The Economic and Financial Crimes Commission (EFCC) has arraigned Yakubu Adamu, Bauchi state commissioner for finance, over alleged N5.79 billion money laundering.
Adamu, a former branch manager of Polaris Bank in Bauchi, was brought before Emeka Nwite, presiding judge of the federal high court in Maitama, Abuja, on Tuesday.
He was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, Samuel Chime, prosecution counsel, told the court that the matter was for arraignment and asked that the charge be read to the defendant.
According to the charge, Adamu allegedly conspired with Ishaku Mohammed Aliyu, managing director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both said to be at large, to launder N4.65 billion between June and December 2023.
The EFCC alleged that the funds were released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi state government through Emmanuel Asomugha General Enterprises, noting that the motorcycles were never supplied.
One of the counts also alleged that Adamu acquired and transferred N976 million paid into the account of I.S. Makayye Investment Resources Limited, knowing that the money was proceeds of unlawful activity linked to the diversion of the bank facility.
Adamu pleaded not guilty to all the charges.
Following his plea, the prosecution applied for his remand pending the determination of his bail application.
“In view of the defendant’s not guilty plea, we respectfully apply that he be remanded in custody pending the hearing and determination of the bail application,” Chime said.
However, Gordy Uche, counsel to the defendant, applied for bail, which was opposed by the prosecution.
After hearing arguments from both sides, the judge adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that Adamu be remanded in EFCC custody.
The anti-graft agency said investigations showed that Emmanuel Asomugha General Enterprises secured a N4.65 billion loan from Polaris Bank to execute a motorcycle supply contract allegedly guaranteed by the Bauchi state government.
The EFCC said although the bank was told the motorcycles had been supplied, investigations revealed that no delivery was made before the funds were released.
In his statement to investigators, Emmanuel Asomugha reportedly said he received the funds through Adamu and Sa’idu Abubakar, a former accountant-general of Bauchi state, adding that he was instructed to transfer the money to multiple accounts.
