Mr Andrew Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation, has been granted bail in the sum of N300m with two sureties by a Federal High Court in Abuja on Tuesday, March 21, 2017.
Yakubu was arraigned by the Economic and Financial Crimes Commission (EFCC) on six counts bordering on non-disclosure of assets and fraud, charges to which he pleaded not guilty.
He was said to have as “Group Managing Director of NNPC, between 2012 and 2014, within the jurisdiction of the court, with intent to avoid lawful transaction, transported to Kaduna $9.7 million and €74,000’’.
The ex-NNPC GMD 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.
Justice Ahmed Mohammed had on March 16, ordered that Yakubu be remanded in Kuje Prison.
At the resumed hearing to determine bail application, Justice Mohammed said that from the arguments canvassed and placed before him by the defence team, Yakubu was not likely to jump bail.
According to him, the fact that Yakubu received an invitation from EFCC while abroad and decided to honour it, ‘he does not strike me as someone who would jump bail.’
The judge further said that the only grounds upon which a defendant could be denied bail as stipulated by law was where there was reasonable ground to believe that the person would commit another crime if released.
He then proceeded to grant bail to Yakubu for N300m with two sureties in like sum.
The judge said the sureties must own properties which must worth the bail sum within the Federal Capital Territory.
He, however, refused to grant the prayer for an order releasing Yakubu’s passport which was said to be in EFCC’s custody.