The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Yakubu Adamu, the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc's Bauchi branch, alongside Ayab Agro Products and Freight Company Limited, before Justice Emeka Nwite of the Federal High Court in Abuja.
The defendants face six counts of money laundering involving a total of N5,791,900,000, contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges centre on a 2023 scheme in which Adamu allegedly conspired with Ishaku Mohammed Aliyu (Managing Director of I.S. Makayye Investment Resources Limited) and Muntaka Mohammed Duguri both currently at large to launder funds from a N4.65 billion Polaris Bank loan facility.
The loan was granted to Emmanuel Asomugha General Enterprises for the purported supply of motorcycles to the Bauchi State Government under a contract ostensibly guaranteed by the state.
EFCC investigations established that no motorcycles were ever supplied, despite representations to the bank suggesting otherwise, and the funds were released and diverted.
Key allegations include:
Conspiracy to convert, transfer, conceal, and use N4.65 billion under false pretenses.
Adamu personally acquiring, retaining, and transferring N976 million from the diverted funds, knowing or reasonably suspecting them to be proceeds of unlawful activity.
Additional sums from the facility were traced to various individuals, entities, and the second defendant company.
Prosecution counsel Samuel I. Chime requested that the charges be read, after which both defendants pleaded not guilty.
Chime applied for Adamu's remand in custody pending the hearing of his bail application. Defence counsel Gordy Uche, SAN, moved for bail, which the prosecution opposed.
After hearing submissions from both sides, Justice Nwite adjourned the matter to January 2, 2026, for ruling on the bail application and ordered that Adamu be remanded in EFCC custody in the meantime.
Further EFCC findings indicate that the contract holder, Emmanuel Asomugha, admitted receiving the funds through Adamu and former Bauchi State Accountant-General Sa’idu Abubakar, before being directed to transfer them to specified accounts.
The case underscores continuing efforts to combat the diversion of public funds in Bauchi State.
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