The Federal High Court in Abuja on Friday granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is standing trial over allegations of involvement in a N5.7 billion fraud.
Trial Justice Emeka Nwite approved bail in the sum of N500 million, with two sureties of similar value.
The court ruled that the sureties must own verifiable landed property within the Asokoro, Maitama, or Gwarinpa districts of the Federal Capital Territory (FCT), Abuja, and must depose to an affidavit of means.
The court also ordered Adamu to surrender his international passport and prohibited him from travelling abroad without prior permission. Full proceedings in the case were scheduled to begin on January 20.
Adamu, a former branch manager of Polaris Bank in Bauchi, was arraigned by the Economic and Financial Crimes Commission (EFCC) last Tuesday on a six-count money laundering charge.
Two companies, Ayab Agro Products and Freight Company Limited, were also cited as defendants.
The EFCC alleged that funds earmarked for the supply of motorcycles to Bauchi State were illegally diverted to various individuals and entities, despite the contract not being executed. The acts were said to contravene Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Adamu pleaded not guilty to the charges, while his lawyer, Mr. Gordy Uche, SAN, applied for bail pending the outcome of the trial. EFCC counsel, Mr. Samuel Chime, opposed the bail request and sought an accelerated hearing. Justice Nwite, however, ruled that bail was within the court’s discretion, noting that the offences were bailable.
Adamu will remain in Kuje Prison until Monday, when the court will hear a separate terrorism-related charge pending against him.
According to EFCC investigations, Emmanuel Asomugha General Enterprises secured a loan of N4.65 billion from Polaris Bank, purportedly guaranteed by the Bauchi State Government, to supply motorcycles.
The agency said the motorcycles were never delivered, and the funds were diverted through Adamu and former Accountant-General of Bauchi State, Sa’idu Abubakar, to multiple accounts, including those of the two companies cited.
The prosecution further alleged that Adamu, while acting as Polaris Bank Branch Manager, conspired with others to convert, transfer, and conceal N4.65 billion, and also handled N976 million paid into the account of I.S. Makayye Investment Resources Limited, knowing the funds were proceeds of unlawful activity.