Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu has been granted bail at N300million.
Yakubu, has been in custody at the Kuje prison since he was arraigned on March 16 before a Federal High Court in Abuja on a 6-count charge filed by the Economic and Financial Crimes Commission (EFCC).
He is charged with false assets declaration, money laundering and fraud in relation with the about N3billion cash allegedly recovered in his house in Kaduna.
Ruling on a Yakubu’s bail application, Justice Ahmed Mohammed said he was convinced that Yakubu could not jump bail by virtue of his conduct in honouring the invitation of the EFCC even when he was outside the country.
The judge said if Yakubu wanted to escape trial, as alleged by the EFCC, he would not have voluntarily returned to honour the commission’s invitation, a claim the EFCC did not deny.
Justice Mohammed said the prosecution’s opposition to the bail application was based on speculation and apprehension. The judge proceeded to grant Yabubu bail at N300m with two sureties in the same amount.
The sureties, the judge said, must own properties within the Federal Capital Territory (FCT), which must worth the bail amount.
He refused to grant the prayer releasing Yakubu’s international passport and the one seeking to compel the EFCC to release Yakubu’s international passports still in its custody. The judge said he cannot grant such prayers at the moment in the case.
He ordered Yakubu to remain in prison custody until he meets the bail conditions.
Justice Mohammed adjourned to May 9 for trial.