The Bauchi State Commissioner of Finance, Yakubu Adamu, has been granted N500 million bail in a N4.6 billion money laundering case.
This is according to details contained in a ruling delivered by Justice Emeka Nwite of the Federal High Court, Abuja, following an application filed by Adamu through his legal team.
The ruling comes days after the Commissioner was arraigned by the Economic and Financial Crimes Commission (EFCC) over allegations linked to a controversial N4.65 billion loan transaction involving Polaris Bank.
Adamu, a former Branch Manager of Polaris Bank Plc in Bauchi State, had on December 30, 2025, pleaded not guilty to the charges brought against him, paving the way for the consideration of his bail application.
Ruling on the bail application filed by Adamu’s counsel, Godi Uche, SAN, Justice Nwite stated that the grant of bail remains a discretionary power of the court.
The EFCC named Adamu and Ayab Agro Products and Freight Company Ltd as the first and second defendants in the suit filed by EFCC counsel, Samuel Chime.
According to the Commission, the defendants allegedly facilitated the conversion, transfer, concealment, and use of funds amounting to about N4.65 billion obtained from Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
The EFCC alleged that the motorcycles were never supplied, despite representations made to the bank that the contract had been executed.
The offence is said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
Investigations reportedly showed that Emmanuel Asomugha General Enterprises obtained the loan facility from Polaris Bank, purportedly guaranteed by the Bauchi State Government through Yakubu Adamu and the former Accountant-General of the state, Sa’idu Abubakar.
The Commission further alleged that the funds were later moved to several accounts allegedly provided by Adamu, in violation of anti-money laundering laws.
The case highlights continued scrutiny of public financial management and banking-related transactions involving state governments.
Allegations involving senior public officials and multi-billion-naira transactions raise broader concerns around transparency, accountability, and oversight in public finance.
The outcome of the trial could also have implications for how state-backed guarantees and commercial bank lending to government contractors are structured and monitored.
Naijaonpoint reports that Adamu and three other Bauchi State civil servants are also facing a separate alleged $9.7 million terrorism financing charge filed by the EFCC.
The EFCC has intensified prosecutions involving public office holders as part of its broader anti-corruption drive.
The EFCC has intensified prosecutions involving public office holders as part of its broader anti-corruption drive.
The case adds to a growing list of senior government officials currently standing trial over alleged financial crimes in Nigeria.