the control of Afamefuna Nwokedi of Stillwaters law firm, in Lagos.

She has, however, denied all the allegations leveled against her.

He said on arrival of EFCC officials at the facility, the caretaker of the house, one Bitrus Yakubu, a younger brother to Andrew Yakubu, disclosed that both the house and the safe where the money was found belong to his brother, Mr. Andrew Yakubu.

Although he did not indicate precisely when the raid by EFCC operatives was carried out, NAN reports that the foreign money was recovered in the home of Andrew Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation.

Yakubu served as GMD of NNPC between 2012 and 2014, during the Goodluck Jonathan regime.

The huge cash was discovered in Yakubu's building during a special operation conducted by EFCC operatives in the building on Friday, 3 February.

  • Joanne Flowers