Breaking court grants ex nnpc boss andrew yakubu n300m bail

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Breaking: Court Grants Ex-NNPC Boss, Andrew Yakubu, N300m Bail

A Federal High Court in Abuja has granted a N300 million bail to Andrew Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), who is facing trial for alleged money laundering and corruption.

Yakubu, who was arrested in 2017 and charged with 17 counts of money laundering and corruption, had been in custody since his arrest. The court granted him bail on the condition that he provides two sureties, one of whom must be a senior civil servant or a retired judge.

The bail conditions also require Yakubu to deposit his international passport with the court and to report to the Economic and Financial Crimes Commission (EFCC) every two weeks.

Yakubu's lawyer, Ahmed Raji, had earlier argued that his client was not a flight risk and that he was willing to provide the required sureties. The prosecution, however, had opposed the bail application, citing the seriousness of the allegations against Yakubu.

The court's decision to grant Yakubu bail is seen as a significant development in the case, which has been ongoing for several years. Yakubu's trial is expected to continue in the coming weeks.

Background

Andrew Yakubu was arrested in 2017 by the EFCC for allegedly laundering millions of dollars in cash. He was accused of concealing the funds in a private residence in Kaduna State.

Yakubu, who was the Group Managing Director of NNPC from 2012 to 2014, denied any wrongdoing and claimed that the funds were a gift from a foreign friend.

The EFCC, however, alleged that Yakubu used his position to embezzle public funds and launder them through various means. The agency claimed that Yakubu had failed to declare the funds in his asset declaration form and had also failed to account for the source of the funds.

The case against Yakubu is seen as a major corruption scandal in Nigeria, and his trial has been closely watched by the public and the media.