The latest loot recovered by the Economic and Financial Crime Commission (EFFC) from Mr. Andrew Yakubu, erstwhile Group Managing Director of the Nigeria National Petroleum Cooperation has once again reaffirmed Buhari’s administration determination to recover all money stolen from the nation’s treasury.
The Economic and Financial Crimes Commission(EFCC) arrested a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, following the recovery of $9,772,800 and £74,000 cash from him.
Mr. Yakubu is being detained in an EFCC facility in Kano, The Nation newspaper reported.
The cash was hidden by the suspect in a fire-proof safe at his brother’s house in the slums of Sabon Tasha area of Kaduna metropolis.
This recent recovery from Yakubu did not come as a surprise to many, considering series of allegations ranging from undue remittance of fund, financial recklessness and mis-appropriation of fund leveled against the NNPC within the period he held sway as GMD.
According to revelations by the EFCC, the cash was hidden by Yakubu himself in a fire-proof save in his younger brother’s house in the slum of Sabon Tasha area of Kaduna metropolis. But his younger brother Bitrus Yakubu has denied ownership of the house, alleging that the house and the recovered money belong to his elder brother. The spokesperson of EFCC Wilson Uwarejen confirmed that a staggering sum of 9,772,800 and another sum of 74,000 was recovered when the commission raided the house.
This latest recovery again, has showed how wicked and devilish some of our so called leaders can be, if such a mind blowing amount can be recovered from an ex-head of parastatals in a single operation, only heaven know how many other fire proof safes he has in other locations.
Sources said he admitted the ownership of the money which he described as a gift.
He did not name the givers.
But he was driven to Kaduna Friday by the EFCC for a fresh search.
A highly-placed EFCC source said Mr. Yakubu was co-operating well with his interrogators.
“So far, he has cooperated with our investigators by admitting ownership of the funds,” the source told The Nation.
“As I speak with you, we have taken him to Kaduna for another round of search . We are suspecting that there could be more of such slush funds hidden elsewhere. We are not prepared to take things for granted.”
Asked whether the ex-GMD could face trial, the source said: “All I can tell you is that investigation is still on. We are glad that we have recorded a breakthrough.”
What is more baffling now, is how our looters have brought innovation to the unholy business, they do not take cash to the bank any longer, rather prefers to conceal them in homes and slums, they apparently do this because they feel it is more safe for them. The case of former AVM who concealed cash inside a sucker way is still fresh in mind.
These looters are no less heartless, imagine a single individual concealing a whooping sum of 9.7m in a country where inflation is in its highest ebb, a country where primary school pupils still sit on the floor to receive lessons. A country where road accident still claim lives on daily basis as a result of lack of fund to maintain our roads. This a country where workers are owed up to seven months salary arrears and unemployment assuming a worrisome dimension
While the EfCC deserves commendation for the good and meritorious service it is doing to the nation, it should also ensure that these recovered loots are channeled to the appropriate quarters, let it not be another case of robbing Peter to pay Paul, we were all witnesses to what happened during the tenure of Ibrahim Lamorde, who upon leaving office was invited by the National Assembly to appear before its committee on Ethics, Privileges and Public Petitions to explain where he kept #1trillion of the funds allegedly recovered from looters. Rather than honour the invitation, he absconded to the UK and has remained there till date.
But what is of great concern to all and sundry now is, that federal government take advantage of these returned funds to positively affect the lives of the citizens, youth empowerment and job creation deserves unbiased and urgent action, if youths are empowered, the nation will spend less combatting militancy, kidnapping, robbery, touting, hooliganism cyber-crime etc.
Investing in our health care services is another necessity that cannot be over emphasized, much need to be done in this sector to reduce the level of heath tourism currently rocking this nation. Imagine the President of the country spending huge [though undisclosed] amount of money few months ago travelling abroad just to see ear and nose specialist, it was indeed a big national embarrassment, those medical technologies used abroad are not so expensive that we cannot afford them.
Power is another sector that needs uncompromising attention, in fact a total overhaul will do that sector much good, many foreign investors have repeatedly said they cannot come to Nigerian because of the epileptic power supply, those who managed to come don’t waste time to go into comatose the moment they discovery they can longer bear the cost of powering machines with diesel.
It is believed that if looted funds recovered by this administration is effectively utilized, it will go a long way in the ultimate revival and resuscitation of our already sick economy, part of the funds can also be used to effectively fund and ensure proper implementation of the recently approved Medium Term Expenditure Framework {MTEF].
There is no gainsaying the fact that the government make so much noise about recovering of loots but maintains questionable silence of how, and for what purpose the funds are used thereafter. This is unacceptable and should not continue, the government should come out in all sincerity and tell Nigerians which sectors of the economy the recovered funds are channeled to. That is the only way to retain the citizen’s confidence and retain their unflinching support in this fight.
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