The Economic and Financial Crimes Commission (EFCC) will, on Wednesday, arraign Yakubu Adamu, Commissioner of Finance, Bauchi State, over alleged N4.6 billion money laundering.
Adamu, alongside a firm, Ayab Agro Products and Freight Company Ltd, will be arraigned before Justice Emeka Nwite at the Federal High Court in Abuja on a six-count money laundering charge marked: FHC/ABJ/CR/694/2025.
Although Adamu and his co-defendant were to take their plea today, the case could not proceed due to the absence of the EFCC’s lawyer and the defendants.
However, the defendants’ team of lawyers, led by Chief Gordy Uche, SAN, was in court.
Justice Nwite then adjourned the matter until Dec. 24 for plea.
Themomentng reports that while Adamu is the 1st defendant, Ayab Agro Products and Freight Company Ltd is the 2nd defendant.
The charge is dated and filed on Dec. 19 by Samuel Chime at the Legal and Prosecution Department of EFCC.
In count one, Adamu, while acting as the Branch Manager of Polaris Bank Ltd, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd (now at large) and Muntaka Mohammed Duguri (now at large), were alleged to have conspired to commit the offence, sometime between June 2023 to December 2023.
They were alleged to have facilitated and agreed to the conversion, transfer, concealment and use of funds in the sum of about N4,650,000,000.00 (Four Billion, Six Hundred and Fifty Million Naira) availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government through Emmanuel Asomugha General Enterprises.
“The motorcycles were not supplied, and you thereby committed an offence contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the count read in part.
Count six accused Adamu, Aliyu and Duguri of retaining and causing the transfer of proceeds of an unlawful act to nominees and third parties, by causing parts of the funds connected with the Polaris Bank facility to be paid and circulated through third-party accounts sometime in 2023.
It further alleged that the transfer included the one made through I.S. Makayye Investment Resources Ltd and the transfer of #165, 900,000.00 to Ayab Agro Products and Freight Company Ltd.
The funds were said to formed part of proceeds of an unlawful act.
The offence is contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts.
