The Economic and Financial Crimes Commission is set to arraign the Bauchi State Commissioner for Finance, Yakubu Adamu, on Wednesday over alleged money laundering involving N4.6 billion.
Adamu will be charged alongside a company, Ayab Agro Products and Freight Company Ltd, before Justice Emeka Nwite of the Federal High Court, Abuja. The case comprises six counts of alleged money laundering and is marked FHC/ABJ/CR/694/2025.
The defendants were expected to enter their pleas on Tuesday, but proceedings could not go on due to the absence of both the EFCC’s counsel and the accused persons. However, the defence team, led by Chief Gordy Uche, SAN, was present in court.
Justice Nwite subsequently adjourned the matter to December 24, 2025, for arraignment.
In the charge, Adamu is listed as the first defendant, while Ayab Agro Products and Freight Company Ltd is named as the second defendant. The charge was dated December 19, 2025, and filed the same day by Samuel Chime of the EFCC’s Legal and Prosecution Department.
According to the first count, Adamu, while serving as Branch Manager of Polaris Bank Ltd in Bauchi, allegedly conspired with Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri, both currently at large, to commit the offence between June and December 2023.
They were accused of facilitating the conversion, transfer, concealment and use of about N4,650,000,000 provided by Polaris Bank, purportedly to finance the supply of motorcycles to the 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 charge stated.
Count six further alleged that Adamu, Aliyu and Duguri retained and transferred proceeds of unlawful activities to nominees and third parties by channelling parts of the funds through third-party accounts in 2023.
The transfers were said to include payments 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 described as proceeds of unlawful activities, an offence said to be contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other related counts.
