Bauchi Finance Commissioner Granted ₦500m Bail Over Money Laundering Charges

The Federal High Court in Abuja has granted bail to the Bauchi State Commissioner of Finance, Yakubu Adamu, in the sum of ₦500 million, with two sureties in the same amount.

Justice Emeka Nwite, in a brief ruling on Thursday, said bail remains at the discretion of the court. He ordered that the two sureties must own landed property within Asokoro, Maitama or Gwarinpa areas of the Federal Capital Territory. The title documents of the properties are to be submitted to the court registrar as part of the bail perfection process.

The court further directed Adamu to deposit his travel documents with the registrar and barred him from leaving Nigeria without prior approval of the court. Both the defendant and the sureties are also required to submit their passport photographs.

Justice Nwite ruled that Adamu will remain at the Kuje Correctional Centre until all bail conditions are fully met.

Adamu and a company, Ayab Agro Products and Freight Company Ltd, are facing a six-count charge filed by the Economic and Financial Crimes Commission (EFCC), bordering on alleged money laundering involving ₦4.6 billion. Both defendants pleaded not guilty.

According to the charge, Adamu allegedly committed the offences between June and December 2023 while serving as Branch Manager of Polaris Bank Ltd in Bauchi. He was accused of conspiring with Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri, both currently at large.

The EFCC alleged that the defendants facilitated the conversion, transfer and concealment of about ₦4.65 billion released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises. The prosecution stated that the motorcycles were never supplied.

One of the counts alleges that the actions violated Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.

In another count, the EFCC accused the defendants of retaining and transferring proceeds of unlawful activities through nominees and third-party accounts in 2023. The alleged transactions include payments made through I.S. Makayye Investment Resources Ltd and the transfer of ₦165.9 million to Ayab Agro Products and Freight Company Ltd.

The prosecution said the funds were proceeds of an unlawful act, contrary to Section 20(a) of the same Act.

The case was adjourned to January 20, 2026, for the commencement of trial.