Court Grants Yakubu Bail to Bond of N300m

A Federal High Court in Abuja has granted bail to former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu to the sum of N300m and two sureties in like sum.
Justice Ahmed Mohammed, the trial Judge in a ruling, Tuesday, on bail application argued by counsel to Yakubu, Ahmed Raji, last week Thursday, stated that the terms Yakubu were charged with, were bailable.
The court stated that the defendant’s sureties should provide landed property in Abuja as a collateral, one of them should be resident in Abuja, with traceable address. And they should also swear affidavit of means.
The court also ordered the defendant to deposit his international passport with the Registrar of the Federal High Court and shall not travel outside the country during trial without notifying the court.
Justice Mohammed said he took into consideration, while granting the bail application, Yakubu’s position in the society.
The Judge also said Yakubu was abroad when the Economic and Financial Crimes Commission (EFCC) summoned him to Nigeria, “he abandoned his medical checkup and honoured the invitation”, the Judge held.
The court said since investigation into the matter has been concluded by the anti-graft Commission, there was no need to hold him further.
He said for the interest of justice, there was no need for his continued detention.
The court adjourned till May 9 for commencement of trial.
Last week, the Economic and Financial Crimes Commission arraigned Yakubu on six charges bordering on fraud and false declaration of assets.
The charges are all in relation to the money recovered from his house in Kaduna on February 3.
Some operatives of the EFCC had stormed a building belonging to the former NNPC boss and recovered the sum of $9.7m and £74,000 stashed in a huge fireproof safe in a slum in Kaduna.
The sums of foreign currencies amounted to about N3bn.
In one of the charges filed against the former NNPC boss, the EFCC accused him of failing to declare the money when he filled his Declaration of Assets form at the EFCC in 2015.
The anti-graft agency also accused the ex-NNPC boss of receiving huge sums of money without going through a financial institution.

Author: News Editor

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