EFCC Arraigns Bauchi Finance Commissioner Over Alleged N5.7bn Money Laundering
EFCC Arraigns Bauchi Finance Commissioner Over Alleged N5.7bn Money Laundering
EFCC Arraigns Bauchi Finance Commissioner Over Alleged N5.7bn Money Laundering
The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi branch, Yakubu Adamu, over alleged money laundering offences involving N5.79 billion.
Adamu was brought before Justice Emeka Nwite of the Federal High Court sitting in Maitama, Abuja, on Tuesday, December 30, 2025. He was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to Section 21(a) 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 requested that the charge be read to the defendant for his plea to be taken. Following the reading of the charges, Adamu pleaded not guilty to all six counts.
One of the charges alleged that Adamu, while serving as Branch Manager of Polaris Bank Plc in Bauchi, conspired with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri—both currently at large—between June and December 2023. The alleged conspiracy involved the laundering of N4.65 billion released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government, a supply that investigators say never took place.
Another count accused Adamu of acquiring, retaining, and transferring N976 million linked to the same transaction, knowing or having reasonable grounds to believe that the funds were proceeds of unlawful activity connected to the diversion of the bank facility.
Following the defendant’s 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 prosecution.
After hearing arguments 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.
According to EFCC investigations, Emmanuel Asomugha General Enterprises had been awarded a contract to supply motorcycles to the Bauchi State Government and obtained a N4.65 billion loan facility from Polaris Bank, allegedly guaranteed by the state government. Investigators, however, discovered that no motorcycles were supplied despite representations made to the bank.
Further findings revealed that the funds were released and later diverted through multiple accounts. In a statement to the EFCC, 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 instructed to transfer the money to various accounts.
The anti-graft agency also alleged that Ayab Agro Products and Freight Company Limited received part of the diverted funds. Although the Bauchi State Government reportedly wrote to Polaris Bank confirming the supply of the motorcycles, EFCC investigations established that the transaction was allegedly a scheme designed to defraud the state of public funds.
The case continues on January 2, 2026, when the court is expected to rule on the bail application.
EFCC Arraigns Bauchi Finance Commissioner Over Alleged N5.7bn Money Laundering
