Allegedly N5.7 Billion laundering: EFCC Arraigns Bauchi Finance Commissioner, Yakubu Adamu, Over Alleged Money Laundering

 AWAMUO - 20:07

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Allegedly N5.7 Billion laundering: EFCC Arraigns Bauchi Finance Commissioner, Yakubu Adamu, Over Alleged Money Laundering

In a major development following the high-profile legal actions in Abuja today, the Economic and Financial Crimes Commission (EFCC) has officially arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, over an alleged N5.7 billion money laundering scheme. Adamu, who previously served as a Branch Manager at Polaris Bank Plc, appeared on Tuesday, December 30, 2025, before Justice Emeka Nwite at the Federal High Court in Maitama, Abuja, where he was presented alongside a co-defendant, Ayab Agro Products and Freight Company Limited.

The prosecution, led by Samuel I. Chime, informed the court that the defendants are facing a six-count charge bordering on the diversion and laundering of approximately N5,791,900,000. Central to the EFCC’s case is a fraudulent contract involving the purported supply of motorcycles to the Bauchi State Government. According to official investigations, a loan facility of N4.65 billion was obtained from Polaris Bank under the guise of financing this supply, with the Bauchi State Government even providing a guarantee and written confirmation that the motorcycles had been delivered. However, the EFCC established through rigorous investigation that no such motorcycles were ever supplied to the state, and the funds were instead moved through several accounts provided by Adamu and his associates.

During the proceedings, the court heard how the diverted billions were allegedly funneled into private entities, including Ayab Agro Products, in direct violation of the Money Laundering (Prevention and Prohibition) Act, 2022. Upon the reading of the charges, Yakubu Adamu entered a plea of "not guilty" to all counts preferred against him. While his defense counsel, Gordy Uche (SAN), argued for his release on bail, the EFCC counsel vehemently opposed the application, citing the gravity of the financial crime and the ongoing nature of the investigation.

Justice Emeka Nwite, after listening to the arguments from both sides, adjourned the case to January 2, 2026, for a formal ruling on the bail application. In the interim, the Judge ordered that the Commissioner be remanded in the custody of the EFCC.

 As this case unfolds, it serves as a sobering reminder of the accountability required in public office, especially regarding the management of resources intended for community development. AWAMUO will remain at the forefront of this trial to ensure our readers receive the facts as the legal battle resumes in the new year.