The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged money laundering involving N5.79 billion.
Adamu, a former Branch Manager of Polaris Bank Plc in Bauchi, was arraigned on Tuesday, December 30, 2025, alongside Ayab Agro Products and Freight Company Limited before Justice Emeka Nwite of the Federal High Court, Maitama. They are facing a six-count charge bordering on money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, prosecution counsel, Samuel I. Chime, told the court that the matter was for arraignment and requested that the charges be read to the defendants. After the charges were read, Adamu pleaded not guilty to all counts.
According to the EFCC, Adamu allegedly conspired with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, who are currently at large, to launder N4.65 billion between June and December 2023.
The funds were said to have been released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government, a supply which investigators say never took place.
One of the charges further alleges that Adamu unlawfully acquired and transferred N976 million through the account of I.S. Makayye Investment Resources Limited, knowing that the funds were proceeds of illegal activity linked to the diversion of the bank facility.
Following the not-guilty plea, the prosecution applied for Adamu to be remanded in custody pending the hearing of his bail application. Defence counsel, Gordy Uche, SAN, applied for bail, which was opposed by the EFCC.
After hearing arguments from both parties, Justice Nwite adjourned the matter to January 2, 2026, for ruling on the bail application and ordered that Adamu be remanded in EFCC custody.
EFCC investigations revealed that Emmanuel Asomugha General Enterprises had obtained a N4.65 billion loan from Polaris Bank to supply motorcycles to the Bauchi State Government, allegedly backed by a government guarantee. However, investigators said no motorcycles were supplied despite claims to the contrary.
In a statement to investigators, Emmanuel Asomugha reportedly disclosed that he received the funds through Yakubu Adamu and a former Bauchi State Accountant-General, Sa’idu Abubakar, and was instructed to transfer the money to multiple accounts. The EFCC said Ayab Agro Products and Freight Company Limited received part of the diverted funds.
The anti-graft agency further stated that although the Bauchi State Government wrote to Polaris Bank confirming delivery of the motorcycles, investigations showed that no such delivery occurred, describing the transaction as an alleged scheme to defraud the state of public funds.