Justice Ahmed Mohammed of the Federal High Court, Abuja, has granted bail to former Group Managing Director, GMD, of the Nigeria National Petroleum Corporation, NNPC, Andrew Yakubu, who was charged with corruption by the Economic and Financial Crimes Commission, EFCC.
Yakubu who has been in Kuje Prison since last Thursday was granted bail on Tuesday in the sum of N300 million and two sureties.
The ex-NNPC boss was arraigned on a six-count charge of money laundering and false assets declaration, following the discovery of $9.8 million and £74, 000 from a building believed to be owned by him in Kaduna State.
Yakubu pleaded not guilty to the charges, after having explained earlier that the monies were gifts he received from friends.
The EFCC said that Yakubu, when he was the “group managing director of 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 pounds.”
He was also accused of failure to disclose the sum of $9.7 million and 74,000 pounds to the EFCC in his asset declaration form, a crime which contravened Section 27, 3, of the EFCC Act.
Counsel to the accused person, Ahmed Raji, had asked the court to his client bail on self-recognition, but the prosecution, led by Ben Ikani,urged it to dismiss the application for bail or fix stringent measures which the accused person must meet before he is granted bail.