The Federal High Court in Abuja has granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is standing trial over his alleged role in a multi-billion-naira financial crime linked to public funds.
Justice Emeka Nwite approved the bail application but set stringent conditions, ordering Adamu to provide a N500 million bond backed by two sureties of equal value.
According to the ruling, the sureties must own verifiable landed properties in Abuja’s highbrow districts of Asokoro, Maitama, or Gwarinpa, and must submit sworn affidavits confirming their financial capacity.
The court further directed the commissioner to surrender his international passport, warning that he must not leave Nigeria without prior judicial approval.
Justice Nwite stressed that the restrictions were necessary to ensure the defendant’s availability for trial.
“The allegations are serious, but they remain allegations. Bail is granted to preserve the presumption of innocence while ensuring the defendant remains within the reach of the law,” the judge said.
The Economic and Financial Crimes Commission (EFCC) had arraigned Adamu on six counts bordering on money laundering and diversion of public funds amounting to about N5.7 billion.
Two firms, Ayab Agro Products and Freight Company Limited, are also facing charges in the case.
Prosecutors alleged that the funds were originally approved for the supply of motorcycles to the Bauchi State Government but were diverted through a complex web of transfers despite the contract allegedly not being executed.
EFCC counsel Samuel Chime opposed the bail request, arguing that the scale of the alleged fraud required strict oversight. He also sought an accelerated hearing to fast-track the trial.
However, Justice Nwite held that the offences were bailable and that bail remained a matter of judicial discretion. The court fixed January 20 for the commencement of full trial proceedings.
Despite the bail ruling, Adamu will remain in custody at Kuje Correctional Centre until Monday, pending a separate decision on another charge relating to terrorism financing.
Investigators claimed that a firm, Emmanuel Asomugha General Enterprises, secured a N4.65 billion loan from Polaris Bank for the motorcycle supply project, allegedly with Bauchi State Government backing. EFCC said the funds were released even though the motorcycles were never delivered.
The anti-graft agency further alleged that Adamu, a former Polaris Bank branch manager, facilitated the movement of the funds to multiple accounts, including those of the two corporate defendants.
“All evidence points to a deliberate effort to disguise and redistribute public funds under the cover of a failed government contract,” an EFCC official said.
The defendants have pleaded not guilty to all charges, maintaining that they will challenge the prosecution’s claims during trial.