The Federal High Court in Abuja has granted bail to the Bauchi State Commissioner for Finance, Yakubu Adamu, over an alleged N4.6 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC).
Justice Emeka Nwite, in a ruling on Friday, admitted Adamu to bail in the sum of N500 million with stringent conditions.
The court ordered that Adamu must produce two sureties who must be land owners within Maitama, Asokoro, or Gwarinpa District of Abuja.
The sureties are required to deposit the original certificates of occupancy of their properties with the court and submit their international passports along with recent passport photographs.
Justice Nwite also ordered that the commissioner must not travel outside Nigeria without express permission from the court.
The judge ruled that Adamu remains in custody at the Kuje Correctional Centre until he fulfils the bail conditions.
Adamu is being prosecuted alongside a firm, Ayab Agro Products and Freight Company Ltd, in the charge marked FHC/ABJ/CR/694/2025.
The defendants were arraigned on a six-count charge bordering on money laundering.
The EFCC alleged that between June and December 2023, the defendants conspired to divert funds provided by Polaris Bank for the supply of motorcycles to the Bauchi State Government, which were allegedly never supplied.
The charge further accused the defendants of transferring proceeds of the alleged unlawful act through third-party accounts, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
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