The Economic and Financial Crimes Commission (EFCC), on Tuesday, arraigned the Commissioner for Finance in Bauchi State, Yakubu Adamu, before the Federal High Court in Abuja following his alleged complicity in a N5.7bn fraud.
Adamu, who is a former manager of a branch of Polaris Bank Plc in Bauchi, was docked on a six-count money laundering charge.
Equally cited as defendants in the matter were two companies, Ayab Agro Products and Freight Company Limited.
In one of the counts in the charge, the EFCC alleged that the defendants illegally diverted funds that were earmarked for the supply of motorcycles.
It alleged that although the contract was not executed, the defendants subsequently transferred the funds to several individuals and entities, even though they knew that the funds were proceeds of unlawful activity.
The defendants allegedly committed an offence contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
Meanwhile, the defendants pleaded not guilty to the charge, even as their lawyer, Mr. Gordy Uche, SAN, pleaded for the commissioner to be released on bail pending the determination of the case.
On his part, the EFCC’s counsel, Mr. Samuel Chime, opposed the bail request and applied for accelerated hearing.
After listening to both sides, Justice Emeka Nwite adjourned the matter until January 2, 2026, to rule on the defendant’s bail application.
The court further remanded the defendant in EFCC custody.
The anti-graft agency said its investigations revealed that a company, Emmanuel Asomugha General Enterprises, was awarded a contract to supply motorcycles to the Bauchi State Government.
According to the EFCC, to execute the contract, the firm applied for and obtained a loan facility of N4,650,000,000.00 from Polaris Bank, purportedly guaranteed by the Bauchi State Government.
It added that further investigations showed that despite representations made to the bank that the motorcycles had been supplied, no such supply was made, even though funds were released to the company.
Moreover, the prosecution revealed that Asomugha admitted that he received the funds through the first defendant, Adamu, and the former Accountant-General of Bauchi State, Sa’idu Abubakar.
He was also said to have stated that he was directed to move the funds to several accounts provided to him.
The EFCC said its investigations revealed that the two accused firms—Ayab Agro Products and Freight Company Limited—received part of the diverted N4.6bn.
It further stated that although the Bauchi State Government wrote to Polaris Bank to confirm the purported supply of the motorcycles, it was found that no such delivery took place.
Some counts in the charge against the defendants read:
“That you, Yakubu Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, alongside 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, conspired to commit money laundering by facilitating the conversion, transfer, concealment, and use of the sum of N4,650,000,000.00 availed by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, which motorcycles were never supplied.”
“That you, Yakubu Adamu, sometime in 2023, acquired, used, retained, and took possession or control of the sum of N976,000,000.00 paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred same to several individuals and entities, knowing or having reasonable grounds to know that the funds constituted proceeds of unlawful activity connected to the diversion of the Polaris Bank facility meant for motorcycle supply, which was never executed.”
