By Correspondent in Abuja.
The Federal High Court in Abuja on Friday granted bail to the Bauchi State Commissioner of Finance, Yakubu Adamu, in the sum of ₦500 million with two sureties in like sum.
Justice Emeka Nwite ruled that the two sureties must be landowners within Maitama, Asokoro or Gwarimpa districts of Abuja, adding that the property documents would be verified by the court registry. He also directed the sureties to depose to affidavits of means.
The court further ordered that Adamu and his sureties to deposit their international passports with the court registrar and remain barred from travelling outside the country without prior leave of the court as well as submit two passport photographs each to the registrar.
Justice Nwite further ordered that Adamu be remanded at the Kuje Correctional Centre pending the perfection of the bail conditions and adjourned the matter to January 20 for the commencement of trial.
In his ruling, the judge said the court was inclined to exercise its discretionary power in favour of the defendant, noting that the prosecution had not advanced strong reasons to suggest that Adamu would jump bail or interfere with the trial.
He stressed that the power to grant bail must be exercised judicially and judiciously, hence the decision to admit the defendant to bail.
Our correspondent recalls that the Economic and Financial Crimes Commission (EFCC), in the charge marked FHC/ABJ/CR/694/2025, listed Adamu and a firm, Ayab Agro Products and Freight Company Ltd, as the first and second defendants in an alleged money laundering case involving about ₦4.6 billion.
The charge, dated December 19, was filed by EFCC counsel, Samuel Chime, of the Legal and Prosecution Department.
According to the EFCC, Adamu, while serving as Branch Manager of Polaris Bank Ltd, Bauchi, allegedly conspired between June and December 2023 with one Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd (now at large), and Muntaka Mohammed Duguri (now at large), to commit the offence.
They were accused of facilitating the conversion, transfer, concealment and use of about ₦4.65 billion allegedly availed by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
“The motorcycles were not supplied, thereby constituting an offence contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the charge stated.
In count six, the defendants were accused of retaining and transferring proceeds of an unlawful act to nominees and third parties by circulating portions of the funds through third-party accounts in 2023.
This allegedly include transfers through I.S. Makayye Investment Resources Ltd and a transfer of ₦165.9 million to Ayab Agro Products and Freight Company Ltd.
The funds were said to form part of the proceeds of an unlawful act, contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts.
The defendants were arraigned on December 30, 2025, and pleaded not guilty to the six-count charge and Justice Nwite subsequently ordered Adamu’s remand, pending a ruling on his bail application, which was argued the same day.
Adamu and three other co-defendants, who are Bauchi State workers, are also facing a separate charge before the same court over alleged terrorism financing amounting to $9.7 million.
Edited by Dada Ahmed.
