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 offences involving ₦5.79 billion.
Adamu, a former Branch Manager of Polaris Bank Plc in Bauchi State, was arraigned on Tuesday, December 30, 2025, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja. He was charged alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering.
According to the Head, Media and Publicity of EFCC, Dele Oyewale, the charges are said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, prosecution counsel, Samuel I. Chime, informed the court that the matter was slated for arraignment and prayed that the charges be read to enable the defendants take their pleas.
One of the counts 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 ₦4.65 billion between June and December 2023. The funds were allegedly released under the guise of financing the supply of motorcycles to the Bauchi State Government, a supply which investigators said never took place.
Another count alleged that Adamu sometime in 2023 acquired, retained and transferred ₦976 million paid into the account of I.S. Makayye Investment Resources Limited to several individuals and entities, knowing or having reasonable grounds to believe that the funds were proceeds of unlawful activity connected to the diversion of the Polaris Bank facility.
After the charges were read, the defendant pleaded not guilty to all six counts.
Following his plea, the prosecution applied for his remand pending the determination of his bail application. Defence counsel, Gordy Uche, SAN, subsequently applied for bail, which was opposed by the EFCC.
After hearing arguments from both sides, Justice Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that the defendant be remanded in EFCC custody.
EFCC investigations revealed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government and obtained a loan facility of ₦4.65 billion from Polaris Bank, purportedly guaranteed by the state government.
Investigators, however, alleged that although representations were made to the bank that the motorcycles had been supplied, no such supply was made. Despite this, the funds were released to the contractor.
In a statement to investigators, Emmanuel Asomugha reportedly disclosed that he received the funds through Yakubu Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, and was directed to transfer the money to several accounts.
The EFCC further alleged that Ayab Agro Products and Freight Company Limited received part of the diverted funds and that investigations established that no motorcycles were ever delivered, despite a confirmation letter allegedly issued by the Bauchi State Government.
The anti-graft agency said investigations into the matter are ongoing.
About The Author
