The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 30, 2025, arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court sitting in Maitama, Abuja, over alleged money laundering offences involving N5.79 billion.
Adamu, a former Branch Manager of Polaris Bank Plc, Bauchi branch, 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 case is being heard by Justice Emeka Nwite.
At the commencement of proceedings, prosecution counsel Samuel I. Chime told the court that the matter was scheduled for arraignment and requested that the charges be read to the defendants to enable them take their pleas.
“My Lord, this matter is for arraignment of the defendant on a six-count charge, and we humbly pray that the charge be read to the defendant for his plea to be taken,” Chime said.
According to the EFCC, the charges stem from alleged fraudulent transactions carried out between June and December 2023, while Adamu was serving as Branch Manager of Polaris Bank in Bauchi. In one of the counts, the anti-graft agency alleged that Adamu conspired with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, to launder N4.65 billion.
Count one alleged that the defendants facilitated the conversion, transfer, concealment and use of funds released by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, despite the fact that the motorcycles were never supplied.
“The offence is contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the charge read in part.
Another count alleged that Adamu, sometime in 2023, acquired, used, retained and took control of N976 million, which was paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred to various individuals and entities.
The EFCC alleged that Adamu knew, or had reasonable grounds to know, that the funds constituted proceeds of unlawful activity linked to the diversion of the Polaris Bank loan meant for the motorcycle supply contract, which was never executed.
After the charges were read, Adamu pleaded not guilty to all six counts.
Following his plea, the prosecution urged the court to remand the defendant pending the determination of his bail application.
“In view of the defendant’s not guilty plea, we respectfully apply that he be remanded in custody pending the hearing and determination of the bail application,” Chime said.
Defence counsel, Gordy Uche, SAN, immediately applied for bail on behalf of the defendant. The application was opposed by the prosecution, which urged the court to deny bail or impose stringent conditions.
After hearing arguments from both sides, Justice Emeka Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that the defendant be remanded in EFCC custody.
According to the EFCC, investigations revealed that Emmanuel Asomugha General Enterprises had been awarded a contract to supply motorcycles to the Bauchi State Government. To execute the contract, the company reportedly applied for and obtained a N4.65 billion loan facility from Polaris Bank, purportedly guaranteed by the Bauchi State Government.
Further investigations showed that although representations were made to the bank that the motorcycles had been supplied, no such supply ever took place, yet the funds were released to the contractor.
In a statement to investigators, Emmanuel Asomugha reportedly disclosed that he received the funds through Yakubu Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, adding that he was directed to transfer the money to several accounts provided to him.
