Court Orders EFCC, CBN To Deposit Seized Funds From Ex-NNPC Boss Magu

A recent development from the Federal High Court in Abuja has mandated the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to deposit the sums of $9.7 million and £74,000, which were seized from the former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu Magu.

In a recent report, the EFCC, through its legal representative, Mr Faruk Abdullah, appealed the court’s dismissal of the money laundering allegations against Mr Magu. The EFCC argued that the seized funds were still subject to ongoing litigation due to the appeal.

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In response to Mr Magu’s application to retrieve the seized funds after being cleared of fraud charges, the EFCC urged the court to dismiss his plea.

Details of the Court’s Directive

It is noteworthy that the EFCC discovered $9.8 million and £74,000 concealed in a fire-proof safe during a raid on Mr Magu’s property in Kaduna on February 3, 2017.

In a lawsuit filed with the Federal High Court, Mr Yakubu sought clarification on whether the EFCC should continue to retain the seized funds following the court’s verdict.

During the court session, Justice Inyang Ekwo noted that the EFCC and CBN had not been transparent about the location of the funds in question. The judge emphasized the need for an order that ensures the funds are safely accessible to the relevant parties until the resolution of the government’s appeal against a previous court decision.

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