Federal High Court in Abuja on Friday granted bail to the Bauchi State Commissioner for Finance Yakubu Adamu who is standing trial over his alleged involvement in a N5.7 billion fraud.
Justice Emeka Nwite admitted Mr Adamu to bail in the sum of N500 million with two sureties in the same amount.
The court ruled that the sureties must own landed property in Asokoro, Maitama or Gwarinpa areas of the Federal Capital Territory and provide proof of ownership.
The judge also ordered the sureties to depose to an affidavit of means.
Adamu was directed to surrender his international passport to the court and was warned not to travel out of the country without prior approval.
Justice Nwite fixed January 20 for the commencement of full hearing in the case.
Yakubu Adamu, a former branch manager of Polaris Bank Plc in Bauchi State, was arraigned by the Economic and Financial Crimes Commission on a six count charge bordering on money laundering.
Two firms, Ayab Agro Products and Freight Company Limited, were also charged.
The EFCC alleged that funds meant for the supply of motorcycles to the Bauchi State Government were diverted.
According to the commission, the contract was not executed, but the money was transferred to several individuals and companies despite the defendants knowing that the funds were proceeds of unlawful activity.
The alleged offences are said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering Prevention and Prohibition Act 2022.
The defendants pleaded not guilty to the charges.
Adamu’s lawyer, Gordy Uche, applied for bail pending the determination of the case.
EFCC counsel, Samuel Chime, opposed the application and asked the court to grant accelerated hearing.
In his ruling, Justice Nwite said the grant of bail was at the discretion of the court and noted that the offences were bailable.
Meanwhile, the commissioner is to remain at the Kuje Correctional Centre until Monday, when the court is expected to decide on a separate terrorism related charge pending against him.
According to the EFCC, Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government and obtained a N4.65 billion loan from Polaris Bank to execute the project, allegedly guaranteed by the state government.
The commission said investigations showed that although the bank was informed that the motorcycles had been supplied, no delivery took place even though funds were released.
The prosecution told the court that Emmanuel Asomugha admitted receiving the funds through Adamu and a former Bauchi State Accountant General, Sa’idu Abubakar.
He was also said to have disclosed that he was instructed to transfer the funds to several accounts.
The EFCC said part of the diverted N4.6 billion was traced to Ayab Agro Products and Freight Company Limited.
It also said that despite a letter from the Bauchi State Government confirming the supply of motorcycles, investigations showed that no such supply occurred.
One of the charges reads that Yakubu Adamu, while acting as branch manager of Polaris Bank Plc in Bauchi, conspired with others now at large to facilitate the transfer and use of N4.65 billion under the guise of financing motorcycle supply to the Bauchi State Government.
Another count alleged that Adamu took possession of N976 million and transferred it to several individuals and entities, knowing that the funds were proceeds of unlawful activity linked to the unexecuted contract.
