N4.6bn Fraud Case: Court Sets Tough N500m Bail for Bauchi Finance Commissioner, Orders Kuje Remand

N4.6bn Fraud Case: Court Sets Tough N500m Bail for Bauchi Finance Commissioner, Orders Kuje Remand

The Federal High Court in Abuja has imposed stringent bail conditions on the Bauchi State Commissioner for Finance, Yakubu Adamu, who is standing trial over an alleged N4.6 billion fraud brought against him by the Economic and Financial Crimes Commission, EFCC.

Justice Emeka Nwite, in a ruling delivered on Friday, granted Adamu bail in the sum of N500 million with two sureties. The sureties are required to own landed properties in Maitama, Asokoro or Gwarinpa areas of Abuja.

The court further ordered that the sureties must deposit the original copies of the Certificates of Occupancy of the said properties with the court for the duration of the trial. They are also to submit their international passports to the court registrar.

Justice Nwite ruled that the commissioner must not travel outside Nigeria without the express permission of the court. In addition, both the defendant and his sureties are to submit their recent passport photographs to the court.

Pending the fulfilment of the bail conditions, the judge ordered that Adamu be remanded at the Kuje Correctional Centre.

Chief Gordy Uche, SAN, appeared for the Bauchi commissioner and Ayab Agro Products and Freight Company Ltd and moved the bail application. The application was opposed by EFCC counsel, Samuel Chime.

Adamu and Ayab Agro Products and Freight Company Ltd were arraigned on a six-count charge bordering on alleged money laundering involving N4.6 billion. In the charge marked FHC/ABJ/CR/694/2025, the EFCC listed Adamu and the company as the first and second defendants. The charge was dated and filed on December 19, 2025, by the Legal and Prosecution Department of the anti-graft agency.

According to the prosecution, Adamu allegedly committed the offence while serving as Branch Manager of Polaris Bank Ltd in Bauchi. He was accused of conspiring with Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri, both of whom are currently at large, between June and December 2023.

The EFCC alleged that the defendants facilitated the conversion, transfer, concealment and use of about N4,650,000,000.00 provided by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.

“The motorcycles were not supplied, and you thereby committed an offence contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the charge read in part.

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In count six, the prosecution accused Adamu, Aliyu and Duguri of retaining and transferring proceeds of an unlawful act to nominees and third parties. It alleged that portions of the funds were circulated through third-party accounts in 2023, including transfers through I.S. Makayye Investment Resources Ltd and the payment of N165,900,000.00 to Ayab Agro Products and Freight Company Ltd.

The EFCC maintained that the funds formed part of the proceeds of an unlawful act, contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022.