The Federal High Court in Abuja has granted bail to the Bauchi State Commissioner for Finance, Yakubu Adamu, who is standing trial over an alleged N5.7 billion fraud.
In a ruling delivered on Friday, Justice Emeka Nwite admitted the defendant to bail in the sum of N500 million with two sureties in like amount.
The court ordered that the sureties must be owners of landed property within Asokoro, Maitama or Gwarinpa districts of the Federal Capital Territory, Abuja, and present verifiable proof of ownership. They are also required to depose to affidavits of means.
Justice Nwite further directed Adamu to surrender his international passport to the court and restrained him from travelling outside the country without prior permission.
The court fixed January 20 for the commencement of trial.
Adamu, a former branch manager of Polaris Bank Plc in Bauchi State, was arraigned last Tuesday by the Economic and Financial Crimes Commission (EFCC) on a six-count charge bordering on money laundering. Two companies—Ayab Agro Products and Freight Company Limited—were also charged as co-defendants.
The EFCC alleged that the defendants diverted funds earmarked for the supply of motorcycles to the Bauchi State Government. According to the prosecution, although the contract was not executed, the funds were allegedly transferred to several individuals and entities despite the defendants’ knowledge that the money was proceeds of unlawful activity.
The offences are said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants pleaded not guilty to the charges. While Adamu’s counsel, Mr. Gordy Uche, SAN, urged the court to grant bail, the EFCC’s lawyer, Mr. Samuel Chime, opposed the application and requested an accelerated hearing.
Ruling on the matter, Justice Nwite held that bail was at the discretion of the court, noting that the offences charged were bailable.
However, the commissioner is expected to remain in custody at the Kuje Correctional Centre until Monday, when the court is scheduled to determine his status in respect of a separate terrorism-related charge.
The EFCC further alleged that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government and subsequently obtained a N4.65 billion loan facility from Polaris Bank, purportedly guaranteed by the state government.
Investigations allegedly revealed that the motorcycles were never supplied, despite representations made to the bank that the contract had been executed. The prosecution claimed that the funds were released and later transferred to multiple accounts.
According to the EFCC, the contractor admitted receiving the funds through Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, and was allegedly directed to distribute the money to various accounts. The commission added that Ayab Agro Products and Freight Company Limited received portions of the diverted funds.
The trial is expected to continue later this month.
