By Ikechukwu Nnochiri
ABUJA — The Federal High Court sitting in Abuja, on Friday, granted bail to the Commissioner for Finance in Bauchi State, Yakubu Adamu, who is facing trial over his alleged complicity in a N5.7 bIllion fraud.
The court, in a ruling that was delivered by trial 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 its 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.
Meanwhile, 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.
He was said to had also stated that he was directed to move the funds to several accounts that were provided to him.
EFCC said its investigations revealed that the two accused firms- Ayab Agro Products and Freight Company Limited – received part of the diverted N4.6 billion.
It further stated that though the Bauchi State Government wrote Polaris Bank to confirm the purported supply of the motorcycles, it found that such delivery took place.
Some counts in the charge against the defendants, read: “That you Yakubu Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, between June and December 2023, conspired to commit money laundering by facilitating the conversion, transfer, concealment and use of the sum of N4,650,000,000.00 availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government through Emmanuel Asomugha General Enterprises, which motorcycles were never supplied.
“That you, Yakubu Adamu sometime in 2023, acquired, used, retained and took possession or control of the sum of N976,000,000.00 paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred the same to several individuals and entities, knowing or having reasonable grounds to know that the funds constituted proceeds of unlawful activity connected to the diversion of the Polaris Bank facility meant for motorcycle supply which was never executed.”
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