EFCC Arraigns Bauchi Commissioner for Finance Over Alleged ₦5.79 Billion Money Laundering
The Economic and Financial Crimes Commission (EFCC) on Tuesday, 30 December 2025, arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi branch, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja. He was charged with alleged money laundering offences involving the sum of ₦5,791,900,000.
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 fixed for arraignment and prayed that the charge be read to the defendants to enable them take their plea.
Count One alleged that Adamu, while serving as Branch Manager of Polaris Bank Plc, Bauchi, conspired with others (currently at large) to launder ₦4.65 billion under the guise of financing motorcycle supply to the Bauchi State Government through Emmanuel Asomugha General Enterprises, which motorcycles were never supplied.
Count Four alleged that Adamu acquired, retained, and transferred ₦976 million paid into the account of I.S. Makayye Investment Resources Ltd, knowing or having reasonable grounds to know that the funds were proceeds of unlawful activity connected to the diversion of the Polaris Bank facility.
The defendant pleaded not guilty to all counts.
Following the plea, the prosecution applied for Adamu’s remand pending determination of his bail application. Defence counsel Gordy Uche, SAN, applied for bail, which was opposed. Justice Nwite adjourned the matter to 2 January 2025 for ruling on the bail application and ordered the defendant’s remand in EFCC custody.
Investigations revealed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to Bauchi State Government and obtained a ₦4.65 billion loan facility from Polaris Bank, allegedly guaranteed by the state government.
Further investigations showed that despite representations to the bank that motorcycles had been supplied, no delivery was made. Funds were nevertheless released.
Asomugha admitted receiving the funds through Adamu and the former Accountant‑General of Bauchi State, Sa’idu Abubakar, and was directed to transfer the monies into multiple accounts.
Ayab Agro Products and Freight Company Limited, listed as co‑defendant, received part of the diverted funds.
Although Bauchi State Government issued confirmation letters to Polaris Bank regarding the purported supply, EFCC investigations established that no motorcycles were delivered, describing the transaction as a scheme to defraud the state of public funds.
