The Economic and Financial Crimes Commission (EFCC) has arraigned Bauchi State Commissioner for Finance and former Polaris Bank Bauchi branch manager, Yakubu Adamu, before the Federal High Court in Maitama, Abuja, over alleged money laundering involving N5.79 billion.
Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge under the Money Laundering (Prevention and Prohibition) Act, 2022.
During proceedings on Tuesday, prosecution counsel Samuel I. Chime read the charges to the defendants.
They include allegations that Adamu, while acting as Polaris Bank branch manager, facilitated the diversion of N4.65 billion intended for the supply of motorcycles to Bauchi State Government through Emmanuel Asomugha General Enterprises — a contract that was reportedly never executed.
Another count alleges that Adamu acquired and transferred N976 million, knowing the funds were proceeds of unlawful activity.
The defendant pleaded not guilty to all charges.
Following his plea, the prosecution requested that he be remanded pending the determination of his bail application.
Defence counsel Gordy Uche, SAN, applied for bail, which the prosecution opposed.
Justice Emeka Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and remanded Adamu in EFCC custody.
Investigations by the EFCC revealed that Emmanuel Asomugha General Enterprises received the Polaris Bank loan facility, supposedly guaranteed by the Bauchi State Government, despite not supplying the motorcycles.
The funds were allegedly moved to various accounts, including those of co-defendant Ayab Agro Products and Freight Company Limited, as part of a scheme to defraud the state government.
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