A Federal High Court in Abuja has ordered the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, to be remanded in Kuje Prisons, Abuja, till Tuesday next week, when ruling on his bail application would be given.
Yakubu was arraigned by the Economic and Financial Crimes Commission (EFCC) on a six-count charge bordering on money laundering and corruption.
Yakubu, who served as the NNPC chief executive in the last administration, was accused of money laundering, receiving money without going through a financial institution and failing to declare same.
He, however, denied all the charges brought against him by the Federal Government.
Yakubu was also accused of not declaring the sum $9.7 million in his assets declaration form, which he filed at the EFCC on August 18, 2015.
The anti-graft agency prosecuting the former NNPC GMD on behalf of the Federal Government also alleged that Yakubu transported the foreign currencies to his house in Sabon Tasha, Kaduna South Local Government Area of Kaduna State, with the intent to avoid a lawful transaction.
He was also accused of receiving payment of £74,000 without going through a financial institution, as required by law, during his tenure.
Shortly after pleading not guilty to the charges, the prosecution counsel, Ben Ikani, asked the trial judge, Justice Ahmed Ramat Mohammed, for a date to commence trial.
Counsel to the defendant, Ahmed Raji (SAN), applied to the court for the bail of his client on self-recognition or in the most liberal terms.
Raji argued that Yakubu was in the United Kingdom on a medical trip when the EFCC’s invitation came to him and he hurriedly came back to Nigeria to report.
He argued that the defendant had no criminal record and had been cooperating with the EFCC since the commencement of investigation and as such the claim by the prosecution that he would not be available to face trial was not tenable.
Opposing the bail application, the prosecution counsel urged the court to either refuse the defendant bail or, in the alternative, impose stringent conditions.
(Source: The Sun)