Former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu, will remain in Kuje Prison until March 21.
Yakubu was arraigned by the Economic and Financial Crimes Commission, EFCC, on Thursday on charges bordering on money laundering and false assets declaration.
He pleaded not guilty to the charges and his counsel, Ahmed Raji, SAN, urged the court to grant his client bail on self recognition.
The prosecutor, Ben Ikani, opposed the bail application but asked the judge to impose stringent conditions to be met before bail would be granted if he is satisfied to grant the accused person bail.
Trial judge, Ahmed Mohammed, having listened to both sides, fixed March 21 for ruling on the bail application.
He however ordered that Yakubu be remanded in Kuje prisons pending the determination of the application.
Yakubu has maintained his innocence despite the discovery of over $9 million dollars, £74,000 pounds stashed away in a fire-proof cabinet in a small bungalow in Kaduna that the EFCC said belonged to him.
The former NNPC boss did not deny ownership of the monies but said they were gifts given to him by friends.
He has been in the custody of the EFCC for almost one month since the discovery was made and his lawyer had raised alarm that Yakubu was not being allowed access to his medication.