Court Grants Bauchi Finance Commissioner N500m Bail, Orders Deposit of Int’l Passport

Justice Emeka Nwite of a Federal High Court in Abuja, on Friday granted bail to the Bauchi State Commissioner for Finance, Yakubu Adamu, in the sum of N500 million with two sureties in like sum and ordered him to deposit his international passport with the court.

The Economic and Financial Crimes Commission (EFCC)’s lawyer, Samuel Chime, had opposed the bail on grounds of the gravity of the charge, but Justice Nwite however admitted the defendant to bail, adding that there’s no evidence to show that the defendant would not attend to his trial.

Adamu and a firm, Ayab Agro Products, were last week arraigned on a six-count charge bordering on alleged money laundering to the tune of N4.6 billion.

The commissioner and the firm pleaded not guilty to the charge, following which their lawyer, Chief Goddy Uche (SAN), moved and argued their bail applications.

As part of the conditions for the bail, the defendant is to produce two sureties in like sum, which must own landed properties within Asokoro, Maitama and Gwarimpa areas of the Federal Capital Territory (FCT).

The sureties, in addition, are to provide affidavit of means alongside verifiable documents of the landed properties which must be deposited with the Registrar of the court.

The defendant was also ordered to deposit his international passport with the court and should not travel without the court’s permission.

Pending the perfection of the bail, Justice Nwite ordered that the defendant remain in the custody of the Kuje Correctional Centre, Abuja.

Justice Nwite, although recognizing that the court was a vacation court, fixed January 20, for commencement of trial, in the event the case was returned to him.

Adamu, in the charge marked: FHC/ABJ/CR/694/2025, was alleged to have conspired with others to commit the offence, sometime between June 2023 to December 2023.

According to the EFCC, the commissioner and others allegedly facilitated and agreed to the conversion, transfer, concealment and use of funds in the sum of about N4,650,000,000.00, availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government 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 read in part.

In count six, Adamu and two others were accused 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.

The charge further alleged that the transfer included the one made through I.S. Makayye Investment Resources Ltd and the transfer of N165,900,000.00 to Ayab Agro Products and Freight Company Ltd.

While the funds were said to have formed part of proceeds of an unlawful act, the alleged offence is said to run contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022.

(THISDAY)