SAN FRANCISCO, March 21, (THEWILL) – Erstwhile Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr Andrew Yakubu, was on Tuesday granted bail by a Federal High Court in Abuja in the sum of N300m.
Recall that operatives of the EFCC had on February 3 stormed a building belonging to the former NNPC boss and recovered the sum of $9.7m and £74,000, which amounted to about N3bn, stashed in a huge fireproof safe in the house located in Kaduna slum.
The anti-graft agency subsequently preferred a six-count charge against Yakubu, which bordered on fraud and false declaration of assets.
The defendant was accused in some of the counts preferred against him of knowingly failing to make full disclosure of the sum of $9,772,800 and £74,000 to the EFCC at the anti-graft agency’s office on or about August 18, 2015
The EFCC said the offence contravened Section 27 (3)(a) of the EFCC Establishment Act 2004, and punishable under Section 27 (3)(c) of the same Act.
It was also alleged in other counts that between 2012 and 2014, in Abuja, the former NNPC boss received cash payments of 9,772,800 and £74,000 without going through a financial institution.
After the arraignment of the defendant, his bail application was argued and Justice Ahmed Mohammed had on March 16, ordered that Yakubu be remanded in Kuje Prison pending the ruling which was delivered on Tuesday.
Ruling on the defendant’s bail application, Justice Mohammed noted that he had no reason to believe that the former NNPC’s group managing director would jump bail.
The judge said he believed so in view of Yakubu’s conduct of cutting short his medical trip abroad to honour EFCC’s invitation.
‎He said if Yakubu had wanted to escape trial, as alleged by the EFCC, the defendant would not have voluntarily returned to honour the commission’s invitation.
Justice Mohammed also noted that the prosecution did not deny the claim.
He said the prosecution’s objection to the bail application was based on speculation and undue apprehension.
The judge then proceeded to grant bail to Yakubu for N300m with two sureties in like sum.
He said the sureties must own properties which must worth the bail sum within the Federal Capital Territory.
Justice Mohammed, however, refused to grant the prayer for an order releasing Yakubu’s passport which was said to be in EFCC’s custody.
He averred that such prayer could not be granted at the stage of the case.
The judge ordered Yakubu to remain in prison until when the defendant would meet the bail conditions.
He then adjourned until May 9 for the commencement of trial.
