A former group managing director of the Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu, was on Thursday arraigned and remanded in Kuje prison over the $9.8 million cash found in a house belonging to him in Kaduna State.
Mr. Yakubu was arraigned on a six-count charge of fraud at the Federal High Court, Abuja.
The Economic and Financial Crimes Commission charged Mr. Yakubu with asset concealment and money laundering after he admitted owning the money.
He pleaded not guilty to the charge filed by the EFCC.
Justice Ahmed Mohammed ordered him remanded in Kuje prison pending the determination of his bail application on March 21.