Bauchi Finance Commissioner Granted N500 Million Bail Amid N4.6 Billion Money Laundering Trial
- Jan 2
- 2 min read
The Bauchi State Commissioner for Finance, Yakubu Adamu, has been granted bail of N500 million with two sureties in the same amount by a Federal High Court in Abuja, as he faces trial over allegations of laundering N4.65 billion.
Adamu and Ayab Agro Products were arraigned last week on six counts related to conspiracy and money laundering. Both defendants pleaded not guilty to all charges.
Adamu’s lawyer, Chief Goddy Uche (SAN), argued that his client was entitled to bail and would not interfere with the ongoing trial. The Economic and Financial Crimes Commission (EFCC), however, opposed bail, citing the seriousness of the allegations and the large sums involved.
In his ruling, Justice Emeka Nwite stated that the prosecution failed to provide sufficient evidence suggesting that Adamu would abscond or disrupt proceedings if released. The judge emphasized that there was no proof indicating that the commissioner would avoid his trial.
Under the bail terms, the two sureties must possess landed properties in Asokoro, Maitama, or Gwarimpa in the Federal Capital Territory (FCT), submit affidavits of means, and provide verifiable property documents. Adamu is also required to surrender his international passport and is prohibited from traveling abroad without court approval. Pending completion of these conditions, he remains in the Kuje Correctional Centre.
The EFCC alleges that between June and December 2023, Adamu conspired with others to misappropriate N4.65 billion released by Polaris Bank under the guise of supplying motorcycles to the Bauchi State Government, a supply that reportedly never occurred. Part of the funds was allegedly routed through I.S. Makayye Investment Resources Ltd, with N165.9 million sent to Ayab Agro Products and Freight Company Ltd.
The trial is scheduled to commence on January 20, 2026, if assigned to Justice Nwite, who is currently presiding as a vacation court.
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