The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance and former Polaris Bank branch manager, Yakubu Adamu, over alleged money laundering involving ₦5.79 billion.
Adamu was brought before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on Tuesday, December 30, alongside Ayab Agro Products and Freight Company Limited. The defendants face a six-count charge bordering on money laundering, in violation of Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the hearing, prosecuting counsel Samuel I. Chime informed the court that the matter was scheduled for arraignment and requested that the charges be read to enable the defendant enter his plea. Following the reading of the charges, Adamu pleaded not guilty to all counts.
According to the EFCC, the charges stem from allegations that Adamu, while serving as Branch Manager of Polaris Bank Plc in Bauchi, conspired with others some currently at large between June and December 2023 to launder funds amounting to ₦4.65 billion. The money was reportedly released by the bank under the pretext of financing the supply of motorcycles to the Bauchi State Government, a contract that investigators say was never executed.
One of the counts further alleges that Adamu unlawfully acquired and transferred ₦976 million, which was paid into the account of I.S. Makayye Investment Resources Limited, and subsequently disbursed to multiple individuals and entities, with knowledge that the funds were proceeds of unlawful activity.
Following the defendant’s plea, the prosecution applied for his remand pending the determination of a bail application. Defence counsel Gordy Uche, SAN, applied for bail, a move strongly opposed by the EFCC.
After hearing arguments from both sides, Justice Nwite ordered that Adamu be remanded in EFCC custody and adjourned the case to January 2 for a ruling on the bail application.
EFCC investigations revealed that Emmanuel Asomugha General Enterprises had secured a contract to supply motorcycles to the Bauchi State Government and subsequently obtained a ₦4.65 billion loan facility from Polaris Bank, allegedly guaranteed by the state government. Despite claims that the motorcycles were delivered, investigators found that no supply took place, even though the funds were released.
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In a statement to the EFCC, Emmanuel Asomugha reportedly disclosed that he received the funds through Yakubu Adamu and the former Bauchi State Accountant-General, Sa’idu Abubakar, and was instructed to transfer the money to several designated accounts.