Court grants ex- NNPC GMD, Yakubu bail for N300m

The Federal High Court sitting in Abuja on Tuesday admitted former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, to bail on the sum of N300 million with two eminent sureties in like sum.

Trial judge, Justice Ahmed Mohammed, granted the defendant bail while ruling on the bail application that was argued by his counsel, Ahmed Raji (SAN), last week Thursday. The judge stated that the offences with which the defendant was charged with are bailable.

The court stated that the defendant’s sureties should provide landed properties as collateral for the bail with one of them holding a permanent residence in Abuja. The sureties are also to swear to an affidavit of means.

The court also ordered the defendant to deposit his international passport with the Deputy Registrar of the Federal High Court, adding that the defendant shall not travel out of the country during the period of his trial.

The judge further ordered that the defendant should remain in prison custody until he meets the conditions of the bail.

While reviewing the arguments of Counsel, Justice Mohammed noted that for the defendant to cut short his medical trip abroad in honour of the EFCC invitation was proof that “he will not jump bail and is ready to face his trial.”

The judge however refused the prayers of the defendant that his international passport be released to him to travel for medical checkup. He said the issue before the court was the application for bail. He held that the prayer for the release of the applicant’s international passport to enable him travel abroad for medical treatment should not arise at this stage.

Justice Mohamed had last week remanded the defendant in prison custody pending the ruling.

Recall that the Federal Government had arraigned Yakubu before Justice Ahmed Mohammed of the Abuja Federal High Court on a six-count criminal charge bordering on fraud and false declaration of assets.

The arraignment followed the recovery of $9.7m and £74,000 stashed in a huge fireproof safe in Yakubu’s Kaduna State residence by the operatives of the EFCC on February, 2017, following a raid on a building belonging to him.

The ex-NNPC boss had pleaded not guilty to the charges some of which read thus: That you, Andrew Yakubu, on or before August 18, 2015, at the EFCC office at 5 Fomella Street, Wuse 2, Abuja, within the jurisdiction of this honourable court, knowingly failed to make full disclosure of your assets to wit: the sum of $9,772,800 only in the Declaration of Assets form you filled at the EFCC dated August 18, 2015 and you thereby committed an offence contrary to Section 27(3)(a) of the EFCC Act 2004 and punishable under Section 27(3)(c) of the same Act.”

Another charge read: “That sometime between 2012 and 2014 in Abuja, within the jurisdiction of this honourable court with intent to avoid a lawful transaction under law, you transported at various times to Kaduna, the aggregate sum of $9,772,800 only when you knew or reasonably ought to have known that the said funds formed part of the proceeds of some form of unlawful activities and thereby committed an offence contrary to Section 7(4)(b)(ii) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 7(5) of the same Act.”
The matter has been adjourned till May 9 for commencement of trial.