Court docket Grants Bail to Bauchi Finance Commissioner Over Alleged N5.7bn Fraud
The Federal Excessive Court docket in Abuja on Friday granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who’s standing trial over allegations of involvement in a N5.7 billion fraud.
Trial Justice Emeka Nwite authorised bail within the sum of N500 million, with two sureties of comparable worth.
The court docket dominated that the sureties should personal verifiable landed property throughout the Asokoro, Maitama, or Gwarinpa districts of the Federal Capital Territory (FCT), Abuja, and should depose to an affidavit of means.
The court docket additionally ordered Adamu to give up his worldwide passport and prohibited him from travelling overseas with out prior permission. Full proceedings within the case have been scheduled to start on January 20.
Adamu, a former department supervisor of Polaris {Bank} in Bauchi, was arraigned by the {Economic} and {Financial} Crimes Fee (EFCC) final Tuesday on a six-count cash laundering cost.
Two firms, Ayab Agro Merchandise and Freight Firm Restricted, have been additionally cited as defendants.
The EFCC alleged that funds earmarked for the provision of bikes to Bauchi State have been illegally diverted to numerous people and entities, regardless of the contract not being executed. The acts have been stated to contravene Part 21(a) of the Cash Laundering (Prevention and Prohibition) Act, 2022.
Adamu pleaded not responsible to the fees, whereas his lawyer, Mr. Gordy Uche, SAN, utilized for bail pending the end result of the trial. EFCC counsel, Mr. Samuel Chime, opposed the bail request and sought an accelerated listening to. Justice Nwite, nonetheless, dominated that bail was throughout the court docket’s discretion, noting that the offences have been bailable.
Adamu will stay in Kuje Jail till Monday, when the court docket will hear a separate terrorism-related cost pending in opposition to him.
In response to EFCC investigations, Emmanuel Asomugha Normal Enterprises secured a mortgage of N4.65 billion from Polaris {Bank}, purportedly assured by the Bauchi State Authorities, to produce bikes.
The company stated the bikes have been by no means delivered, and the funds have been diverted by Adamu and former Accountant-Normal of Bauchi State, Sa’idu Abubakar, to a number of accounts, together with these of the 2 firms cited.
The prosecution additional alleged that Adamu, whereas appearing as Polaris {Bank} Department Supervisor, conspired with others to transform, switch, and conceal N4.65 billion, and likewise dealt with N976 million paid into the account of I.S. Makayye Funding Assets Restricted, figuring out the funds have been proceeds of illegal exercise.