Justice Emeka Nwite of the Federal High Court in Abuja has granted bail to the Bauchi State Commissioner for Finance, Yakubu Adamu, in the sum of ₦500 million over an alleged ₦4.6 billion fraud charge instituted by the Economic and Financial Crimes Commission (EFCC).
The bail, granted on Friday, comes with stringent conditions, including two sureties who must each own landed property in Maitama, Asokoro or Gwarinpa districts of Abuja. The sureties are required to deposit the original Certificates of Occupancy of the said properties with the court for the duration of the trial.
Justice Nwite further ordered that the sureties must submit their international passports to the court registrar, while Adamu is barred from travelling out of Nigeria without the express permission of the court. Both the defendant and the sureties are also to submit recent passport photographs to the court.
Pending the fulfillment of the bail conditions, the court ordered that the commissioner be remanded at the Kuje Correctional Centre.
The bail application was moved by Chief Gordy Uche, SAN, who appeared for Adamu and a co-defendant, Ayab Agro Products and Freight Company Ltd. The application was opposed by EFCC counsel, Samuel Chime.
Adamu and Ayab Agro Products were earlier arraigned before the court on a six-count charge bordering on alleged money laundering amounting to ₦4.6 billion. The charge, marked FHC/ABJ/CR/694/2025, was dated and filed on December 19, 2025, by the EFCC’s Legal and Prosecution Department.
According to the EFCC, Adamu, while serving as Branch Manager of Polaris Bank Ltd in Bauchi, allegedly conspired between June and December 2023 with Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri—both currently at large—to convert, transfer, conceal and use ₦4.65 billion.
The funds were reportedly released by Polaris Bank under the pretext 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.
Count one of the charge states that the alleged acts contravene Section 21(a) and are punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count six, the commission further accused Adamu and his alleged accomplices of retaining and transferring proceeds of unlawful activities through nominees and third-party accounts in 2023. Part of the funds, including ₦165.9 million, was allegedly transferred to Ayab Agro Products and Freight Company Ltd.
The EFCC said the offences are contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The case has been adjourned to a later date for continuation of trial.
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