A Federal High Court sitting in Abuja has ordered the interim forfeiture of N30.7 million suspected to be proceeds of fraudulent activities connected to the Nigerian National Petroleum Company (NNPC) Limited.
The order was issued on Monday by Justice Emeka Nwite, who upheld an ex parte application filed by the Economic and Financial Crimes Commission (EFCC). The judge directed that the funds be temporarily forfeited to the Federal Government.
Justice Nwite also instructed that the forfeiture order be published in a national newspaper to allow any interested party to appear before the court within 14 days and explain why the money should not be permanently forfeited. The case was adjourned to January 22 for an update on compliance.
In documents filed before the court, EFCC investigator Bilkisu Abubakar said she was assigned to probe allegations of financial misconduct involving some senior officials of the NNPC, following petitions received by the commission.
According to her affidavit, the investigation included intelligence gathering, bank inquiries, analysis of financial transactions, engagement with regulatory agencies such as the Corporate Affairs Commission, as well as the questioning of individuals linked to the case.
Abubakar stated that a bureau de change operator, Adamu Yakubu, emerged as a key figure during the investigation. She disclosed that Yakubu was invited by the EFCC on September 2, 2025, where he reportedly cooperated and submitted a transaction ledger detailing customer information and foreign exchange dealings.
The EFCC investigator said analysis of the ledger revealed that more than N4 billion was transferred to various individuals and corporate accounts on the instruction of one Ibrahim Sani, identified as a staff member of the Federal Inland Revenue Service (FIRS).
She added that the N30.7 million in question was part of funds allegedly handed to Yakubu by Sani and remained in the bureau de change operator’s possession. Sani, who was invited by the EFCC on September 15, 2025, reportedly admitted to using Yakubu to move funds to different beneficiaries.
Abubakar further stated that Sani confirmed depositing large sums of money in foreign currency with Yakubu, who then transferred the naira equivalent to accounts provided by him. She noted that Sani failed to verify the source of the funds, which investigators believe were proceeds of illegal activities.
However, the investigator disclosed that both Sani and Yakubu denied ownership of the N30.7 million. Yakubu was said to have subsequently raised four manager’s cheques in favour of the EFCC recovery account, with copies submitted to the court as part of the application.
