The Federal High Court in Abuja on Friday granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is facing trial over an alleged N5.7 billion fraud.

Justice Emeka Nwite approved bail in the sum of N500 million with two sureties of equal value. The sureties must own verifiable landed properties within the Asokoro, Maitama, or Gwarinpa districts of the Federal Capital Territory (FCT). The court also ordered the surrender of Adamu’s international passport and restricted him from traveling abroad without permission.

The full trial is scheduled to commence on January 20.

Adamu, a former Polaris Bank branch manager in Bauchi, was arraigned last week by the EFCC on a six-count charge of money laundering. Two companies, Ayab Agro Products and Freight Company Limited, are also cited as defendants.

According to the EFCC, Adamu and the companies allegedly diverted funds intended for the supply of motorcycles to the Bauchi State Government. Despite the contract not being executed, the funds were transferred to multiple individuals and entities. The alleged offences violate Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.

While the defendants pleaded not guilty, EFCC opposed bail and requested an accelerated hearing. Justice Nwite ruled that the offences were bailable and within the court’s discretion.

Adamu will remain in Kuje Prison until Monday, when the court will hear a separate terrorism-related case against him.

Investigations revealed that Emmanuel Asomugha General Enterprises, which received a N4.65 billion loan from Polaris Bank guaranteed by Bauchi State, failed to supply the motorcycles. Part of the funds was allegedly diverted through Adamu and the former Accountant-General, Sa’idu Abubakar, to the two accused companies and other accounts.