Bauchi Finance Commissioner Yakubu Adamu Granted N500 Million Bail Over Alleged N4.65 Billion Money Laundering
A Federal High Court in Abuja has granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is facing trial for alleged money laundering involving N4.65 billion. Justice Emeka Nwite set bail at N500 million with two sureties of similar value, despite objections from the Economic and Financial Crimes Commission (EFCC).
Adamu and his company, Ayab Agro Products, were arraigned on six-count charges relating to conspiracy and money laundering, including allegations that funds released for the supply of motorcycles to Bauchi State were misappropriated. The defendants pleaded not guilty.
The court ruled that the EFCC failed to show that Adamu would abscond or interfere with the trial. Bail conditions include owning landed properties in Asokoro, Maitama, or Gwarimpa, submission of affidavits of means and verifiable property documents, and surrender of his international passport. He is barred from traveling abroad without prior court approval.
Pending the perfection of bail terms, Adamu remains at Kuje Correctional Centre. The trial is set to commence on January 20 if reassigned to the presiding judge. The EFCC claims part of the funds was channeled through Ayab Agro Products and other entities, alleging violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
A Federal High Court in Abuja has granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is facing trial for alleged money laundering involving N4.65 billion. Justice Emeka Nwite set bail at N500 million with two sureties of similar value, despite objections from the Economic and Financial Crimes Commission (EFCC).
Adamu and his company, Ayab Agro Products, were arraigned on six-count charges relating to conspiracy and money laundering, including allegations that funds released for the supply of motorcycles to Bauchi State were misappropriated. The defendants pleaded not guilty.
The court ruled that the EFCC failed to show that Adamu would abscond or interfere with the trial. Bail conditions include owning landed properties in Asokoro, Maitama, or Gwarimpa, submission of affidavits of means and verifiable property documents, and surrender of his international passport. He is barred from traveling abroad without prior court approval.
Pending the perfection of bail terms, Adamu remains at Kuje Correctional Centre. The trial is set to commence on January 20 if reassigned to the presiding judge. The EFCC claims part of the funds was channeled through Ayab Agro Products and other entities, alleging violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
Bauchi Finance Commissioner Yakubu Adamu Granted N500 Million Bail Over Alleged N4.65 Billion Money Laundering
A Federal High Court in Abuja has granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is facing trial for alleged money laundering involving N4.65 billion. Justice Emeka Nwite set bail at N500 million with two sureties of similar value, despite objections from the Economic and Financial Crimes Commission (EFCC).
Adamu and his company, Ayab Agro Products, were arraigned on six-count charges relating to conspiracy and money laundering, including allegations that funds released for the supply of motorcycles to Bauchi State were misappropriated. The defendants pleaded not guilty.
The court ruled that the EFCC failed to show that Adamu would abscond or interfere with the trial. Bail conditions include owning landed properties in Asokoro, Maitama, or Gwarimpa, submission of affidavits of means and verifiable property documents, and surrender of his international passport. He is barred from traveling abroad without prior court approval.
Pending the perfection of bail terms, Adamu remains at Kuje Correctional Centre. The trial is set to commence on January 20 if reassigned to the presiding judge. The EFCC claims part of the funds was channeled through Ayab Agro Products and other entities, alleging violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
