Economic and Financial Crimes Commission (EFCC) has arraigned Yakubu Adamu, Bauchi State Commissioner for Finance, over an alleged N5.79 billion money laundering scheme.
Gatekeepers News reports that Adamu, a former branch manager at Polaris Bank, appeared before Justice Emeka Nwite at the Federal High Court in Maitama, Abuja, on Tuesday.
He was charged alongside Ayab Agro Products and Freight Company Limited on six counts of money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the start of proceedings, EFCC counsel Samuel Chime told the court the matter was for arraignment and requested that the charges be read to the defendant.
According to the charges, Adamu allegedly collaborated with Ishaku Mohammed Aliyu, managing director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both at large, to launder N4.65 billion between June and December 2023.
EFCC said the funds were released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, but no motorcycles were delivered.
One count also alleged that Adamu acquired and transferred N976 million into the account of I.S. Makayye Investment Resources Limited, knowing the funds were proceeds of unlawful activity linked to the diversion of the bank facility. Adamu pleaded not guilty to all charges.
Following his plea, the prosecution applied for his remand pending the determination of his bail application. Chime said, “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”. Defense counsel Gordy Uche applied for bail, which the prosecution opposed.
After hearing arguments from both sides, the judge adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that Adamu remain in EFCC custody.
EFCC said investigations revealed that Emmanuel Asomugha General Enterprises secured a N4.65 billion loan from Polaris Bank for a motorcycle supply contract allegedly guaranteed by the Bauchi State Government.
The anti-graft agency added that although the bank was informed the motorcycles had been delivered, investigations showed no delivery was made before the funds were released.
Emmanuel Asomugha reportedly told investigators that he received the funds through Adamu and Sa’idu Abubakar, a former Bauchi State Accountant-General, and was instructed to transfer the money to multiple accounts.
