The Federal High Court in Abuja has granted Commissioner of Finance, Bauchi State, Yakubu Adamu bail in the sum of 500 million naira and two sureties in like sum.
Justice Emeka Nwite while delivering a short ruling and affirming that bail is at the discretion of the court, also ordered that the sureties should have landed properties within the Asokoro, Maitama and Gwarinpa axis of the Federal Capital Terrirtory.
The court also ordered that the documents of the landed properties be submitted to the court registrar in the course of perfection of bail.
The trial court also ordered that the defendant deposit his travel documents with the court registrar and should not leave the country until he gets clearance from the court.
Justice Nwite noted that the defendant and sureties shall deposit their passport photographs before the court, while the defendant remains in Kuje correctional centre until his bail is perfected.
Adamu and Ayab Agro Products were arraigned on a six-count charge bordering on alleged money laundering to the tune of 4.6 billion Naira but pleaded not guilty to the allegations.
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The charge filed by the EFCC against Adamu reads, that; In count one, Adamu, while acting as the Branch Manager of Polaris Bank Ltd, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd (now at large) and Muntaka Mohammed Duguri (now at large), were alleged to have conspired to commit the offence, sometime between June 2023 to December 2023.
They were alleged to have facilitated and agreed to the conversion, transfer, concealment and use of funds in the sum of about N4,650,000,000.00 (Four Billion, Six Hundred and Fifty Million Naira) availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Governmeni 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.
Count six accused Adamu, Aliyu and Duguri 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.
It 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.
The funds were said to formed part of proceeds of an unlawful act and the offense is contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts.
The matter was adjourned to January 20, 2026 for trial to commence.
(Editor: Ebuwa Omo-Osagie)
