The Federal High Court in Abuja has granted Bauchi State Commissioner of Finance Yakubu Adamu bail of N500 million in a N4.6 billion money laundering case.
Justice Emeka Nwite delivered the ruling on January 2, 2026, following an application by Adamu’s legal team led by Godi Uche, SAN.
The Economic and Financial Crimes Commission (EFCC) arraigned Adamu on December 30, 2025, over allegations tied to a N4.65 billion loan from Polaris Bank.
Adamu, a former Polaris Bank branch manager in Bauchi, pleaded not guilty to the charges.
Justice Nwite exercised discretion in favour of bail, finding no compelling evidence from EFCC that Adamu would jump bail or interfere with witnesses.
The court required two sureties in like sum, owning landed property in Maitama, Asokoro, or Gwarimpa districts of Abuja with verified title documents.
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Sureties must depose to affidavits of means, while Adamu and sureties deposit international passports with the court registrar.
Travel outside Nigeria requires prior court approval, with Adamu remanded at Kuje Correctional Centre pending bail perfection.
The trial commences on January 20, 2026.
EFCC alleges Adamu and Ayab Agro Products and Freight Company Ltd facilitated conversion of N4.65 billion obtained under false pretences for motorcycle supply to Bauchi State Government.
The funds, purportedly for a contract never executed, violated the Money Laundering (Prevention and Prohibition) Act 2022.
Investigations link the loan guarantee to Adamu and the former state Accountant-General.
This case underscores scrutiny of public finance management and state-backed banking transactions in Nigeria.
