After spending four days at the Kuje prisons, former Group Managing Director of the Nigerian National Petroleum Corporation, Andrew Yakubu, has been granted bail by an Abuja Federal High Court.
He was granted bail in the sum of N300 million by Justice Ahmed Mohammed. Yakubu is also required to present two sureties in like sum.
Recalled that last Thursday, the judge remanded Yakubu in prison after the Economic and Financial Crimes Commission arraigned him on a six-count charge of fraud, following the recovery of cash sums of $9.8 million and £74,000 from a house in Kaduna, said to allegedly belong to him.
Yakubu, who pleaded not guilty to the charges, had earlier claimed that the monies were gifts he received from friends.
He was alleged to have, as “Group Managing Director of the NNPC, between 2012 and 2014, within the jurisdiction of this court, with intent to avoid lawful transaction, transported to Kaduna $9.7 million and £74,000.”
Yakubu was also accused of failure to disclose the sum of $9.7 million and £74,000 to the EFCC in his asset declaration form, a crime which contravened Section 27(3) of the EFCC Act.
Ahmed Raji, counsel to the accused person, had prayed the court to grant him bail on self-recognition, but Ben Ikani, counsel to the prosecution, urged it to dismiss the application for bail.
