Yakubu was, on Thursday, arraigned on a six-count charge of fraud before Justice Ahmed Mohammed by the Economic and Financial Crimes Commission (EFCC) after he admitted owning over $9.8 million cash found in a house that also belongs to him in Kaduna State.
He pleaded not guilty to the charge filed by the EFCC.
The defendant had through his lawyer, Mr. Ahmed Raji, SAN, begged the court to rather remand him in EFCC custody pending the ruling, a result that was turned down by Justice Mohammed.
It will be recalled that following a tip-off from a whistle-blower, the EFCC, raided Yakubu’s guest house situated at Sabon Tasha, Kaduna State, where it recovered the alleged loot which was in foreign currencies.
The anti-agency said it discovered the sum of $9.7million and £74,000 that Yakubu hid in a fireproof safe inside the house. The defendant earlier asked the high court to order the commission to return the seized money to him, insisting it was part of monetary gifts he received on various occasions.