Yobo, who spent almost a decade at Everton, will play the last 12 games of the season in his country's domestic competition under a special rule put in place by LMC.
Under the arrangement, returning former international players are signed on by the league, and drafted to any club who meet the player's terms.
Former Nigeria midfielder Sani Kaita was the first high profile player to take part in the scheme and LMC Chairman Shehu Dikko told ESPN FC that Yobo's experience will be vital to developing the league
"To have someone like Yobo, with his achievements in the game and his profile, will no doubt be a boost to the league, and to the players he will help and we are proud to have him," he said.
A source told ESPN FC that former champions Kano Pillars and league leaders Wikki Tourists are among four clubs in the running to secure the defender for the end of the season. The other two are Akwa United and FC Ifeanyi Ubah.
An agreement is expected to be reached by next week.
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