The Economic and Financial Crimes Commission, EFCC, on Tuesday arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Maitama, Abuja, over an alleged N5.7 billion fraud.
Adamu, a former Branch Manager of Polaris Bank Plc in Bauchi, was docked alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering.
The EFCC told the court that the offences contravened Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Prosecution counsel, Samuel Chime, said the matter was for arraignment and urged the court to take the defendants’ pleas.
“My Lord, this matter is for arraignment of the defendant on a six-count charge, and we pray that the charge be read for his plea to be taken,” he said.
One of the charges alleged that Adamu conspired with others still at large between June and December 2023 to launder N4.65 billion obtained from Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government, which were never supplied.
Another count accused him of unlawfully acquiring and transferring N976 million, knowing the funds were proceeds of illegal activity.
Adamu pleaded not guilty to all the charges.
Following his plea, the prosecution asked the court to remand the defendant pending the determination of his bail application, a request opposed by the defence.
Justice Emeka Nwite adjourned the case to January 2, 2026, for ruling on the bail application and ordered that Adamu be remanded in EFCC custody.
The EFCC alleged that investigations showed the transaction was a scheme to divert public funds, adding that despite claims that motorcycles were supplied to the Bauchi State Government, none was ever delivered.
