Alleged Money Laundering: Court Grants Yakubu Bail

Alleged Money Laundering: Court Grants Former NNPC GMD, Andrew Yakubu Bail EFCCA former Group Managing Director of the Nigerian National Petroleum Corporation (GMD NNPC), Mr Andrew Yakubu, has been granted bail in the sum of 300 million Naira.

Mr Yakubu is facing a six-count charge of money laundering preferred against him by the Economic and Financial Crimes Commission (EFCC).

The charges were all in relation to the money allegedly recovered from his house in Kaduna State on February 3.

Following his arraignment on March 16, Justice Ahmed Mohammed of the Federal High Court in Abuja had ordered that the former NNPC boss be remanded in Kuje Prison.

Ruling on the defendant’s bail application, Justice Mohammed observed that he has no reason to believe that Mr Yakubu would jump bail.

He then proceeded to grant him bail for 300 million Naira with two sureties in like sum.

The judge said the sureties must own properties which must worth the bail sum within the Federal Capital Territory.

He, however, refused to grant the prayer of the defence counsel for an order to release the accused person’s international passport, which was said to be in the EFCC custody.

Justice Mohammed ordered Mr Yakubu to remain in prison pending when the defendant would meet the bail conditions.

He also adjourned until May 9 for the commencement of trial.

Former NNPC GMD Docked, Pleads Not Guilty To Six Count Charge

yakubuA former Group Managing Director of the Nigeria National Petroleum Corporation NNPC, Mr. Andrew Yakubu, was on Wednesday arraigned on a six count criminal charge, boarding on Money laundering and corruption.

Yakubu, who served as the NNPC Chief Executive in the last dispensation, was accused of money laundering, receiving money without going through a financial institution and declaring same.

He, however, denied all the charges brought against him by the Federal Government.

Mr. Yakubu is accused of failure to declare  9.7million Dollars in his asset declaration form which he filed at the EFCC on August 18.

The EFCC also alleged that the defendants transported the foreign currencies to Kaduna state with the intent to avoid a lawful transaction.。

He is also accused of receiving payment of 74,000 Pounds without going through a financial institution as required by law during his tenure as GMD of NNPC

Shortly after, counsel to the defendant, Mr. Ahmed Raji applied to the court to grant his client bail on self recognizance or in the most liberal terms.。

He also asked the court to order that his client’s International Passport be released temporarily to enable him complete a three weeks medical trip abroad.

Mr. Raji informed the court that Mr. Yakubu was in the UK on medical trip which he suspended upon the invitation of the EFCC.

He further argued that the defendant has no criminal records and has been cooperating with the EFCC since the commencement of investigation and as such the claim by the prosecution that he would not be available.

Opposing the bail however, the prosecutor Mr. Ben Ikani, urged the court to either refuse bail or in the alternative, impose a stringent condition that would enable the defendant attend trial because the charge attracts imprisonment of 10 years or with fine.

Having listening to both parties, the trial judge, Justice Ahmed Mohammed , adjourned to March 21, 2017 for ruling.

He also ordered that he be remanded in Kuje prison, pending the determination of the bail application.

Omokore, Three Others Arraigned, Granted Bail

OmokoreOil magnate and Chairman of Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concept Limited, Mr Jide Omokore, and three others have been arraigned at a Federal High Court in Abuja.

They were arraigned on a nine count charges of criminal diversion of 1.6 billion dollars alleged to be proceeds of petroleum products belonging to the federal government.

Omokore and his co-accused pleaded not guilty to the charges when the charges were read to them.

The accused persons were granted bail in the sum of 50 million Naira each with one surety who must be owner of a landed property in the Federal Capital Territory or a senior civil servant.

They are also to deposit all of their travel documents in the court, and also swear to an affidavit of means along with their sureties.

At the opening of the proceedings, lawyers to the accused persons had argued that their clients could not take pleas because the prosecution has not provided proof of service on Kolawale Aluko and the former Minister of Petroleum, Allison-Madueke, who were both said to be at large.

The counsels argued that the former minister and Aluko had been charged alongside Omokore and five others but the prosecution have failed to list them on the defendants list.

The lawyers urged the court to direct the EFCC to put its house in order before bringing the charges against their clients.

