The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 30, 2025, arraigned Bauchi State Commissioner for Finance and former Polaris Bank Bauchi Branch Manager, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over alleged money laundering involving N5,791,900,000.
Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge of money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, EFCC counsel Samuel I. Chime requested that the charges be read to the defendants to enable them enter pleas. Following the reading, Adamu pleaded not guilty to all counts.
The charges allege that Adamu, while serving as Branch Manager of Polaris Bank, conspired with Ishaku Mohammed Aliyu of I.S. Makayye Investment Resources Limited and Muntaka Mohammed Duguri—both at large—to launder funds provided under the guise of financing the supply of motorcycles to the Bauchi State Government, a contract that was never executed.
One count specifically states that Adamu acquired and transferred N976 million, knowing it constituted proceeds from unlawful activity linked to the diverted Polaris Bank loan. EFCC investigations revealed that Emmanuel Asomugha General Enterprises, awarded the motorcycle contract, received the funds through Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, and subsequently moved portions to several accounts, including those of co-defendant Ayab Agro Products and Freight Company Limited.
Following Adamu’s plea, Chime requested that the defendant be remanded pending the determination of his bail application. Defence counsel Gordy Uche, SAN, applied for bail, which the prosecution opposed. Justice Nwite adjourned the matter to January 2, 2026, for ruling on the bail application and remanded Adamu in EFCC custody.
Investigations by the EFCC indicate that the Bauchi State Government had allegedly confirmed receipt of the motorcycles to Polaris Bank, but no motorcycles were delivered, suggesting a scheme intended to defraud public funds. The EFCC continues to probe the case.
