Court Grants Bauchi Commissioner Bail over N4.6 Billion Alleged Fraud
Court Grants Bauchi Commissioner Bail over N4.6 Billion Alleged Fraud
The Abuja Federal High Court has approved a bail application for Yakubu Adamu, the Bauchi State Commissioner for Finance, regarding a N4.6 billion fraud case brought forward by the EFCC.
Justice Emeka Nwite set the bail at N500 million, requiring two sureties who own property in Abuja’s Maitama, Asokoro, or Gwarinpa districts. These sureties must hand over their original land titles to the court, as well as their international passports and current passport-sized photos.
Furthermore, the commissioner is prohibited from leaving the country without the court’s specific consent.
Until these bail requirements are fully met, Adamu will remain in custody at the Kuje Correctional Centre.
Adamu, alongside the company Ayab Agro Products and Freight Company Ltd, faces six counts related to money laundering. The EFCC claims that in the latter half of 2023, the parties conspired to misappropriate funds from Polaris Bank that were intended for purchasing motorcycles for Bauchi State—goods that the prosecution insists were never delivered.
The prosecution further alleged that the defendant funneled the gains from these illegal activities through external accounts, thereby breaching the Money Laundering (Prevention and Prohibition) Act of 2022.