In a short ruling, Justice Binta Nyako agreed with the defendants that the charges placed before the court were not ripe for hearing.

Following the ruling, the prosecutor, Mr Rotimi Jacobs, quickly made an oral application to strike out the names of Alison-Madueke and Aluko from the charge sheet.

He also applied that the court should allow the accused persons take their plea. This the court granted, with the accused persons pleading not guilty to the nine count charge and were granted bail.

Mr Jide Omokore, his two companies and three other persons are accused of involvement in various petroleum product fraud.

Prosecutor has accused them of making dubious claims of 13,000 metric tones with the petroleum product regulatory agency thereby pocketing 1.6 billion dollars extra through illegal importation of petroleum products.

The trial has been fixed for October 19, 2016.

Money Laundering: Arraignment Of Omokore, Andrew Yakubu, Others Stalled

Jide-Omokore-Andrew-YakubuThe arraignment of oil and gas businessman, Mr Jide Omokore, Former GMD of NNPC Andrew Yakubu and three others has been stalled.

The prosecutor, Mr Rotimi Jacobs, informed the court that some of the accused persons were not in the country and he would not want to arraign the accused persons individually.

The court has adjourned the case till July 4, 2016 for arraignment.

The Economic and Financial Crimes Commission (EFCC) is charging businessman, Mr Jide Omokore, before the Federal High Court in Abuja on allegations of money laundering.

Mr Omokore, who is heavily involved in the oil and gas sector is reported to have been arrested over the weekend.

He will be docked alongside a former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu.

Others to be charged include Mr Victor Briggs, Mr Abiye Memnere, Mr David Mbanefo, and Mr Omokore’s companies – Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited.

APC Kicks Against Removal Of Petroleum Corporation’s Boss

apcThe Kaduna State chapter of the opposition All Progressives Congress (APC) in Nigeria has frowned at President Goodluck Jonathan over what it described as the ‘unceremonious removal’ of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu.

Mr Yakubu was unexpectedly shacked on August 1.

The political party, under the umbrella of APC Justice Forum, said it viewed the removal of the former Group Managing Director as the height of betrayal of the people of Kaduna State, especially, the Southern Kaduna Senatorial District that stood firmly behind the Peoples Democratic Party (PDP) since 1999.

‘Party Of Godfatherism’

The Secretary of the Forum, Mr Mohammed Soba, in a statement in Kaduna on Sunday, said the party was aware of a planned rally for President Jonathan which was slated for last Saturday without the involvement of the Vice President Namadi Sambo and the Kaduna State Governor, Mukhtar Yero, noting that the removal of the ex-NNPC boss had further exposed the PDP as a ‘party of godfatherism’.

The statement further read: “The unceremonious removal of Yakubu has exposed the contradictions within the PDP political family in which godfatherism and negative political backstabbing have taken the centre stage against equity, fairness and sense of political decency”.

Mr Sabo, however, stated that no reason was adduced for Yakubu’s removal because none could be justified in view of the fact that Yakubu had one more year for his tenure to expire either by reason of reaching the mandatory 60 years of age or putting in 35 years in service.

He further said that the Kaduna APC chapter’s Justice Forum therefore condemned the premature removal of the son of Kaduna State, Mr Yakubu, which portrays the PDP as unjust and insensitive to the political solidarity and patronage it enjoys from the good people of Southern Kaduna.

Imo State Wins NNPC Quiz Competition

NNPC logo2Students from Imo State, South East Nigeria have emerged winners of the 2014 NNPC Annual National Quiz Competition‎. 

With 155 points to 145 points, the team from Imo beat Ogun and Akwa Ibom states to 2nd and 3rd positions.

Since 2001, the Nigeria National Petroleum Corporation, NNPC has used this platform to encourage budding engineers and scientists to excel in their studies, and this year would not be an exception.

6 teams from the 6 geo-political zones including the FCT, Akwa Ibom, Imo, Ogun, Taraba and Kaduna states made it to the finals, and standing in between them and the coveted trophy were questions in Mathematics, Physics, Chemistry, Biology, English and knowledge of the Corporation and its activities‎.

After the 1st and 2nd rounds, Imo State emerged overall winner, but only a sudden death could separate Ogun in 2nd and Akwa Ibom in 3rd positions.

