$9.8m fund: Court grants ex-NNPC GMD N300m bail

AFederal High Court in Abuja yesterday granted bail to former Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu in the sum of N300 million.

Yakubu was on March 16 remanded in Kuje Prison after his arraignment on six-count charge bordering on false asset declaration and money laundering.

Justice Ahmed Mohammed ordered him to produce N300m bail bond and two sureties in like sum. One of the sureties shall be a holder of landed property anywhere within Abuja.

According to the judge, “the value of the property shall cover the amount of the bond. The second surety shall be a person gainfully employed and resident in Abuja with a permanent address. The sureties shall both swear to affidavit of means to cover the amount of the bond.”

He further ordered the defendant to deposit his international passport with the Chief Registrar of the court.

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

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. The case has been adjourned to May 9 for hearing.