The Federal High Court sitting in Abuja has 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, while delivering a brief ruling, stated that bail is at the discretion of the court. He ordered that the sureties must own landed properties within Asokoro, Maitama, or Gwarinpa areas of the Federal Capital Territory (FCT).
The court further directed that the title documents of the properties be submitted to the court registrar for the perfection of bail.
Justice Nwite also ordered the defendant to deposit his travel documents with the court registrar and restrained him from leaving the country without the court’s permission.
The court added that the defendant and the sureties must submit their passport photographs, while Adamu is to remain at the Kuje Correctional Centre until his bail conditions are fully met.
Yakubu Adamu and Ayab Agro Products and Freight Company Ltd were arraigned on a six-count charge bordering on alleged money laundering involving ₦4.6 billion, to which they pleaded not guilty.
According to the charge filed by the EFCC, Adamu, while serving as Branch Manager of Polaris Bank Ltd, Bauchi, allegedly conspired with Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri (both currently at large) between June and December 2023.
They were accused of facilitating the conversion, transfer, concealment, and use of about ₦4.65 billion allegedly obtained from Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
The EFCC alleged that the motorcycles were never supplied, an offence said to be contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count six, the defendants were accused of retaining and transferring proceeds of unlawful activities through third-party accounts, including a transfer of ₦165.9 million to Ayab Agro Products and Freight Company Ltd.
The court adjourned the matter to January 20, 2026, for the commencement of trial.