The Group Managing Director of the NNPC, Mr Andrew Yakubu, was thrilled with the trend in performance and pledged the corporation’s commitment.

Applauding the performance of the 6 participating teams, Mr Yakubu pledged to increase the budget of the corporation’s scholarship scheme towards breeding young indigenous scientists and developing Nigeria’s education sector.

Now in its 14th year, the NNPC Quiz Competition has recorded several successes, providing indigenous and talented manpower for the oil and gas sector and this, the corporation hopes would continue.

NNPC Says Gas Flare Rate Has Reduced In Nigeria

NNPC logo2It appears that Government’s intervention in the gas sector is paying off, as the Nigeria National Petroleum Corporation, NNPC, says gas flaring in Nigeria has reduced from 25% to 11%.

The NNPC Group Managing Director, Mr Andrew Yakubu, announced this at a conference organized by the Senate Committee on Gas in Abuja.

The World Bank had listed Nigeria as Africa’s biggest in terms of gas flaring, while a report published by the Organization of Petroleum Exporting Countries, OPEC, also ranked Nigeria as the second highest gas flaring nation in the world.

The Federal Government has, meanwhile, been setting and shifting deadlines to end gas flaring for years, but despite the expiration of several deadlines, the most recent being the December 31, 2013 deadline, gas flaring still continued in Nigeria.

The NNPC Group Managing Director, however, said that some progress has been made in reducing gas flaring in the country, as many international oil companies are fast approaching full flare out in the country.

Mr Yakubu said that in the past three years, the Federal Government had begun an aggressive implementation of a nationwide gas infrastructure blueprint with the Government’s intervention beginning to generate a change in the direction of gas in Nigeria.

But while some progress is being made in improving gas infrastructure, the utilization of domestic gas in Nigeria still remains a major issue, and this is according to the Chairman Senate Committee on Gas,Senator Nkechi Nwaogu.

Senator Nwaogu said that an increased use of cooking gas would not only lead to huge savings in billions of dollars on subsidy but would also help cut down greenhouse gas emissions which contribute greatly to global warming.

Trade Relations: NNPC To Expand Nigeria’s Market in Asia

NNPC logo2The Federal Government is planning to increase the nation’s petroleum market in Asia after losing a substantial part of the United States market.

One of such target markets is Pakistan, whose Minister of Petroleum, Shahid Abbasi, had been in Nigeria to facilitate the new trade relations.

While meeting with Mr Abbasi in Abuja, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu revealed that India was Nigeria’s biggest market for petroleum resources.

“You are a very good market for Nigerian hydrocarbon resources, we are also happy to inform you too that your immediate neighbours, the Indian community today is one of the largest importers of our petroleum product, having lost our substantial markets to US”, Mr Yakubu said.

He also disclosed, “We look forward to having more market within the sub region, which today I’ve seen clearly that you are a potential market for our hydrocarbon resources.”

Mr Shahid Abbasi, revealed the target of the Pakistani Government for the next three years towards meeting its Liquefied Natural Gas demands and stated that they “look upon Nigeria as a potential source for that LNG”. He added that he hoped that the meeting would translate into future negotiations for the procurement of LNG from Nigeria.

Passage Of PIB Will Promote Local And Foreign Investment – Yakubu

andrew_yakubuThe level of participation and amount of investment being carried out by local companies in the oil gas sector in Nigeria can be increased tremendously if the provision of the Petroleum Industry Bill (PIB) comes on stream.

This is according to the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu.

Acknowledging the local capacity of indigenous companies at this year’s Nigeria Oil and Gas Conference in Abuja, Mr Yakubu said that with the already existing local content law and the eventual passage of the PIB, Nigeria would become the most viable investment destination which will be galvanized by indigenous capacity.

“I am sure what you saw in terms of investments are products of projects that were initiated in the past, projects that are ongoing and projects that have commenced.

“The PIB is supposed to add more value to it and to bring a more sustainable physical regime that will guarantee investment. You can see that we started with players that are predominantly from the west, today we have expanded to all over the world. We have players from the Far East and so on in our activities” he said.

He also gave assurance that  “investments will continue to grow and the PIB is expected to give birth to a more sustainable and more permanent physical regime that can be predictable; that investors can look at and factor into their business model before they come in to invest.”

He added, “Nigeria is the place to invest.”

