The Federal High Court in Abuja has imposed strict 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 the commissioner bail in the sum of N500 million, requiring two sureties with landed properties in Abuja’s Maitama, Asokoro, or Gwarinpa districts.
The court ordered that the sureties must submit original Certificates of Occupancy for the properties, which will remain in court custody throughout the trial. They are also required to deposit their international passports with the court registrar.
Justice Nwite further directed that Adamu must not leave Nigeria without the court’s permission and that both the defendant and his sureties submit recent passport photographs.
Pending the fulfilment of the bail conditions, the court ordered that the commissioner be remanded at the Kuje Correctional Centre.
Adamu is being prosecuted alongside Ayab Agro Products and Freight Company Ltd on a six-count charge bordering on money laundering. The case, marked FHC/ABJ/CR/694/2025, was filed by the EFCC on December 19, 2025.
According to the prosecution, the alleged offences were committed between June and December 2023, when Adamu served as branch manager of Polaris Bank in Bauchi. The EFCC alleges that he conspired with two other individuals, currently at large, to divert funds amounting to approximately N4.65 billion.
The funds were reportedly released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government. Investigators claim the motorcycles were never delivered.
The charge further alleges that portions of the funds were transferred through third-party accounts, including a payment of N165.9 million to Ayab Agro Products and Freight Company Ltd.
The EFCC says the alleged acts violate provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Chief Gordy Uche, SAN, represented the commissioner and the company, while EFCC counsel Samuel Chime opposed the bail application.
The case has been adjourned to a later date for continuation of trial.