The erstwhile Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mr Andrew Yakubu, has been granted bail in the sum of N300 million.
Yakubu, who operatives of the Economic and financial Crimes Commission (EFCC) stormed his house in a slum in Kaduna and recovered the sum of $9.7 million and £74,000, amounting to about N3 billion, stashed in a fireproof safe, was granted bail by a Federal High Court in Abuja on Tuesday.
EFCC after weeks of keeping Yakubu in its custody arraigned him on six counts charge bordering on fraud and false declaration of assets on March 16.
Yakubu was however remanded in Kuje Prison on the order of Justice Ahmed Mohammed, who ordered him to be kept back in prison pending ruling on his bail application.
Ruling on the former NNPC boss bail application on Tuesday, Justice Mohammed said that he had no reason to believe that the former NNPC’s GMD would jump bail.
The judge said his belief was based on the fact that Yakubu was able to show trust when he cut short his medical trip abroad to honour EFCC’s invitation.
According to the judge, if the defendant’s intention was to escape trial, as alleged by the EFCC, he would not have voluntarily returned to honour the commission’s invitation.
Justice Mohammed noted that the prosecution never denied Yakubu’s claim, adding that the prosecution’s objection to the defendant’s bail application was hinged on speculation and undue apprehension.
He therefore granted Yakubu bail in the sum of N300 million with two sureties in like sum.
The two sureties, according to Justice Mohammed, must own properties which must worth the bail sum within the Federal Capital Territory.
The prayer by the defendant for an order to release his passport which was said to be in EFCC’s custody was not accepted by the judge.
While he ordered that Yakubu must remain in prison until when he meets his bail conditions, Justice
Among other things, EFCC is prosecuting Yakubu for 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 commission said the offence was contrary to Section 27 (3)(a) of the EFCC Establishment Act 2004, and punishable under Section 27 (3)(c) of the same Act.
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