Follow Us on Google
From Sola Ojo, Abuja
The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, over an alleged N5.79 billion money laundering scheme linked to a failed motorcycle supply contract to the Bauchi State Government.
Adamu, a former Branch Manager of Polaris Bank Plc, Bauchi, was on Tuesday, December 30, 2025, docked before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering.
The charges are brought under Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, which prescribes punishment for the conversion, transfer, concealment or use of proceeds of unlawful activity.
At the arraignment, prosecution counsel, Samuel I. Chime, told the court that the matter was for the defendant’s plea and requested that the charge be read.
Following the reading of the charges, Adamu pleaded not guilty to all six counts.
One of the charges alleged that between June and December 2023, Adamu, while serving as Polaris Bank’s Bauchi Branch Manager, conspired with two persons currently at large; Ishaku Mohammed Aliyu and Muntaka Mohammed Duguri to launder N4.65 billion under the guise of financing the supply of motorcycles to the Bauchi State Government, a contract EFCC said was never executed.
Another count accused Adamu of unlawfully acquiring and transferring N976 million, knowing the funds were proceeds of the diversion of the Polaris Bank facility meant for the phantom motorcycle supply.
Following the plea, the prosecution applied for Adamu to be remanded in custody pending the determination of his bail application.
Defence counsel, Gordy Uche, SAN, moved a bail application, which was strongly opposed by the EFCC.
After hearing arguments from both sides, Justice Nwite remanded the defendant in EFCC custody and adjourned the matter to January 2, 2025, for ruling on the bail application.
According to EFCC investigations, Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government and subsequently secured a N4.65 billion loan from Polaris Bank, allegedly backed by a state government guarantee.
However, investigators found that no motorcycles were ever supplied, despite representations made to the bank that the contract had been executed.
In his statement to the EFCC, Emmanuel Asomugha reportedly disclosed that the funds were received through Adamu and the former Bauchi State Accountant-General, Sa’idu Abubakar, and that he was instructed to distribute the money to several accounts.
The commission further revealed that Ayab Agro Products and Freight Company Limited received part of the diverted funds, while investigations established that the entire transaction was allegedly a scheme to defraud the Bauchi State Government of public funds.
Page 4 of 4
