A federal high court sitting in Abuja has admitted Yakubu Adamu, Bauchi State commissioner for finance, to bail in the sum of N500 million in an ongoing money laundering case filed by Economic and Financial Crimes Commission (EFCC).
Gatekeepers News reports that delivering his ruling on Friday, Justice Emeka Nwite held that the defendant must provide two sureties who are residents in Abuja and own verifiable landed properties in Maitama, Asokoro, or Gwarimpa.
The court directed that the properties be inspected and confirmed by the court registry, while the sureties are also required to submit affidavits of means.
As part of the bail conditions, Adamu and his sureties are to deposit their international passports with the court registrar, alongside two recent passport photographs each. The judge further ordered that the defendant must not leave Nigeria without prior permission from the court.
Pending the fulfilment of the bail terms, Adamu was ordered to be remanded at the Kuje Correctional Centre. The case has been adjourned to January 20 for the commencement of the trial.
The finance commissioner was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. EFCC alleged that the offences were committed between June and December 2023.
According to the prosecution, Adamu allegedly conspired with Ishaku Mohammed Aliyu, managing director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, who are currently at large, to launder about N4.65 billion.
The funds were said to have originated from a credit facility released by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government.
The anti-graft agency claimed that the motorcycles were never delivered, despite payments allegedly being routed through Emmanuel Asomugha General Enterprises.
One of the charges further accused Adamu of acquiring and transferring N976 million into the account of I.S. Makayye Investment Resources Limited, with knowledge that the money represented proceeds of unlawful activity linked to the alleged diversion of the bank facility.
The defendant pleaded not guilty to all the charges when they were read in open court.
