By Akinwale Kasali
Following an alleged N5.7 billion fraud leveled against Yakubu Adamu, Bauchi State Commissioner of Finance, has been granted N500 million bail by the Federal High Court sitting in Abuja, on Friday.
Adamu is facing trial over his alleged complicity in a N5.7 bIllion fraud.
The Court, in a ruling that was delivered by the Honourable Justice Emeka Nwite, gave the defendant bail in the sum of N500 million with two sureties in like sum.
It held that the sureties must be owners of landed properties within the Asokoro, Maitama or Gwarinpa districts of the Federal Capital Territory (FCT), Abuja, with verifiable proof of ownership.
Aside from directing the sureties to depose to an affidavit of means, the Court ordered the defendant to surrender his international passport, stressing he should not travel out of the country without permission.
The court fixed January 20 for the commencement of a full-blown hearing of the case.
It will be recalled that the EFCC had, last Tuesday, arraigned the defendant, who is a former Manager of a branch of Polaris Bank Plc in Bauchi State, on a six-count money laundering charge.
Equally cited as defendants in the matter were two companies, Ayab Agro Products, and Freight Company Limited.
In one of the counts in the charge, EFCC, alleged that the defendants illegally diverted funds that were earmarked for the supply of motorcycle.
It alleged that though the contract was not executed, the defendants subsequently transferred the funds to several individuals and entities, even though they knew that the funds were proceeds of an unlawful activity.
The defendants allegedly committed an offence that was contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
However, the defendants pleaded not guilty to the charge, even as their lawyer, Mr. Gordy Uche, SAN, pleaded for the Commissioner to be released on bail pending the determination of the case.
On his part, EFCC’s counsel, Mr. Samuel Chime, opposed the bail request and applied for accelerated hearing.
In his ruling on Friday, Justice Nwite held that the issue of bail was within the discretion of the court.
Besides, he noted that allegations against the defendants were bailable offences.
Though the Bauchi Commissioner will remain in Kuje Prison until Monday, when the Court will decide his fate on a separate terrorism-related charge pending against him.
The EFCC had, in the instant case, claimed that its investigations revealed that a company, Emmanuel Asomugha General Enterprises, was awarded a contract to supply motorcycles to the Bauchi State Government.
According to the anti-graft agency, to execute the contract, the firm applied for and obtained a loan facility of N4,650,000,000.00 from Polaris Bank, purportedly guaranteed by the Bauchi State Government.
It added that further investigations showed that despite representations made to the bank that the motorcycles had been supplied, no such supply was made, even though funds were released to the company.
More so, the prosecution revealed that Asomugha admitted that he received the funds through the 1st defendant, Adamu, and the former Accountant-General of Bauchi State, Sa’idu Abubakar.
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