Bauchi State Commissioner of Finance Yakubu Adamu has been granted bail of N500 million by the Federal High Court in Abuja in a N4.65 billion money laundering case.
Okay News reports that Justice Emeka Nwite delivered the ruling following a bail application by Adamu’s legal team, days after his arraignment by the Economic and Financial Crimes Commission (EFCC).
Adamu pleaded not guilty on December 30, 2025, to charges related to an alleged fraudulent loan transaction with Polaris Bank.
The judge exercised discretion in favour of bail, noting the EFCC failed to provide evidence that Adamu might abscond, tamper with witnesses, or evade trial.
Bail conditions require two sureties in the same amount, each owning landed property in Maitama, Asokoro, or Gwarimpa districts of Abuja, with verified title documents and affidavits of means.
Adamu and sureties must deposit international passports with the court registrar and obtain permission for any foreign travel.
Pending perfection of conditions, Adamu remains remanded at Kuje Correctional Centre.
The trial is adjourned to January 20, 2026.
The EFCC alleges Adamu and Ayab Agro Products and Freight Company Ltd facilitated the conversion and concealment of N4.65 billion from a Polaris Bank loan ostensibly for motorcycle supply to Bauchi State Government via Emmanuel Asomugha General Enterprises.
The motorcycles were never supplied despite claims to the bank, with funds allegedly diverted through accounts linked to Adamu.
The loan was reportedly guaranteed by the state through Adamu and former Accountant-General Sa’idu Abubakar.
The case underscores ongoing scrutiny of public financial management and state-backed transactions.
Adamu faces separate EFCC charges with three civil servants over alleged $9.7 million terrorism financing.
