EFCC Arraigns Bauchi Finance Commissioner Over Alleged N5.7bn Money Laundering

The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi branch, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court, Abuja, over alleged money laundering involving N5,791,900,000.

Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, 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 Chime, informed the court that the matter was for arraignment and prayed that the charge be read to enable the defendant take his plea.

After the charges were read, Adamu pleaded not guilty to all counts.

One of the charges alleged that Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, between June and December 2023, conspired with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, to launder N4.65 billion.

According to the charge, the funds were released by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, a supply which was never executed.

Another count alleged that Adamu, sometime in 2023, acquired, retained and transferred N976 million paid into the account of I.S. Makayye Investment Resources Limited, knowing or having reasonable grounds to know that the funds were proceeds of unlawful activity linked to the diversion of the bank facility.

Following Adamu’s not guilty plea, the prosecution applied for his remand pending the determination of his bail application. The defence counsel, Gordy Uche, SAN, however made application for bail, which was opposed by the prosecution.

After hearing arguments from both parties, Justice Nwite adjourned the matter to January 2, 2026, for ruling on the bail application and ordered that the defendant to be remanded in EFCC custody.