The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over an alleged N5.7 billion fraud.
Commissioner Adamu, a former branch manager of Polaris Bank Plc in Bauchi, was docked on a six count charge bordering on money laundering.
Also charged alongside him were two firms, Ayab Agro Products and Freight Company Limited.
The EFCC alleged that the defendants diverted funds earmarked for the supply of motorcycles to the Bauchi State Government.
The commission said the contract was not executed, but the funds were transferred to several individuals and entities despite the defendants knowing that the money was proceeds of unlawful activity.
According to the EFCC, the alleged offences were contrary to Section 21(a) and punishable under Section 21 of the Money Laundering Prevention and Prohibition Act 2022.
The defendants pleaded not guilty to the charges.
Their lawyer, Gordy Uche, applied for bail for the commissioner pending the determination of the case.
EFCC counsel, Samuel Chime, opposed the bail application and asked the court to grant accelerated hearing.
Justice Emeka Nwite adjourned the matter till January 2, 2026, to rule on the bail application and ordered that the defendant be remanded in EFCC custody.
The EFCC said its investigations showed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government.
It said the firm obtained a loan facility of N4.65 billion from Polaris Bank to execute the contract, which was allegedly guaranteed by the Bauchi State Government.
The commission said further investigations revealed that although the bank was informed that the motorcycles had been supplied, no such supply was made, even though funds were released.
The prosecution told the court that Asomugha admitted receiving the funds through Adamu and a former Bauchi State Accountant General, Sa’idu Abubakar and that he was directed to transfer the money to several accounts.
The EFCC said Ayab Agro Products and Freight Company Limited received part of the diverted funds.
It also stated that while the Bauchi State Government wrote Polaris Bank to confirm the supply of the motorcycles, investigations showed that no delivery took place.
Some of the charges read, “That you Yakubu Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, between June and December 2023, conspired to commit money laundering by facilitating the conversion, transfer, concealment and use of the sum of N4,650,000,000.00 availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government through Emmanuel Asomugha General Enterprises, which motorcycles were never supplied.”
Another count stated, “That you, Yakubu Adamu sometime in 2023, acquired, used, retained and took possession or control of the sum of N976,000,000.00 paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred the same to several individuals and entities, knowing or having reasonable grounds to know that the funds constituted proceeds of unlawful activity connected to the diversion of the Polaris Bank facility meant for motorcycle supply which was never executed.”
