The Federal High Court in Abuja has granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is currently facing trial for allegations related to a N5.7 billion fraud.
On Friday, Trial Justice Emeka Nwite approved bail in the amount of N500 million, contingent upon the provision of two sureties of equal financial value.
The court specified that the sureties must possess verifiable landed property within the prestigious Asokoro, Maitama, or Gwarinpa districts of the Federal Capital Territory (FCT), Abuja, and must submit an affidavit of means.
Additionally, the court mandated that Adamu surrender his international passport and prohibited him from leaving the country without prior court approval. Full proceedings in this case are set to commence on January 20.
Adamu, who previously served as a branch manager at Polaris Bank in Bauchi, was arraigned by the Economic and Financial Crimes Commission (EFCC) last Tuesday on six counts of money laundering.
Two companies, Ayab Agro Products and Freight Company Limited, have also been listed as defendants in the case.
The EFCC alleges that funds designated for the procurement of motorcycles for Bauchi State were illegally diverted to various individuals and entities, despite the contract never being executed.
These actions allegedly violate Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Adamu has pleaded not guilty to the charges, while his attorney, Mr. Gordy Uche, SAN, filed a motion for bail pending the trial’s outcome.
The EFCC’s counsel, Mr. Samuel Chime, opposed the bail application, urging for an expedited hearing.
However, Justice Nwite determined that granting bail was within the court’s jurisdiction, noting that the offenses charged are bailable.
Adamu will remain in Kuje Prison until Monday, when the court is expected to address a separate terrorism-related charge against him.
EFCC investigations revealed that Emmanuel Asomugha General Enterprises secured a loan of N4.65 billion from Polaris Bank, allegedly backed by the Bauchi State Government, to supply motorcycles.
The agency asserts that the motorcycles were never delivered, and the funds were illicitly diverted through Adamu and former Accountant-General of Bauchi State, Sa’idu Abubakar, into various accounts, including those of the implicated companies.
The prosecution further claims that while serving as the Branch Manager of Polaris Bank, 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, fully aware that these funds were proceeds of unlawful activity.
Credit: Esther Chineye except headline
