 |
The Federal High Court in Abuja has granted bail to Yakubu Adamu, the Bauchi State Commissioner for Finance, who faces charges of money laundering involving ₦4.6 billion. The decision came after the Economic and Financial Crimes Commission (EFCC) arraigned him on a six-count charge related to the alleged fraud.
Justice Emeka Nwite set the bail at ₦500 million, requiring two sureties who must each provide the same amount. The sureties need to own land in upscale areas of Abuja, such as Maitama, Asokoro, or Gwarinpa.
They must hand over the original papers proving ownership of these properties to the court during the trial. Also the sureties have to give their international passports to the court office.
Adamu cannot leave Nigeria without asking the court first. Both he and his sureties must provide new passport photos to the court. Until all these rules are met, Adamu will stay in Kuje prison.
The charges say that between June and December 2023, when Adamu was a manager at Polaris Bank's Bauchi branch, he worked with two others (who are still wanted) to misuse ₦4.65 billion.
The money was meant to buy motorcycles for the Bauchi State government through a company called Emmanuel Asomugha General Enterprises, but no motorcycles were ever delivered. Instead, the funds were moved around and hidden
Adamu was charged along with Ayab Agro Products and Freight Company Ltd. They both said they are not guilty.