The Economic and Financial Crimes Commission, EFCC, will, on Wednesday, arraign Yakubu Adamu, Commissioner of Finance, Bauchi State, over alleged N4.6 billion money laundering.
Adamu, alongside a firm, Ayab Agro Products and Freight
Company Ltd, will be arraigned before Justice Emeka Nwite at the Federal High
Court in Abuja on a six-count money laundering charge marked
FHC/ABJ/CR/694/2025.
Adamu and his co-defendant were to take their plea on
Tuesday but the case could not proceed due to the absence of the EFCC’s lawyer
and the defendants.
However, the defendants’ team of lawyers, led by Chief Gordy
Uche, SAN, was in court.
Justice Nwite then adjourned the matter until December 24,
2025 for arraignment.
While Adamu is the 1st defendant, Ayab Agro Products and
Freight Company Ltd is the 2nd defendant.
The charge is dated December 19, and filed on same date by
Samuel Chime of the EFCC Legal and Prosecution Department.
Count one alleged that Adamu, while acting as the Branch
Manager of Polaris Bank Ltd, Bauchi, alongside Ishaku Mohammed Aliyu, Managing
Director of Makayye Investment Resources Ltd (now at large) and Muntaka
Mohammed Duguri (now at large), were alleged to have conspired to commit the
offence, sometime between June 2023 to December 2023.
They were alleged to have facilitated and agreed to the
conversion, transfer, concealment and use of funds in the sum of about
N4,650,000,000 availed by Polaris Bank under the guise of financing the supply
of motorcycles to Bauchi State Government through Emmanuel Asomugha General
Enterprises.
“The motorcycles were not supplied, and you thereby
committed an offence contrary to Section 21(a) and punishable under Section 21
of the Money Laundering (Prevention and Prohibition) Act, 2022,” the count read
in part.
Count six accused Adamu, Aliyu and Duguri of retaining and
causing the transfer of proceeds of an unlawful act to nominees and third
parties, by causing parts of the funds connected with the Polaris Bank facility
to be paid and circulated through third-party accounts sometime in 2023.
It further alleged that the transfer included the one made
through I.S. Makayye Investment Resources Ltd and the transfer of #165,
900,000.00 to Ayab Agro Products and Freight Company Ltd.
The funds were said to formed part of proceeds of an
unlawful act.
The alleged offence is contrary to Section 20(a) and
punishable under Section 20 of the Money Laundering (Prevention and
Prohibition) Act, 2022, among other counts.
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