EFCC ARRAIGNS BAUCHI FINANCE COMMISSIONER OVER ALLEGED N5.7BN MONEY LAUNDERING
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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 before Justice Emeka Nwite on a six-count charge bordering on money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, the prosecution counsel, Samuel I. Chime, informed the court that the matter was slated for arraignment and requested that the charges be read to enable the defendants take their pleas. After the charges were read, Adamu pleaded not guilty to all counts.
One of the charges alleged that Adamu, while serving as Branch Manager of Polaris Bank Plc in Bauchi between June and December 2023, conspired with others currently at large to facilitate the conversion, transfer, concealment and use of N4.65 billion under the guise of financing the supply of motorcycles to the Bauchi State Government supplies which were never made.
Another count accused the defendant of unlawfully acquiring, retaining and transferring N976 million paid into the account of I.S. Makayye Investment Resources Limited, with knowledge that the funds were proceeds of unlawful activity linked to the diversion of the Polaris Bank loan facility.
Following the defendant’s plea, the prosecution applied for his remand pending the determination of his bail application. Defence counsel, Gordy Uche, SAN, applied for bail, which was opposed by the EFCC.
After hearing arguments from both sides, Justice Nwite adjourned the matter to January 2, 2026, 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 was awarded a contract to supply motorcycles to the Bauchi State Government and subsequently obtained a N4.65 billion loan facility from Polaris Bank, allegedly guaranteed by the state government.
The commission said further investigations showed that despite claims that the motorcycles had been supplied, no such delivery was made. Nevertheless, the funds were released and allegedly diverted to several accounts.
In a statement to investigators, Emmanuel Asomugha reportedly disclosed that the funds were received through Yakubu Adamu and the former Bauchi State Accountant-General, Sa’idu Abubakar, and that he was instructed to transfer the money to various accounts.
The EFCC added that Ayab Agro Products and Freight Company Limited, listed as a co-defendant, received part of the diverted funds, noting that the entire transaction was allegedly designed to defraud the Bauchi State Government of public funds.
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