The Federal High Court in Abuja on Friday admitted the Bauchi State Commissioner for Finance, Yakubu Adamu, to bail in the sum of N500m over an alleged N4.6bn money-laundering case instituted by the Economic and Financial Crimes Commission.
Justice Emeka Nwite, who described the bail terms as stringent, ordered that Adamu produce two sureties with landed property in Maitama, Asokoro or Gwarinpa areas of Abuja.
The judge directed that the sureties must deposit the original Certificates of Occupancy of the properties with the court and submit their international passports to the court registrar, alongside recent passport photographs.
Justice Nwite further ruled that the commissioner must not travel out of the country without the permission of the court, adding that he would remain at the Kuje Correctional Centre until the bail conditions are fully met.
Adamu’s bail application was moved by his counsel, Chief Gordy Uche (SAN), who also appeared for the second defendant, Ayab Agro Products and Freight Company Ltd, while the EFCC was represented by Samuel Chime, who opposed the application.
The defendants are facing a six-count charge marked FHC/ABJ/CR/694/2025, bordering on alleged money laundering of about N4.65bn, said to have been committed between June and December 2023 while Adamu served as a branch manager of Polaris Bank in Bauchi.
According to the prosecution, the funds were disbursed as financing for the supply of motorcycles to the Bauchi State Government, but the motorcycles were allegedly not delivered, with parts of the money said to have been diverted through third-party accounts, including payments to Ayab Agro Products and Freight Company Ltd.