A federal high court in Abuja has granted bail to Yakubu Adamu, the Bauchi state commissioner of finance, in the sum of a N500 million
Ruling on the bail application on Friday, Emeka Nwite, presiding judge, held that Adama must produce two sureties in the like sum.
The sureties must have landed properties within Maitama, Asokoro or Gwarimpa district of Abuja, which would be verified by the court registry. The sureties must depose to an affidavit of means.
As part of the bail conditions, Nwite ordered that the defendant and the sureties shall deposit their international passports and two passport photographs with the court registrar and must not travel out of the country except with the leave of the court.
The defendant would be remanded in Kuje Correctional Centre pending the perfection of his bail conditions.
The matter has been adjourned to January 20 for the commencement of trial.
He was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, Samuel Chime, prosecution counsel, told the court that the matter was for arraignment and asked that the charge be read to the defendant.
According to the six-count charge, Adamu allegedly conspired with Ishaku Mohammed Aliyu, managing director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both said to be at large, to launder N4.65 billion between June and December 2023.
The EFCC alleged that the funds were released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi state government through Emmanuel Asomugha General Enterprises, noting that the motorcycles were never supplied.
One of the counts also alleged that Adamu acquired and transferred N976 million paid into the account of I.S. Makayye Investment Resources Limited, knowing that the money was proceeds of unlawful activity linked to the diversion of the bank facility.
Adamu pleaded not guilty to all the charges.
