The Federal High Court sitting in Abuja on Friday granted bail to the Commissioner for Finance in Bauchi State, Yakubu Adamu, who is standing trial over his alleged involvement in a ₦5.7 billion fraud and money laundering scheme.
Delivering the ruling, Justice Emeka Nwite admitted the defendant to bail in the sum of ₦500 million, with two sureties in like sum, stressing that the conditions must be strictly met before his release.
The court ordered that the sureties must be owners of landed property within Asokoro, Maitama or Gwarinpa districts of the Federal Capital Territory (FCT), Abuja, and must provide verifiable proof of ownership. The judge further directed the sureties to depose to an affidavit of means, while Adamu was ordered to surrender his international passport and seek the court’s permission before travelling outside the country.
Justice Nwite fixed January 20 for the commencement of full trial proceedings in the matter.
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. Also charged alongside him are two companies, Ayab Agro Products and Freight Company Limited.
According to the EFCC, the defendants allegedly diverted public funds earmarked for the supply of motorcycles to the Bauchi State Government, despite the fact that the contract was never executed. The anti-graft agency alleged that the funds were subsequently transferred to several individuals and corporate entities, even though the defendants allegedly knew that the money constituted 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 all the charges. Counsel to the Commissioner, Mr. Gordy Uche, SAN, urged the court to grant bail, arguing that his client would make himself available for trial. However, EFCC counsel, Mr. Samuel Chime, opposed the application and requested an accelerated hearing of the case.
In his ruling, Justice Nwite held that the issue of bail was discretionary and noted that the allegations against the defendants were bailable offences.
Despite being granted bail, the court ordered that Adamu will remain in custody at the Kuje Correctional Centre until Monday, when the court is expected to determine his fate on a separate terrorism-related charge pending against him.
In detailing its case, the EFCC alleged that a firm, Emmanuel Asomugha General Enterprises, was awarded a contract to supply motorcycles to the Bauchi State Government. To finance the contract, the company reportedly obtained a ₦4.65 billion loan facility from Polaris Bank, purportedly guaranteed by the state government.
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Investigations, according to the EFCC, revealed that although representations were made to the bank that the motorcycles had been supplied, no such supply ever took place, even though funds were released. The anti-graft agency further claimed that Emmanuel Asomugha admitted receiving the funds through Adamu and the former Bauchi State Accountant-General, Sa’idu Abubakar, and was allegedly directed to distribute the money to several accounts.
The EFCC also alleged that the two defendant companies — Ayab Agro Products and Freight Company Limited — received portions of the diverted funds, adding that despite a letter from the Bauchi State Government confirming the purported supply of motorcycles, investigations showed that no delivery was made.
One of the counts against the Commissioner reads that between June and December 2023, Adamu allegedly conspired with others currently at large to facilitate the conversion, transfer, concealment and use of ₦4.65 billion, under the guise of financing a motorcycle supply contract that was never executed.
Another count alleges that Adamu knowingly acquired and transferred ₦976 million into multiple accounts, despite having reasonable grounds to know that the funds were proceeds of unlawful activity.
As the trial date approaches, the case is expected to further test the government’s anti-corruption drive and raise questions about financial oversight within public institutions and banking channels.