The father and son allegedly diverted N40 billion from the Adamawa state treasury through five companies.
Nyako and his son, Abdulaziz were on Monday, October 17, re-arraigned before the Federal High Court in Abuja over alleged N40 billion fraud.
The father and son are facing a 37-count money laundering charge alongside two others, Zulkifik Abba and Abubakar Aliyu.
According to the EFCC, the defendants diverted funds from the Adamawa State treasury between January 2011 and December 2014.
The funds were allegedly diverted through five companies - Blue Opal Limited, Sebore Farms & Extension Limited, Pagoda Fortunes Limited, Tower Assets Management Limited and Crust Energy Limited.
The companies were also charged before the court as the 5th to 9th accused persons.
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Though the defendants were initially docked before the court on August 7, 2015, their fresh plea, however, followed the death of trial judge handling the matter, Justice Evoh Chukwu, in June.
The new trial judge, Justice Okon Abang, on Monday, allowed the defendants to go home on the same bail conditions given to them by late Justice Chukwu.
Justice Abang has fixed November 17 and 21 to commence trial of the defendants afresh.