The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi branch, Yakubu Adamu, before the Federal High Court in Maitama, Abuja, over alleged money laundering involving ₦5.79 billion.
Adamu was docked on Tuesday, December 30, 2025, alongside Ayab Agro Products and Freight Company Limited on a six-count charge related to money laundering, contrary to Section 21(a) and punishable under Section 21 of the Money Laundering Act, 2022.
The case is heard by Justice Emeka Nwite.
At the commencement of proceedings, the prosecution counsel, Samuel I. Chime, informed the court that the matter was for arraignment and requested that the charges be read to enable the defendants take their pleas.
Adamu pleaded not guilty to all counts.
One of the charges alleges that Adamu, while serving as Branch Manager of Polaris Bank in Bauchi, conspired between June and December 2023 with others still at large to facilitate the conversion, transfer, concealment, and use of ₦4.65 billion released by the bank under the pretext of financing the supply of motorcycles to the Bauchi State Government motorcycles that were allegedly never supplied.
Another count alleges that Adamu, sometime in 2023, acquired and retained ₦976 million, which was paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred to various individuals and entities, with knowledge or reasonable grounds to believe that the funds were proceeds of unlawful activity linked to the alleged diversion of the bank facility.
Following the not-guilty plea, the prosecution applied for the defendant to be remanded pending the hearing and 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 a ruling on the bail application and ordered that Adamu 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 obtained a ₦4.65 billion loan from Polaris Bank, purportedly guaranteed by the state government.
The anti-graft agency alleged that, despite representations made to the bank stating that the motorcycles had been supplied, investigations revealed that no delivery was made, yet the funds were released.
The EFCC further alleged that Asomugha received the funds through Adamu and a former Accountant-General of Bauchi State, Sa’idu Abubakar, and was directed to transfer the money to several accounts. Investigators also claimed that Ayab Agro Products and Freight Company Limited received part of the diverted funds.
The commission said further checks established that despite correspondence from the Bauchi State Government confirming the purported supply, no motorcycles were delivered, describing the transaction as an alleged scheme to defraud the state of public funds.