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The Economic and Financial Crimes Commission (EFCC) is set to arraign Yakubu Adamu, the Commissioner of Finance for Bauchi State, on Wednesday for his alleged involvement in a money laundering scheme amounting to N4.6 billion.
Adamu, along with Ayab Agro Products and Freight Company Ltd, will face Justice Emeka Nwite at the Federal High Court in Abuja on a six-count money laundering charge designated FHC/ABJ/CR/694/2025.
Initially scheduled to enter their pleas on Tuesday, the proceedings were delayed due to the absence of both the EFCC's attorney and the defendants.
However, the team representing the defendants, led by Chief Gordy Uche, SAN, was present in court.
Justice Nwite subsequently postponed the case until December 24, 2025, for the arraignment.
In this matter, Adamu is the first defendant, while Ayab Agro Products and Freight Company Ltd is the second defendant.
The charges, dated December 19, were filed on the same day by Samuel Chime of the EFCC's Legal and Prosecution Department.
The first count alleges that Adamu, while serving as the Branch Manager of Polaris Bank Ltd in Bauchi, conspired with Ishaku Mohammed Aliyu, the Managing Director of Makayye Investment Resources Ltd (currently at large), and Muntaka Mohammed Duguri (also at large), to commit the offense sometime between June 2023 and December 2023.
They are accused of facilitating, agreeing to, and executing the conversion, transfer, concealment, and use of approximately N4,650,000,000 provided by Polaris Bank under the pretense of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
“The motorcycles were never supplied, thereby constituting an offense contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the charge states in part.
The sixth count accuses Adamu, Aliyu, and Duguri of retaining and facilitating the transfer of proceeds from an illegal act to nominees and third parties, by orchestrating parts of the funds related to the Polaris Bank facility to be paid and circulated through third-party accounts at some point in 2023.
Additionally, it claims that the transfer included one made via I.S. Makayye Investment Resources Ltd, along with a transfer of N165,900,000.00 to Ayab Agro Products and Freight Company Ltd.
These funds are alleged to be part of the proceeds from an unlawful act.
The alleged offense contravenes Section 20(a) and is punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts.
Frequently Asked Questions
What is the EFCC?
The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes, including money laundering and fraud.
What are the charges against Yakubu Adamu?
Yakubu Adamu faces six counts of money laundering, including conspiracy to commit the offense and facilitating the transfer and concealment of illicit funds.
When is the arraignment scheduled?
The arraignment is scheduled for December 24, 2025.
Eze Chidiebere Paul
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