$9.8m: Andrew Yakubu remanded in Kuje prison

Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu has been remanded in Kuje Prisons pending ruling on his bail application.

This followed his arraignment yesterday before a Federal High Court in Abuja by the Economic and Financial Crimes Commission (EFCC) on sixcount charge bordering on false asset declaration and money laundering.

In the charge, the EFCC alleged that Yakubu on August 18, 2015 at the EFCC office in Abuja knowingly failed to make full disclosure of his asset being the sum of $9.8m.

The EFCC also claimed that between 2012 and 2014 Yakubu, with intent to avoid lawful transaction, at various times transported the aggregate sum of $9.8m.

The two offences are contrary to sections 27 (3) (c) of the EFCC Act and Section (4) (b) (ii) of the Advanced Fee Fraud.

The ex-NNPC boss pleaded not guilty to the charges.

Consequently, his lawyer, Ahmed Raji (SAN) asked the judge to allow him go on bail on medical grounds. He explained that medical reports from a UK hospital indicate that he has medical condition that requires urgent medical attention.

But EFCC counsel, Prince Ben Ikani opposed the bail on the grounds that the allegations against the former NNPC boss are serious, explaining that the anti-graft commission is still investigating and tracing the funds, some of which may have been taken out of the country.

Justice Ahmed Mohammed fixed ruling in the bail application to Tuesday March 21.

Former Group Managing Director, NNPC, Dr Andrew Yakubu (2nd right) being led to the Federal High Court in Abuja, where he was arraigned for alleged non- disclosure of assets, money laundering and advance fee fraud yesterday