Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Money laundering: Ex-NNPC boss, Yakubu, gets bail at N300m

    Money laundering: Ex-NNPC boss, Yakubu, gets bail at N300m

    March 22, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    Mr Yakubu

    Oscarline Onwuemenyi
    22 March 2017, Sweetcrude, Abuja – Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu has been granted bail at N300 million.

    Yakubu has been in custody at the Kuje prison since he was arraigned on March 16 before a Federal High Court in Abuja on a 6-count charge filed by the Economic and Financial Crimes Commission (EFCC).

    He is charged with false assets declaration, money laundering and fraud in relation with the about N3billion cash allegedly recovered in his house in Kaduna.

    Ruling on a Yakubu’s bail application, Justice Ahmed Mohammed said he was convinced that Yakubu could not jump bail by virtue of his conduct in honouring the invitation of the EFCC even when he was outside the country.

    The judge said if Yakubu wanted to escape trial, as alleged by the EFCC, he would not have voluntarily returned to honour the commission’s invitation, a claim the EFCC did not deny.

    Justice Mohammed said the prosecution’s opposition to the bail application was based on speculation and apprehension. The judge proceeded to grant Yakubu bail at N300m with two sureties in the same amount.

    The sureties, the judge said, must own properties within the Federal Capital Territory (FCT), which must worth the bail amount.

    He refused to grant the prayer releasing Yakubu’s international passport and the one seeking to compel the EFCC to release Yakubu’s international passports still in its custody. The judge said he cannot grant such prayers at the moment in the case.

    He ordered Yakubu to remain in prison custody until he meets the bail conditions.

    Justice Mohammed adjourned to May 9 for trial.

    Related News

    US oil and gas rig count falls to lowest since January – Baker Hughes

    Despite NPA’s intervention, export cargoes still stuck at EPTs for days

    Crude oil rebound reflects optimism over the U.S.-China dialogue

    E-book
    Resilience Exhibition

    Latest News

    Nigeria unlocks intra-African trade with new PAPSS policy boost

    May 10, 2025

    Ahead of China-US talks, Trump says 80% tariff ‘seems right’

    May 10, 2025

    US oil and gas rig count falls to lowest since January – Baker Hughes

    May 10, 2025

    Nigeria’s Senate passes tax reform bills to boost government revenue

    May 10, 2025

    E-Call up is desirable in Onne ports – Truckers

    May 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.