The Federal High Court in Abuja, on Friday, admitted Yakubu Adamu, Commissioner for Finance, Bauchi State, to a N500 million bail with two sureties in the like sum.
Justice Emeka Nwite, who ordered that the two sureties must be land owners within Maitama, Asokoro or Gwarimpa District of Abuja, said the property documents shall be verified by the court registry.
He directed that the sureties must depose to affidavit of means.
The judge said that the defendant and the sureties shall deposit their passports (travel document) with the court registrar and must not travel out of the country except with the leave of the court.
He also held that they shall deposit two passport photographs with the court registrar.
Justice Nwite, who ordered that Adamu should be remanded in Kuje Correctional Centre pending the perfection of his bail conditions, adjourned the matter until January 20 for commencement of trial.
The judge, in a ruling, held that the court was minded to exercise its discretionary power in favour of Adamu since the prosecution had no strong reason that the defendant would jump bail or interfere with the trial.
Justice Nwite held that the power to grant bail must be exercised judicially and judiciously, hence, the need for the defendant to be admitted to bail.
The EFCC had, in the charge marked: FHC/ABJ/CR/694/2025, named Adamu and a firm, Ayab Agro Products and Freight Company Ltd, as 1st and 2nd defendants in the money laundering case involving about N4.6 billion.
The charge is dated and filed on December 19 by EFCC’s lawyer, Samuel Chime of the Legal and Prosecution Department.
They were alleged to have facilitated and agreed to the conversion, transfer, concealment and use of funds in the sum of about N4,650,000,000.00 (Four Billion, Six Hundred and Fifty Million Naira) availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Governmeni through Emmanuel Asomugha General Enterprises.
“The motorcycles were not supplied, and you thereby committed an offence contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the count reads in part.
Count six accused Adamu, Aliyu and Duguri of retaining and causing the transfer of proceeds of an unlawful act to nominees and third parties, by causing parts of the funds connected with the Polaris Bank facility to be paid and circulated through third-party accounts sometime in 2023.
It further alleged that the transfer included the one made through I.S. Makayye Investment Resources Ltd and the transfer of #165, 900,000.00 to Ayab Agro Products and Freight Company Ltd.
The funds were said to form part of proceeds of an unlawful act.
The offence is 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, but pleaded not guilty to the six-count charge.
The judge then ordered Adamu’s remand pending the ruling on his bail application which was argued same day.
Adamu and three other co-defendants, who are Bauchi State’s workers, are also facing another criminal charge bordering on alleged terrorism financing to the tune of $9.7 million before Justice Nwite.
Source: NAN
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