The Federal High Court in Abuja on Friday granted bail to Yakubu Adamu, Bauchi State Commissioner for Finance, who is being tried over his alleged involvement in a ₦5.7 billion fraud.
In a ruling delivered by Justice Emeka Nwite, the court admitted Adamu to bail in the sum of ₦500 million with two sureties in like amount.
The judge ruled that the sureties must own landed properties in the Asokoro, Maitama, or Gwarinpa areas of the Federal Capital Territory (FCT), Abuja, and must present verifiable proof of ownership.
The court also directed the sureties to depose to affidavits of means. In addition, Adamu was ordered to surrender his international passport and was warned not to travel outside the country without the court’s permission.
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Justice Nwite fixed January 20 for the commencement of full trial proceedings in the case.
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. Two companies Ayab Agro Products and Freight Company Limited were also named as co-defendants.
According to the EFCC, the defendants allegedly diverted funds meant for the supply of motorcycles to the Bauchi State Government.
The commission alleged that although the contract was never executed, the funds were transferred to several individuals and corporate entities, despite the defendants’ alleged knowledge that the money constituted proceeds of unlawful activity.
The alleged 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. Following the plea, Adamu’s counsel, Gordy Uche, SAN, urged the court to grant his client bail pending the determination of the case.
Samuel Chime, EFCC’s counsel, opposed the bail application and requested an accelerated hearing.
In his ruling, Justice Nwite held that the grant of bail is at the discretion of the court and noted that the alleged offences are bailable under the law.
Meanwhile, the commissioner will remain in custody at the Kuje Correctional Centre until Monday, when the court is expected to rule on a separate terrorism-related charge pending against him.
The EFCC further alleged that its investigations revealed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government.
To execute the contract, the company reportedly obtained a ₦4.65 billion loan facility from Polaris Bank, allegedly guaranteed by the Bauchi State Government.
The anti-graft agency claimed that although the company represented to the bank that the motorcycles had been supplied, investigations showed that no such supply was made, even though the funds had been released.
According to the prosecution, Asomugha admitted receiving the funds through Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar. He was also said to have disclosed that he was directed to transfer the money to several accounts provided to him.
The EFCC stated that its investigations revealed that Ayab Agro Products and Freight Company Limited received part of the diverted ₦4.6 billion.
Although the Bauchi State Government reportedly wrote to Polaris Bank to confirm the purported supply of the motorcycles, the commission maintained that no such delivery took place.
Some of the charges allege that Adamu, while serving as Branch Manager of Polaris Bank Plc in Bauchi, conspired with others currently at large between June and December 2023 to commit money laundering by facilitating the transfer, concealment, and use of ₦4.65 billion obtained under the guise of financing a motorcycle supply contract that was never executed.
Another count alleged that Adamu unlawfully acquired, retained, and transferred ₦976 million, knowing or having reasonable grounds to believe that the funds were proceeds of illegal activity linked to the diversion of the Polaris Bank facility.
