By RismadarVoice Media
December 31, 2025
The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 30, 2025, arraigned Yakubu Adamu, Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over alleged money laundering offences involving N5.7bn.
Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering.
This is contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, prosecution counsel Samuel I. Chime informed the court that the charge would be read to the defendant for his plea.
After the charges were read, Adamu pleaded not guilty to all counts.
Following his plea, the prosecution applied for Adamu to be remanded in custody, pending determination of his bail application, while defence counsel Gordy Uche, SAN, applied for bail, which was opposed by the prosecution.
After hearing arguments, Justice Nwite adjourned the matter to January 2, 2026, for ruling on the bail application, remanded Adamu in EFCC custody.
EFCC investigations revealed that Emmanuel Asomugha General Enterprises obtained a N4.65 billion loan facility from Polaris Bank under the guise of supplying motorcycles to the Bauchi State Government, allegedly guaranteed by the state. Investigations found that no motorcycles were ever supplied, and that the funds were instead diverted through Adamu and the former Bauchi State Accountant-General, Sa’idu Abubakar, to multiple accounts, including that of co-defendant Ayab Agro Products and Freight Company Limited.
The EFCC described the transaction as a scheme allegedly designed to defraud the Bauchi State Government of public funds, despite the government confirming the supposed supply of the motorcycles to Polaris Bank.
