The Federal High Court, Abuja, on Tuesday admitted Andrew Yakubu, former Group Managing Director, Nigeria National Petroleum Corporation (NNPC), to N300 million bail with two sureties.
Yakubu was arraigned by the Economic and Financial Crimes Commission (EFCC) on six counts bordering on non-disclosure of assets and fraud, charges to which he pleaded not guilty.
Yakubu was alleged to have as “Group Managing Director of NNPC, between 2012 and 2014, within the jurisdiction of the court, with intent to avoid lawful transaction, transported to Kaduna $9.7 million and €74,000’’.
He was also accused of failure to disclose the sum of $9.7 million and €74,000 to the EFCC in his asset declaration form, a crime which contravened Section 27 (3) of the EFCC Act.
At the resumed hearing to determine bail application, Justice Ahmed Mohammed, said that from the arguments canvassed and placed before him by the defence team, Yakubu was not likely to jump bail.
According to him, the fact that Yakubu received an invitation from EFCC while abroad and decided to honour it, he does not strike me as someone who would jump bail.
The judge further said that the only grounds upon which a defendant could be denied bail as stipulated by law was where there was reasonable ground to believe that the person would commit another crime if released.
He also said that bail could be denied only where there were grounds to believe that the defendant would jump bail or interfere with investigation, adding that none of these was applicable in this case.