Court Grants Yakubu, Ex-NNPC Boss Bail

Posted by African Examiner Featured, Latest Headlines, News Tuesday, March 21st, 2017

(AFRICAN EXAMINER) – A Federal High Court sitting in Abuja on Tuesday granted bail to the former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu in the sum of N300 million and two sureties in likes sum.

The Federal Government is prosecuting the former NNPC GMD before Justice Ahmed Ramat Mohammed on a 6-count charge, bordering on financial corruption, false asset and money laundering.

Ruling on Yakubu’s application for bail argued by his counsel, Ahmed Raji (SAN), the trial Judge said one of the two sureties to Yakubu must have a landed property worth the amount of the bail bond and that the two sureties must swear to an affidavit of means.

Part of the conditions for Yakubu’s bail, according to Justice Mohammed is that the sureties must submit their international passports along with two passport photographs with the registrar of the court and that the second surety must be a resident of Abuja.

The Judge further stated that the former NNPC boss should also submit his international passport with the court and must not travel outside the country without the permission of the court.

Justice Mohammed, while delivering his ruling on the bail application held that the defendant (Yakubu) is entitled to bail under the Administration of Criminal Justice Act (ACJA) and agreed with the defence counsel that the defendant will not jump bail if granted.

“I have read the summons for bail, written address, affidavit and all the exhibits filed by the defendant as well as the counter affidavit of the prosecution counsel, and I have come to the conclusion that the defendant will attend his trial if released on bail”, he said

The Economic and Financial Crimes Commission on 3rd February, 2017 on a building belonging to a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Andrew Yakubu in Kaduna recovered a sum of $9,772,800 (Nine Million, Seven Hundred and Seven Two Thousand, Eight Hundred.

Yakubu who was arrested following the recovery of the stashed money has since been in the custody of the anti-corruption agency.