The Federal High Court in Abuja has granted bail to the Bauchi State Commissioner for Finance, Yakubu Adamu, who is standing trial over an alleged N4.6bn fraud, but with stringent conditions that must be met before he regains freedom.
Justice Emeka Nwite, in a ruling delivered on Friday, admitted the commissioner to bail in the sum of N500m, with two sureties in like sum. The court ordered that the sureties must own landed properties in highbrow districts of Abuja, including Maitama, Asokoro or Gwarinpa.
As part of the bail conditions, the sureties are to deposit the original copies of the Certificates of Occupancy of the properties with the court for the duration of the trial. They are also required to submit their international passports to the court registrar, while the defendant must not travel outside Nigeria without the express permission of the court.
Justice Nwite further directed that both the defendant and his sureties submit their recent passport photographs to the court. Pending the perfection of the bail conditions, the judge ordered that Adamu be remanded at the Kuje Correctional Centre.
The bail application was moved by Chief Gordy Uche (SAN), who appeared for the commissioner and a firm, Ayab Agro Products and Freight Company Ltd. The application was, however, opposed by counsel to the Economic and Financial Crimes Commission, Samuel Chime.
Adamu and Ayab Agro Products were earlier arraigned by the EFCC on a six-count charge bordering on alleged money laundering to the tune of N4.6bn. In the charge marked FHC/ABJ/CR/694/2025, the anti-graft agency listed Adamu and the company as first and second defendants. The charge was dated and filed on December 19, 2025, by the EFCC’s Legal and Prosecution Department.
According to the prosecution, Adamu, while acting as Branch Manager of Polaris Bank Ltd in 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.
The EFCC alleged that the defendants facilitated the conversion, transfer, concealment and use of about N4.65bn, said to have been released by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
Prosecutors claimed that the motorcycles were never supplied, an act said to be contrary to and punishable under the Money Laundering (Prevention and Prohibition) Act, 2022.
In one of the counts, the commission further alleged that the defendants retained and transferred proceeds of the alleged unlawful act to nominees and third parties, including payments made through I.S. Makayye Investment Resources Ltd and the transfer of N165.9m to Ayab Agro Products and Freight Company Ltd.
The case has been adjourned for continuation of trial.
