The Economic and Financial Crimes Commission (EFCC) has arraigned a former branch manager of Polaris Bank, Bauchi Yakubu Adamu and the State Commissioner for Finance before a Federal High Court sitting in Abuja, over alleged money laundering to the tune of N5.79 billion.
Adamu was arraigned on a six-count charge under the Money Laundering (Prevention and Prohibition) Act 2022 and he is being prosecuted alongside Ayab Agro Products and Freight Company Limited.
At Tuesday proceeding, the prosecution counsel, Mr Samuel I. Chime read the charges to the defendants which included that Adamu while serving as Branch Manager of Polaris Bank, Bauchi, facilitated the diversion of N4.65 billion intended for the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises — a contract that was reportedly never executed.
In another count, Adamu was alleged to had acquired and transferred N976 million, knowing that the funds were proceeds of unlawful activity.
The defendant however, pleaded not guilty to all charges and following plea, the defence counsel, Mr Gordy Uche, SAN, applied for bail, but was opposed by the prosecution counsel who urged the court to remand the defendant pending the determination of his bail application.
After listening to both the defence and prosecution counsels,
The trial judge, Justice Emeka Nwite adjourned the case to January 2, 2026 for ruling on the bail application and directed that Adamu be remanded in the EFCC custody.
The EFCC had said that its investigations revealed that Emmanuel Asomugha General Enterprises received a Polaris Bank loan facility, supposedly guaranteed by the Bauchi State Government, despite not supplying the motorcycles.
The anti-graft agency said that the funds were allegedly moved to various accounts, including those of co-defendant Ayab Agro Products and Freight Company Limited, as part of a scheme to defraud the state government.
