Court Grants Bauchi Finance Commissioner N500m Bail Over Alleged N4.6bn Money Laundering

Abuja, Nigeria– 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 over alleged money laundering involving N4.6 billion.

Justice Emeka Nwite admitted Adamu to bail with two sureties in like sum, despite objections from the Economic and Financial Crimes Commission (EFCC), which cited the gravity of the charges against the defendant.

Adamu and a firm, Ayab Agro Products, were last week arraigned before the court on a six-count charge bordering on alleged money laundering. The defendants pleaded not guilty to all the charges.

Following their plea, Adamu’s counsel, Chief Goddy Uche (SAN), moved a bail application, arguing that there was no justification to keep his client in custody.

However, EFCC counsel, Samuel Chime, opposed the application, urging the court to refuse bail on the grounds of the seriousness of the alleged offences.

In his ruling, Justice Nwite held that the prosecution failed to place sufficient material before the court to show that the defendant would jump bail or interfere with the trial.

He, however,  granted bail but imposed stringent conditions.

As part of the bail terms, the court ordered Adamu to produce two sureties who must each own landed property within Asokoro, Maitama or Gwarimpa areas of the Federal Capital Territory (FCT).

The sureties are also required to submit affidavits of means and provide verifiable documents of ownership of the properties, which must be deposited with the court registrar.

The judge further ordered the defendant to deposit his international passport with the court and barred him from travelling outside the country without the court’s permission.

Pending the perfection of the bail conditions, Justice Nwite directed that Adamu be remanded at the Kuje Correctional Centre, Abuja.

Although sitting as a vacation court, Justice Nwite fixed January 20 for the commencement of trial, should the case be returned to him.

Adamu is facing trial in a charge marked FHC/ABJ/CR/694/2025, in which the EFCC alleged that he conspired with others between June and December 2023 to launder public funds.

According to the anti-graft agency, the commissioner and others allegedly facilitated the conversion, transfer, concealment and use of about N4.65 billion said to have been availed by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.

The EFCC alleged that the motorcycles were never supplied.

“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,” one of the counts read.

In count six of the charge, Adamu and two others were accused of retaining and transferring proceeds of an unlawful act to nominees and third parties, including the alleged transfer of N165.9 million to Ayab Agro Products and Freight Company Ltd through third-party accounts.

The alleged offences, the EFCC said, contravene Sections 20(a) and 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.