A Federal High Court sitting in Abuja, on Friday, January 2, 2026, granted Mr Yakubu Adamu, Bauchi State Commissioner for Finance bail in the sum of N500 million with two sureties in the like sum.
The trial judge, Justice Emeka Nwite, who granted th bail, directed that the two sureties must be land owners within Maitama, Asokoro or Gwarimpa District of Abuja, and further directed that the property documents should be verify by the court registry.
Justice Nwite also directed that the sureties must depose to an affidavit of means, adding that the defendant and the sureties should deposit their international passports along with two passport photographs with the court registrar and must not travel out of the country except with the leave of the court.
The court however, ordered that Adamu should be remanded in Kuje Correctional Centre pending the perfection of his bail conditions and adjourned the matter till January 20, 2026 for commencement of trial.
In his ruling on the bail application, Justice Nwite held that the court was minded to exercise its discretionary power in favour of Adamu since the prosecution had no strong reason that he would jump bail or interfere with the trial.
Justice Nwite held that the power to grant bail must be exercised judicially and judiciously, thus the need for the defendant to be admitted to bail.
The EFCC had in the charge marked: FHC/ABJ/CR/694/2025, named Adamu and a firm, Ayab Agro Products and Freight Company Ltd, as 1st and 2nd defendants in the money laundering case involving about N4.6 billion.
The charge was dated and filed on December 19, 2025, by the anti-graft’s lawyer, Samuel Chime of the Legal and Prosecution Department.
The defendants were alleged to have facilitated and agreed to the conversion, transfer, concealment and use of funds in the sum of about N4,650,000,000.00 (Four Billion, Six Hundred and Fifty Million Naira) availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government through Emmanuel Asomugha General Enterprises.
According to the EFCC; “The motorcycles were not supplied, and you thereby committed an offence contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022”.
Count six accused Adamu, Aliyu and Duguri of retaining and causing the transfer of proceeds of an unlawful act to nominees and third parties, by causing parts of the funds connected with the Polaris Bank facility to be paid and circulated through third-party accounts sometime in 2023.
The EFCC claimed that the transfer included the one made through I.S. Makayye Investment Resources Ltd and the transfer of #165, 900,000.00 to Ayab Agro Products and Freight Company Ltd, adding that the funds were part of proceeds of an unlawful act.
The EFCC said the offence is contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts.
The defendants who were arraigned on December 30, 2025, pleaded not guilty to the six-count charge, following which the Court ordered that Adamu should be remanded pending the ruling on his bail application which was argued same day.
Adamu and three other co-defendants, who are Bauchi State’s workers, are also facing another criminal charge bordering on alleged terrorism financing to the tune of $9.7 million before Justice Nwite.
