The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged involvement in a N5.7 billion fraud. Adamu, a former Polaris Bank branch manager in Bauchi, faces six counts of money laundering. Two companies, Ayab Agro Products and Freight Company Limited, are also named as co-defendants.
EFCC alleges that the defendants diverted funds intended for a motorcycle supply contract, transferring them to multiple individuals and entities despite knowing they were proceeds of unlawful activity, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The accused pleaded not guilty. Justice Emeka Nwite remanded Adamu in EFCC custody and adjourned ruling on his bail application to January 2, 2026. Investigations revealed that Emmanuel Asomugha General Enterprises obtained a N4.65 billion loan from Polaris Bank, guaranteed by Bauchi State Government, for motorcycles that were never delivered. Part of the diverted funds allegedly reached the two companies named as co-defendants. EFCC has sought accelerated hearing to prosecute the case.
