The Federal High Court in Abuja has granted bail to Yakubu Adamu, the Finance Commissioner of Bauchi State, who is facing trial for alleged involvement in N5.7 billion fraud.
The bail was set at N500 million by Judge Emeka Nwite, who also required two equal-value sureties.
The court stipulated that the sureties must present an affidavit of means and have verifiable real estate in the Asokoro, Maitama, or Gwarinpa regions of the Federal Capital Territory (FCT), Abuja.
Furthermore, the court ordered Adamu to surrender his international passport and prohibited him from traveling abroad without prior approval. The full trial is set to commence on January 20.
Adamu, who previously served as a branch manager at Polaris Bank in Bauchi, was charged last Tuesday by the Economic and Financial Crimes Commission (EFCC) with six counts of money laundering.
Two companies, Ayab Agro Products and Freight Company Limited, were also named as defendants.
The EFCC claims that funds intended for the purchase of motorcycles for Bauchi State were unlawfully redirected to various individuals and entities, despite the contract not being fulfilled.
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These actions allegedly violate Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Adamu pleaded not guilty to the charges, and his attorney, Mr. Gordy Uche, SAN, requested bail pending the trial’s outcome. The EFCC’s lawyer, Mr. Samuel Chime, opposed the bail application and requested a swift hearing.
However, Justice Nwite determined that granting bail was at the court’s discretion, emphasizing that the offenses were bailable.
Adamu will remain in Kuje Prison until Monday, when the court will address a separate terrorism-related charge against him.
According to EFCC investigations, Emmanuel Asomugha General Enterprises obtained a loan of N4.65 billion from Polaris Bank, allegedly backed by the Bauchi State Government, to supply motorcycles.
The agency stated that the motorcycles were never delivered, and the funds were misappropriated through Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, into various accounts, including those of the two companies mentioned.
The prosecution further alleged that while serving as the Polaris Bank Branch Manager, Adamu conspired with others to convert, transfer, and conceal N4.65 billion, and also managed N976 million deposited into the account of I.S. Makayye Investment Resources Limited, aware that the funds were derived from illegal activities.
