EFCC arraigns Bauchi Finance Commissioner over N5.7bn money laundering

Abdullateef Fowewe

The Economic and Financial Crimes Commission (EFCC) has arraigned Bauchi State Commissioner for Finance, Yakubu Adamu, and Ayab Agro Products and Freight Company Limited before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on a six-count charge of money laundering totaling N5,791,900,000.

Adamu, a former Branch Manager at Polaris Bank’s Bauchi branch, faces allegations of conspiring to launder funds meant for supplying motorcycles to the Bauchi State Government—a contract that EFCC investigations revealed was never executed.

According to a statement obtained from EFCC on Tuesday prosecution counsel Samuel I. Chime opened proceedings by stating, “My Lord, this matter is for arraignment of the defendant on a six-count charge, and we humbly pray that the charge be read to the defendant for his plea to be taken.”

Count one accuses Adamu, alongside fugitives Ishaku Mohammed Aliyu and Muntaka Mohammed Duguri, of facilitating the conversion of N4.65 billion “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.”

Count four details his alleged retention and transfer of N976 million to various accounts, knowing it stemmed from the diverted loan.

Adamu pleaded not guilty to all counts. Chime then urged remand, saying, “In view of the defendant’s not guilty plea, we respectfully apply that he be remanded in custody pending the hearing and determination of the bail application.”

Defense counsel Gordy Uche, SAN, sought bail, but after arguments, Justice Nwite adjourned to January 2, 2026, for a ruling and ordered Adamu remanded in EFCC custody.
EFCC probes uncovered that Emmanuel Asomugha General Enterprises secured a N4.65 billion Polaris Bank loan, falsely guaranteed by Bauchi State.

Asomugha admitted receiving funds via Adamu and ex-Accountant-General Sa’idu Abubakar, then transferring them as directed—despite no motorcycles being supplied.
The charges violate Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.