By Francis Wilfred
The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged money laundering involving N5.79 billion. Adamu, who is also a former Branch Manager of Polaris Bank Plc in Bauchi State, was arraigned on Tuesday before Justice Emeka Nwite at the Federal High Court sitting in Maitama, Abuja. He was charged alongside Ayab Agro Products and Freight Company Limited.According to the EFCC, the defendants are facing a six-count charge bordering on money laundering, contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022. The total amount involved in the alleged offences was put at N5,791,900,000.The EFCC’s Head of Media and Publicity, Mr Dele Oyewale, disclosed this in a statement issued to journalists. He said the charges stemmed from alleged financial transactions carried out while Adamu was serving as a bank manager.
At the commencement of proceedings, prosecution counsel, Samuel I. Chime, told the court that the matter was for arraignment. He urged the court to order that the charges be read to the defendant to enable him to enter his plea. Following the reading of the charges, Adamu pleaded not guilty to all six counts.One of the charges alleged that Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, conspired with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, to launder N4.65 billion. The funds were allegedly released under the guise of financing the supply of motorcycles to the Bauchi State Government between June and December 2023.
The EFCC alleged that the motorcycles were never supplied, despite representations made to the bank that the contract had been executed. Another count accused Adamu of acquiring and transferring N976 million from the same transaction, knowing or having reasonable grounds to believe that the funds were proceeds of unlawful activity. After the plea was taken, the prosecution requested that the defendant be remanded pending the determination of his bail application. Defence counsel, Gordy Uche, SAN, applied for bail, which was opposed by the prosecution. After hearing arguments from both parties, Justice Nwite adjourned the matter to January 2, 2026, for ruling on the bail application. He ordered that the defendant be remanded in EFCC custody pending the court’s decision.
According to the EFCC, investigations revealed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government and subsequently obtained a N4.65 billion loan facility from Polaris Bank, purportedly guaranteed by the state government. Further investigations showed that although the Bauchi State Government allegedly confirmed that the motorcycles had been supplied, no delivery was made. The EFCC alleged that the transaction was a scheme designed to divert public funds.The commission said part of the diverted funds was traced to Ayab Agro Products and Freight Company Limited, while other sums were allegedly transferred to several individuals and entities.