Oil Pipleline Attacks On The Increase– NNPC GMD

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu has raised an alarm over the impact of pipleine attacks on the nation’s economy.

During his submission to the Senate and House of Representatives joint committee on the medium term frame work for the period 2014 to 2016, Mr Yakubu stated that attacks on Nigeria’s crude oil pipelines are still rising.

The NNPC boss revealed that about 150,000 barrels of crude oil is lost per day due to the attacks, and there are fears also that the revenue flow to the federation account will continue to dip as a result.

Commenting on the daily crude oil production figure, the NNPC GMD added that the production figure has been erratic, moving between 2.2 million and 2.3 million barrels per day.
Nigeria is yet to hit the projected crude oil production figure of 2.5 million barrel per day.

Arepo Pipeline Has Been Repaired- NNPC GMD

 The Group Managing Director of  the Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu, has visited the site where a renewed attack on the System 2B Pipeline at Arepo occurred barely a month after it was fixed following a fire caused by products thieves who had ruptured the pipeline in August 2012.

The Acting Group General Manager Group Public Affairs of the Corporation, Ms Tumini Green, in a statement made available to journalists disclosed that product thieves hacked at the pipeline again yesterday causing fire that reportedly killed 3 persons.

Mr Yakubu says “The Corporation is appalled by the repeated attacks on the pipeline at the same spot in Arepo in Ogun State, barely months after a similar attack last year, causing the corporation a hard time effecting repairs as a result of security issues”.

“The ripple effect was the hardship in product distribution which was responsible for the emergence of long queues at fuel stations across the country in the last quarter of 2012”.

He however says repairs have been affected and supply will resume immediately through the line.

 

NNPC Laments Activities Of Pipeline Vandals

The Nigerian National Petroleum Corporation, NNPC on Wednesday decried the unending incidents of pipeline hacking and product theft which is currently posing great danger to the efficient distribution and supply of petroleum products in some parts of the country.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu

Speaking against the backdrop of the recent line break in Ije-ododo community in Ojo Local Government Area of Lagos State, the Group Managing Director (GMD) of the NNPC, Andrew Yakubu stated that if left unchecked, the nefarious activities of pipeline marauders could cripple the smooth operation of the downstream sector of the industry.

Mr Yakubu who declared open the 3rd Triennial Delegates Conference of the Petroleum and Natural Gas Senior Staff Association, PENGASSAN, in Abuja noted that less than one week after the vital system 2B was restored after extensive repair work on the ruptured Arepo point, the Corporation has been compelled to shut the line owing to Monday’s attack on the Ije-ododo point.

“We had over 774 break points since August 2012 from Atlas Cove to Ilorin depot. Between Atlas Cove and Mosimi depot, we recorded 181 break points, from Mosimi to Ibadan, we had 421 raptured points and from Mosimi to Ore, we recorded 50 vandalized points. Also between Ibadan and Ilorin we had a total of 122 break points,’’ the GMD said.

He informed that though the NNPC is working hard to ensure effective distribution of petroleum products across the country through increased trucking, the trucking option comes with enormous cost which is totally unsustainable.

“PIB or no PIB, privatization or no privatization, no industry can survive under this kind of arrangement,’’ he said.

Records indicate that with the incessant attacks on the nation’s vast artery of pipelines about 70 percent products distribution is through trucking or what is known in the industry parlance as bridging into the hinterlands. This requires massive fleets of petroleum product trucks of up to 1,212 trucks load out from the depots every day to meet the daily estimated national consumption.

At an average vehicle turnaround of about 8-10 days from the South to the North and re-turn, a minimum of 10,000 trucks are required to ply the roads daily.

Despite the challenge posed by the shut- down of the system 2B line as a result of the attack, the GMD remains optimistic that Nigerians would not suffer undue hardship during the yuletide season.

“We have a fallback strategy which we have already activated to ensure un-interrupted supply of products. Don’t forget that we had the worst time when the line was shut completely in August after the Arepo incident but we have restored the lines and it started working and Nigerians felt the impact, only for the vandals to strike again. But we will do our best to sustain supply,’’ he said.

Mr Yakubu called on Nigerians across board from the community to local government and up to state government levels to embrace protection of pipelines.

“These are critical national assets and we must begin to see them in that light,’’ the GMD said.