A former Group Managing Director of the Nigerian National Petroleum Corporation (GMD NNPC), Mr Andrew Yakubu, has been granted bail in the sum of 300 million Naira.
Mr Yakubu is facing a six-count charge of money laundering preferred against him by the Economic and Financial Crimes Commission (EFCC).
The charges were all in relation to the money allegedly recovered from his house in Kaduna State on February 3.
Following his arraignment on March 16, Justice Ahmed Mohammed of the Federal High Court in Abuja had ordered that the former NNPC boss be remanded in Kuje Prison.
Ruling on the defendant’s bail application, Justice Mohammed observed that he has no reason to believe that Mr Yakubu would jump bail.
He then proceeded to grant him bail for 300 million Naira with two sureties in like sum.
The judge said the sureties must own properties which must worth the bail sum within the Federal Capital Territory.
He, however, refused to grant the prayer of the defence counsel for an order to release the accused person’s international passport, which was said to be in the EFCC custody.
Justice Mohammed ordered Mr Yakubu to remain in prison pending when the defendant would meet the bail conditions.
He also adjourned until May 9 for the commencement of trial.