January 03, (THEWILL) — A Federal High Court in Abuja has granted bail to the Bauchi State Commissioner for Finance, Yakubu Adamu, in the sum of ₦500 million following allegations of money laundering amounting to ₦4.6 billion.
Justice Emeka Nwite delivered the ruling on Friday, January 2, 2026, admitting Adamu to bail with two sureties in like sum.
The judge held that the prosecution failed to provide compelling evidence that the defendant would abscond or interfere with his trial, noting that bail is a constitutional right.
Adamu was arraigned earlier this week alongside a firm, Ayab Agro Products and Freight Company Ltd, on a six-count charge preferred by the Economic and Financial Crimes Commission (EFCC).
The charges center on alleged conspiracy and money laundering committed between June and December 2023, while Adamu was reportedly serving as a branch manager for Polaris Bank in Bauchi. Both defendants have pleaded not guilty.
According to the EFCC, the defendants allegedly facilitated the diversion of ₦4.65 billion obtained from Polaris Bank under the guise of financing a motorcycle supply contract for the Bauchi State Government.
The anti-graft agency maintains that the motorcycles were never supplied and that the funds were instead routed through various third-party accounts, including I.S. Makayye Investment Resources Ltd.
Justice Nwite set stringent conditions for the ₦500 million bail, requiring the two sureties to own landed properties within the Asokoro, Maitama, or Gwarimpa areas of the Federal Capital Territory (FCT).
The sureties must present verifiable title documents and affidavits of means to be deposited with the Court Registrar.
Additionally, Adamu and his sureties must surrender their international passports and provide recent passport photographs to the court.
Despite securing bail in this matter, Adamu remains in custody at the Kuje Correctional Centre due to a separate 10-count charge involving alleged terrorism financing to the tune of $9.7 million.
Justice Nwite is expected to deliver a ruling on the bail application for that separate case on Monday, January 5, 2026.
The trial for the ₦4.6 billion money laundering case is scheduled to commence on January 20, 2026.
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