A Federal High Court in Abuja has granted Bauchi State’s Finance Commissioner, Yakubu Adamu, bail in the sum of ₦500 million as he faces trial for his alleged role in a ₦4.6 billion money laundering scheme.
Justice Emeka Nwite set stringent conditions, requiring two sureties in the same amount who must be landowners in Abuja’s exclusive Maitama, Asokoro, or Gwarimpa districts, with their property documents verified by the court.
Adamu and his sureties must also surrender their international passports and cannot travel abroad without the court’s permission.
The Economic and Financial Crimes Commission (EFCC) alleges that Adamu, a former Polaris Bank manager, conspired with others to launder ₦4.65 billion from a bank loan intended to finance the supply of motorcycles to the Bauchi State Government, a contract that was reportedly never fulfilled.
After pleading not guilty, Adamu was ordered to be remanded at the Kuje Correctional Centre until he meets his bail conditions, with his trial scheduled to begin on January 20. This case is separate from another criminal charge Adamu faces concerning alleged terrorism financing.
