The Federal High Court in Abuja on Friday granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is being prosecuted over his alleged involvement in a ₦5.7 billion fraud.
In a judgment delivered by Justice Emeka Enwite, the court allowed Adamu to be granted bail in the sum of ₦500 million with two sureties of like sum.
The judge ruled that sureties must own landed properties in the Asokoro, Maitama, or Gwarinpa areas of the Federal Capital Territory (FCT), Abuja and submit verifiable proof of ownership.
The court also directed the sureties to submit an affidavit of means. Additionally, Adamu was ordered to surrender his international passport and warned not to travel out of the country without court permission.
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Justice Enyite fixed January 20 to begin full trial proceedings in the case.
Adamu, a former branch manager of Polaris Bank Plc in Bauchi State, was last Tuesday arraigned by the Economic and Financial Crimes Commission (EFCC) on six charges related to money laundering. Two companies, Ayab Agro Products and Freight Company Limited, were also named as co-defendants.
According to the EFCC, the defendants allegedly misappropriated funds allocated for the supply of motorcycles to the Bauchi State Government.
The Commission alleged that although the contract was never executed, the funds were transferred to several individuals and corporate entities, despite the defendants' alleged knowledge that the funds were the proceeds of unlawful activity.
The alleged offenses are contrary to Section 21(A) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants pleaded not guilty to all charges. Following the plea, Adamu's lawyer Gordy Uche, SAN, urged the court to grant his client bail pending the adjudication of the case.
EFCC counsel Samuel Chime opposed the bail application and requested for speedy trial.
In his judgment, Justice Enwhite said it is at the discretion of the court to grant bail and said the alleged offenses are bailable under the law.
Meanwhile, the commissioner will remain in custody at Kuze Correctional Center till Monday, when the court is expected to pronounce its verdict on a separate terrorism-related charge pending against him.
The EFCC further alleged that its investigation revealed that Emmanuel Asomugha General Enterprises was awarded the contract to supply motorcycles to the Bauchi State Government.
To execute the contract, the company reportedly obtained a loan facility of ₦4.65 billion from Polaris Bank, which was reportedly guaranteed by the Bauchi State Government.
The anti-corruption agency claimed that although the company told the bank that motorcycles had been supplied, investigation revealed that no such supply had been made, even though funds had been released.
According to the prosecution, Asomugha admitted receiving the money through Adamu and Saidu Abubakar, the former Accountant General of Bauchi State. He is said to have also revealed that he was instructed to transfer money to several accounts given to him.
The EFCC said its investigation revealed that Ayab Agro Products and Freight Company Limited received a share of the diverted ₦4.6 billion.
Although the Bauchi State government had reportedly written to Polaris Bank to confirm the alleged supply of motorcycles, the commission said no such delivery had taken place.
Some of the charges allege that Adamu, while working as the Branch Manager of Polaris Bank Plc in Bauchi, conspired with others on a large scale between June and December 2023 to commit money laundering by facilitating the transfer, concealment and utilization of ₦4.65 billion obtained under the guise of financing a motorcycle supply contract which was never executed.
Another case alleged that Adamu illegally acquired, held and transferred 976 million euros, knowing or having reasonable grounds to believe that the funds were the proceeds of illegal activity linked to the diversion of a Polaris Bank facility.
