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The Federal High Court in Abuja has taken a significant step in the high-stakes money laundering trial of Yakubu Adamu, the Bauchi State Commissioner of Finance.
In a ruling delivered by Justice Emeka Nwite, the commissioner was admitted to a “₦500 million bail bond with two sureties in like sum.”
The ruling follows intense legal arguments regarding the commissioner’s alleged involvement in a massive financial scheme involving nearly ₦4.65 billion.
Justice Nwite was meticulous in setting the terms for Adamu’s temporary release. The judge mandated that the two sureties must be established landowners within the elite districts of Maitama, Asokoro, or Gwarimpa in Abuja. To ensure authenticity, the judge directed that the “property documents shall be verified by the court registry.”
Furthermore, the court imposed several stringent layers of oversight:
– The “sureties must also depose to an affidavit of means.”
– Both “the defendant and the sureties shall deposit their passports with the court registrar and must not travel out of the country except with the leave of the court.”
– They are also required to “deposit two passport photographs with the court registrar.”
Despite being granted bail, Adamu’s freedom is not immediate. The judge ordered that he be remanded in Kuje Correctional Centre until every condition is fully perfected.
The Economic and Financial Crimes Commission (EFCC) has built its case around a controversial 2023 transaction. Adamu, alongside a firm titled Ayab Agro Products and Freight Company Ltd, is accused of orchestrating a fraudulent loan scheme through Polaris Bank.
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The prosecution alleges that the funds were diverted under the pretext of a government contract that never saw a single delivery. According to the charge, the funds were funneled:
“…through Emmanuel Asomugha General Enterprises, and were not supplied contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The money laundering case is only one front in Adamu’s mounting legal battles. The commissioner, along with three other Bauchi State officials, is simultaneously grappling with a separate, even more grave criminal charge. They are accused of terrorism financing to the tune of $9.7 million, a case that is also being heard by Justice Nwite.
With the ₦4.6bn money laundering trial now adjourned to January 20, 2026, for the commencement of trial, all eyes are on the Kuje Correctional Centre to see if the embattled commissioner can meet the half-billion-naira requirements for his release.
The post ₦4.6bn Scandal: Court slaps ₦500m bail on Bauchi finance commissioner appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.
