The Federal High Court sitting in Abuja on Friday admitted the Bauchi State Commissioner for Finance, Yakubu Adamu, to bail as he faces prosecution over an alleged ₦5.7 billion fraud.
Justice Emeka Nwite fixed the bail sum at ₦500 million and ordered that the defendant provide two sureties in like amount.
In his ruling, the judge directed that the sureties must possess verifiable landed property within Asokoro, Maitama, or Gwarinpa areas of the Federal Capital Territory and swear to an affidavit of means.
The court further ordered Adamu to deposit his international passport with the court and restrained him from travelling outside the country without prior approval.
The matter was adjourned, with full trial proceedings slated to commence on January 20.
Adamu, who previously served as a branch manager of Polaris Bank in Bauchi, was arraigned last Tuesday by the Economic and Financial Crimes Commission on six counts bordering on money laundering.
Also named in the charge are Ayab Agro Products and Freight Company Limited and another corporate entity.
The anti-graft agency alleged that money meant for the procurement of motorcycles for Bauchi State was unlawfully diverted to several persons and organisations, even though the contract was never carried out.
The alleged offence was said to violate Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendant entered a plea of not guilty to all counts, after which his counsel, Mr. Gordy Uche, SAN, sought his release on bail pending trial. The EFCC, through its lawyer, Mr. Samuel Chime, objected to the application and requested an expedited hearing. Justice Nwite, however, held that the alleged offences were bailable and that the decision to grant bail rested within the court’s discretion.
Despite the bail ruling, Adamu is to remain in custody at the Kuje Correctional Centre until Monday, when the court is expected to consider a separate terrorism-related charge filed against him.
According to findings by the EFCC, Emmanuel Asomugha General Enterprises obtained a ₦4.65 billion loan from Polaris Bank, allegedly backed by a guarantee from the Bauchi State Government, for the supply of motorcycles.
Investigators claimed that the motorcycles were never supplied and that the funds were instead channelled through Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, into several bank accounts, including those linked to the two defendant companies.
The prosecution further alleged that Adamu, in his capacity as branch manager of Polaris Bank, collaborated with others to convert, transfer, and conceal the sum of ₦4.65 billion, as well as handled ₦976 million paid into the account of I.S. Makayye Investment Resources Limited, with knowledge that the funds were proceeds of unlawful activities.
