By Correspondent in Abuja.
(C) Google.
The Economic and Financial Crimes Commission (EFCC) has arraigned Yakubu Adamu, Commissioner of Finance, Bauchi State, over an alleged ₦4.6 billion money laundering scheme.
Adamu was arraigned alongside a firm, Ayab Agro Products and Freight Company Ltd, before Justice Emeka Nwite of the Federal High Court, Abuja, on a six-count charge marked FHC/ABJ/CR/694/2025.
Our Correspondent reports that although the defendants were scheduled to take their pleas on Tuesday, proceedings could not commence due to the absence of both the EFCC’s counsel and the defendants.
However, the defence team, led by Chief Gordy Uche, SAN, was present in court.
Justice Nwite subsequently adjourned the matter until December 24 for the defendants to enter their pleas.
Adamu is listed as the first defendant, while Ayab Agro Products and Freight Company Ltd is the second defendant. The charge was dated and filed on December 19 by Samuel Chime of the EFCC’s Legal and Prosecution Department.
According to the charge, Adamu, while serving as Branch Manager of Polaris Bank Ltd, Bauchi, allegedly conspired with Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd (currently at large), and Muntaka Mohammed Duguri (also at large) between June and December 2023.
The defendants were accused of facilitating, converting, transferring, concealing and using funds totalling about ₦4.65 billion, allegedly availed by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
The charge stated that the motorcycles were never supplied, an act said to contravene Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count six, Adamu, Aliyu and Duguri were accused of retaining and transferring proceeds of an unlawful act to nominees and third parties by routing portions of the funds through third-party accounts in 2023.
The alleged transfers include payments made through I.S. Makayye Investment Resources Ltd and the transfer of ₦165.9 million to Ayab Agro Products and Freight Company Ltd. The funds were said to form part of the proceeds of an unlawful act.
The offences are alleged to be contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts.
Edited by Dada Ahmed.
