Former NNPC GMD, Jide Omokore arrested by EFCC

– EFCC rearrests influential oil magnate Jide Omokore

 – EFCC will arraign Omokore and Andrew Yakubu, former group managing director of NNPC, before a Federal High Court, Abuja on Monday, June 20

 – The duo are facing four counts of money laundering

 Oil magnate, Jide Omokore, has been rearrested by the Economic and Financial Crimes Commission (EFCC), Premium Times reports.


Jide Omokore

 According to Sahara Reporters, Andrew Yakubu the former group managing director of the Nigerian National Petroleum Corporation, (NNPC) and Omokore before will be arraigned before Justice Binta Nyako of the Federal High Court, Abuja on four counts of money laundering.


 Andrew Yakubu

 According to EFCC insiders, other defendants in the case are Victor Briggs, Abiye Memnere, David Mbanefo, Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited.

 The anti-corruption agency detained Omokore over the weekend over allegations that he connived with former Nigerian oil minister, Diezani Alison-Madueke to steal billions of dollars in shady oil transactions.

 Omokore is the chairman and founder of Energy Resources Group (ERG), one of Nigeria’s largest privately-held conglomerates. ERG has interests in oil trading and exploration, haulage services, steel, dredging engineering and property development.

 Meanwhile, the federal government has succeeded in compelling Omokore, to cough up $14m (roughly N2.8 billion). The figure comes from the crude oil royalties his company failed to remit to the federal treasury. Insider sources said the funds were supposed to have been paid between 2011 and 2012 by Atlantic Energy which was awarded oil assets by the Goodluck Jonathan government shortly after it was incorporated in 2010.

 The money was finally paid into the federal government’s account with JP Morgan Chase on January 29 after the Economic and Financial Crimes Commission (EFCC) began to investigate the company.