Justice Emeka Nwite has granted Bauchi State Finance Commissioner Yakubu Adamu ₦500m bail in an alleged ₦4.6bn money laundering case filed by the EFCC, with stringent conditions attached
Court Sets Tough ₦500m Bail as Bauchi Finance Commissioner Faces ₦4.6bn EFCC Trial
Justice Emeka Nwite of the Federal High Court in Abuja has imposed stringent bail conditions on the Bauchi State Commissioner for Finance, Yakubu Adamu, who is standing trial over an alleged ₦4.6 billion money laundering scheme instituted by the Economic and Financial Crimes Commission (EFCC).
In a ruling delivered on Friday, the court admitted Adamu to bail in the sum of ₦500 million, with two sureties required to guarantee his appearance throughout the trial.
Justice Nwite ordered that the sureties must each own landed properties within Maitama, Asokoro or Gwarinpa districts of Abuja and must deposit the original Certificates of Occupancy (C of O) of the properties with the court registrar for the duration of the trial.
The court further directed that the sureties must surrender their international passports, while Adamu is barred from travelling outside Nigeria without the express permission of the court.
In addition, the judge ordered that both the defendant and his sureties must submit their recent passport photographs to the court.
Pending the perfection of the bail conditions, Justice Nwite 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 the second defendant, Ayab Agro Products and Freight Company Limited. The application was, however, opposed by the EFCC’s counsel, Samuel Chime.
Adamu and Ayab Agro Products are facing a six-count charge bordering on alleged money laundering involving ₦4.6 billion.
According to the charge marked FHC/ABJ/CR/694/2025, the EFCC listed Adamu and the company as the first and second defendants. The charge was dated and filed on December 19, 2025, by the EFCC’s Legal and Prosecution Department.
In count one, the anti-graft agency alleged that Adamu, while serving as Branch Manager of Polaris Bank Ltd, Bauchi, conspired with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri, both currently at large, to commit the offence between June and December 2023.
The defendants were accused of facilitating the conversion, transfer, concealment and use of approximately ₦4,650,000,000, which was allegedly released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
According to the EFCC, the motorcycles were never supplied, an act said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count six, Adamu and his alleged accomplices were accused of retaining and transferring proceeds of unlawful activity to nominees and third parties, including the alleged transfer of ₦165.9 million to Ayab Agro Products and Freight Company Limited through I.S. Makayye Investment Resources Ltd.
The alleged offences are said to be contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022.
