The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 30, 2025, arraigned the 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.
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 slated for arraignment and prayed that the charge be read to enable the defendants take their 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,” Chime said.
One of the charges alleged that Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, conspired between June and December 2023 with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, to commit money laundering. The prosecution alleged that the defendants facilitated the conversion, transfer, concealment and use of N4.65 billion availed by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, a supply which was never executed.
Another count alleged that Adamu, sometime in 2023, acquired, used, retained and took possession or control of N976 million paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred the funds to several individuals and entities, knowing or having reasonable grounds to know that the money constituted proceeds of unlawful activity linked to the diversion of the Polaris Bank facility.
After the charges were read, Adamu pleaded not guilty to all counts.
Following his plea, the prosecution urged the court to remand the defendant pending the determination of his bail application. Defence counsel, Gordy Uche, SAN, subsequently applied for bail, which was opposed by the prosecution.
After hearing arguments from both sides, Justice Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that the defendant be remanded in EFCC custody.
According to the EFCC, investigations revealed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government and obtained a loan facility of N4.65 billion from Polaris Bank, purportedly guaranteed by the state government, to execute the contract.
Further investigations showed that despite representations to the bank that the motorcycles had been supplied, no such supply was made, even as the funds were released to the company.
In his statement to investigators, Asomugha disclosed that he received the funds through Yakubu Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, and was directed to transfer the money to several accounts.
Investigations also revealed that Ayab Agro Products and Freight Company Limited, listed as a co-defendant, received part of the diverted N4.6 billion.
The anti-graft agency further stated that although the Bauchi State Government wrote to Polaris Bank confirming the purported supply of 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.
