Economic and Financial Crimes Commission, EFCC has arraigned Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi State branch, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over alleged money laundering offences involving N5.791 billion.
Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC which said this in a statement says that at the commencement of proceedings, prosecution counsel, Samuel I. Chime, informed the court that the matter was for arraignment of the defendant on a six-count charge and prayed that the charge be read to enable the defendants take his plea.
The offence was said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022″.
After the charges were read, the defendant pleaded not guilty to all the counts. Following his plea, Chime urged the court to remand the defendant pending the determination of his bail application.
Defence counsel, Gordy Uche, subsequently applied for bail, which was opposed by the prosecution.
After listening to arguments from both sides, Justice Nwite adjourned the matter to January 2, 2026 for ruling on the bail application and remanded him in EFCC’s custody.
Investigations by the EFCC reveals that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government. To execute the contract, the firm applied for and obtained a loan facility of N4.650 billion from Polaris Bank, purportedly guaranteed by the Bauchi State Government.
Further investigations showed that despite representations made to the bank that the motorcycles had been supplied, no such supply was made. The funds were nevertheless released to Emmanuel Asomugha General Enterprises.
In his statement to investigators, Asomugha disclosed that he received the funds through the first defendant, Yakubu Adamu, and the former Accountant-General of Bauchi State, Sa’idu Abubakar. He further stated that he was directed to move the funds to several accounts provided to him.
Investigations revealed that Ayab Agro Products and Freight Company Limited, listed as a co-defendant, received part of the diverted 4.6 billion naira.
The EFCC further discovered that although the Bauchi State Government wrote to Polaris Bank confirming the purported supply of the motorcycles, investigations established that no motorcycles were ever delivered as the transaction was allegedly a scheme designed to defraud the Bauchi State Government of public funds.
(Editor: Terverr Tyav)
