Bauchi Finance Commissioner Arraigned Over Alleged N5.7bn Money Laundering

The Economic and Financial Crimes Commission on Tuesday arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged money laundering involving ₦5.79 billion.

Adamu was docked alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering offences.

According to the EFCC, the commissioner, while serving as Branch Manager of Polaris Bank in Bauchi, conspired with two others—Ishaku Mohammed Aliyu and Muntaka Mohammed Duguri, both said to be at large—to launder ₦4.65 billion between June and December 2023.

The anti-graft agency alleged that the funds were released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through a company named Emmanuel Asomugha General Enterprises—a supply it said never took place.

One of the charges read in court stated that Adamu “conspired to commit money laundering by facilitating the conversion, transfer, concealment and use of the sum of ₦4,650,000,000.00 availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government… which motorcycles were never supplied.”

Another count accused him of acquiring and using ₦976 million paid into the account of I.S. Makayye Investment Resources Limited, which was later transferred to several individuals and entities.

The prosecuting counsel, Samuel I. Chime, requested that the charges be read to the defendant for his plea to be taken. After the charges were read, Adamu pleaded not guilty to all counts.

The case was heard before Justice Emeka Nwite of the Federal High Court sitting in Maitama, Abuja.

The EFCC stated that the offence contravenes Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and is punishable under the same section.