The Economic and Financial Crimes Commission (EFCC) on Tuesday, 30, December, 2025, arraigned Mr. Yakubu Adamu, the Commissioner for Finance in Bauchi State, before Justice Emeka Nwite of the Federal High Court sitting in Maitama, Abuja, on allegations of money laundering involving ₦5.79 billion. The charges, filed by the anti-graft agency this week, accompany an affiliated company in a prosecution that traces back to activities between June and December 2023.
According to a statement published on the EFCC’s official X account and confirmed by court proceedings, Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge marked for offences contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, Samuel I. Chime, counsel for the EFCC, informed the court that the matter was for arraignment. He requested that the charges be read to the defendants to enable them to enter their pleas. After the counts were formally read in court, Yakubu Adamu pleaded not guilty to all six counts.
“My Lord, this matter is for arraignment of the defendant on a six-count charge, and we humbly pray that the charge be read to the defendant for his plea to be taken,” Mr. Chime said in court.
One of the principal charges alleges that Adamu, while serving as Branch Manager of Polaris Bank Plc in Bauchi, conspired with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both of whom are currently at large, to launder ₦4.65 billion. Prosecutors claim that the funds were released by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, a contract which allegedly was never executed.
The specific wording of the first count states that the defendants conspired “to facilitate the conversion, transfer, concealment and use of the sum of N4,650,000,000.00 availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government…which motorcycles were never supplied,” and further alleges the offence was in breach of the Money Laundering Act.
Another count accuses Adamu of personally acquiring, using, retaining, and controlling ₦976 million paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferring the funds to various individuals and corporate entities, despite knowing that they constituted proceeds of unlawful activity tied to the failed motorcycle contract.
Though arraigned on Tuesday, the matter is expected to unfold over subsequent court sessions. The Punch report did not state whether bail was immediately sought or granted during the arraignment hearing, nor did it provide comments from the defence beyond the not guilty plea by Adamu.
This case adds to a series of high-profile prosecutions by the EFCC targeting alleged financial misconduct involving public funds and banking arrangements. Observers note that prosecutions stemming from purportedly fraudulent loan facilities and diverted public contract funds are increasingly a focal point for the commission.
Yakubu Adamu holds a prominent position as Finance Commissioner in Bauchi State, a role that places him at the centre of disbursements and revenue management for the state government. The outcome of the case will be closely watched by public accountability advocates, legal analysts, and political stakeholders alike.
