A former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, on Wednesday, told a Federal High Court in Abuja that the $9.8m recovered from his residence were part of gifts and estacodes he saved.
Yakubu opened his defence after Justice Ahmed Mohammed in June refused his application to stay the proceeding over some interlocutory appeals at the Supreme Court in relation to the trial.
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The Economic and Financial Crimes Commission had charged Yakubu on six counts of money laundering and movement funds beyond the threshold outside a financial institution after the sums of $9,772, 800 and £74,000 were recovered from his home in Kaduna, Kaduna State, on February 3, 2017.
Led in evidence by his counsel, Ahmed Raji, on Wednesday, Yakubu said he intended to use the money which he kept in a safe in his Kaduna residence for business.
Yakubu, who said about 2 percent of the funds were estacodes, stated: “For over 35 years, I’ve risen by virtue of my schedule, travelled to many parts of the world.
“And so, I was entitled to estacodes in US dollars, and any savings I made during the trip, I came back with whatever I had and saved.”
The trial was adjourned to July 22 for continuation of cross examination.
