The Economic and Financial Crimes Commission, EFCC, on Tuesday, December 30, 2025 arraigned Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi State branch, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over alleged money laundering offences involving N5,791,900,000 (Five Billion, Seven Hundred and Ninety-One million, Nine Hundred Thousand Naira).
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 I. Chime, informed the court that the matter was for arraignment of the defendant on a six-count charge and prayed that the charge be read to enable the defendants take his plea.
“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,” he said.
Count one reads: “That you Yakubu Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, between June and December 2023, conspired to commit money laundering by facilitating the conversion, transfer, concealment and use of the sum of N4,650,000,000.00 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.
The offence was said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022”.
Count four reads: “That you, Yakubu Adamu sometime in 2023, acquired, used, retained and took possession or control of the sum of N976,000,000.00 paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred the same to several individuals and entities, knowing or having reasonable grounds to know that the funds constituted proceeds of unlawful activity connected to the diversion of the Polaris Bank facility meant for motorcycle supply which was never executed”.
After the charges were read, the defendant pleaded not guilty to all the counts.
Following his plea, Chime urged the court to remand the defendant pending the determination of his bail application.
“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,” he said.
Defence counsel, Gordy Uche, SAN, subsequently applied for bail, which was opposed by the prosecution.
After listening to arguments from both sides, Justice Nwite adjourned the matter to January 2, 2025 for ruling on the bail application and remanded him in EFCC custody.
Investigations by the EFCC revealed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government. To execute the contract, the firm applied for and obtained a loan facility of N4,650,000,000.00 from Polaris Bank, purportedly guaranteed by the Bauchi State Government.
Further investigations showed that despite representations made to the bank that the motorcycles had been supplied, no such supply was made. The funds were nevertheless released to Emmanuel Asomugha General Enterprises.
In his statement to investigators, Asomugha disclosed that he received the funds through the first defendant, Yakubu Adamu, and the former Accountant-General of Bauchi State, Sa’idu Abubakar. He further stated that he was directed to move the funds to several accounts provided to him.
Investigations revealed that Ayab Agro Products and Freight Company Limited, listed as a co-defendant, received part of the diverted N4.6 billion.
The EFCC further discovered that although the Bauchi State Government wrote to Polaris Bank confirming the purported supply of the motorcycles, investigations established that no motorcycles were ever delivered, as the transaction was allegedly a scheme designed to defraud the Bauchi State Government of public funds.
