A former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu, has been admitted to bail by the Federal High Court Abuja.
Mr. Yakubu was arraigned on a six-count charge of money laundering and false asset declaration.
The trial judge, Ahmed Mohammed, granted him bail to the tune of N300 million and two sureties in like sum.
He said one of the sureties must have a landed property within the Abuja metropolis while the other must be a resident.
Justice Mohammed further stated that the sureties must submit their international passports along with two passport photographs with the registrar of the court.
The judge further asked the accused to deposit his international passport with the court registrar and not travel outside the jurisdiction of the court.
On the prayer for the release of Mr. Yakubu’s international passport, the judge held that the court is not concerned about that but about whether he is entitled to bail.
Justice Mohammed subsequently fixed trial to May 9, 2017.
A special operation conducted by operatives of the Economic and Financial Crimes Commission on February 3 on a building belonging to Mr.Yakubu in Kaduna, had yielded the recovery of $9,772,800 (Nine Million, Seven Hundred and Seven Two Thousand, Eight Hundred United States Dollars) and another sum of £74,000 (Seventy Four Thousand Pound Sterling) cash.
The former oil chief was charged by the EFCC after he admitted owning the over $9.8 million cash found in the house.
The huge cash was hidden in a fire proof safe.