The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, over alleged money laundering involving ₦5.79 billion, marking a significant development in Nigeria’s ongoing anti-corruption campaign.
Adamu, a former branch manager of Polaris Bank Plc in Bauchi, was on Tuesday brought before Justice Emeka Nwite of the Federal High Court sitting in Maitama, Abuja. He was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the charges stem from transactions allegedly carried out between June and December 2023, during which Adamu and two other suspects, said to be at large, conspired to launder funds linked to a bank facility of ₦4.65 billion. The loan was purportedly granted by Polaris Bank to finance the supply of motorcycles to the Bauchi State Government, a contract investigators say was never executed.
One of the counts alleges that the defendants facilitated the conversion, transfer, and concealment of the funds under the guise of the unfulfilled motorcycle supply contract. Another count accuses Adamu of acquiring and distributing ₦976 million, allegedly knowing that the money constituted proceeds of unlawful activity.
At the commencement of proceedings, prosecution counsel, Samuel I. Chime, asked the court to read the charges to the defendant for his plea. Adamu pleaded not guilty to all counts.
Following the plea, the prosecution requested that the defendant be remanded in custody pending the determination of his bail application. Defence counsel, Gordy Uche, SAN, applied for bail, a request opposed by the EFCC.
READ ALSO: EFCC Set to Arraign Ex‑AGF Malami, Son Over Multi-Billion Naira Assets Tuesday
After hearing arguments from both sides, Justice Nwite ordered that Adamu be remanded in EFCC custody and adjourned the case to January 2, 2025, for a ruling on the bail application.
EFCC investigations revealed that Emmanuel Asomugha General Enterprises, the company awarded the motorcycle supply contract, obtained the loan facility from Polaris Bank, allegedly guaranteed by the Bauchi State Government. Despite claims that the motorcycles had been supplied, investigators said no delivery took place, yet the funds were released.
In a statement to investigators, the proprietor of the company reportedly disclosed that the funds were received through Adamu and the former Accountant-General of Bauchi State, and that he was instructed to transfer the money to several accounts.
The case adds to a growing list of high-profile corruption prosecutions, as the EFCC reiterates its commitment to pursuing financial crimes and ensuring accountability in public office.