Barring any odds, the Economic and Financial Crimes Commission, EFCC, will Wednesday arraign the Bauchi State Commissioner of Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged N4.6 billion money laundering offence.
Adamu is to be docked alongside a firm, Ayab Agro Products and Freight Company Ltd, before Justice Emeka Nwite of the Federal High Court in Abuja on a six-count charge marked FHC/ABJ/CR/694/2025.
Although the defendants were scheduled to take their plea on Monday, the matter could not proceed due to the absence of both the EFCC’s prosecuting counsel and the defendants in court.
However, the defence team, led by Chief Gordy Uche, SAN, was present.
Justice Nwite consequently adjourned the case until Dec. 24 for the defendants to take their plea.
Adamu is listed as the first defendant, while Ayab Agro Products and Freight Company Ltd is the second defendant in the charge.
Also Read: EFCC may revoke Malami’s bail
The charge was dated and filed on Dec. 19 by Samuel Chime of the EFCC’s Legal and Prosecution Department.
In count one, Adamu, while acting as Branch Manager of Polaris Bank Ltd in Bauchi, was alleged to have 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, converting, transferring, concealing and using the sum of N4.65 billion said to have been availed by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises.
The prosecution alleged that the motorcycles were never supplied.
The charge stated that the alleged acts contravened Section 21(a) and are punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count six, Adamu, Aliyu and Duguri were accused of retaining and transferring proceeds of an unlawful act to nominees and third parties by circulating parts of the Polaris Bank facility 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 N165.9 million to Ayab Agro Products and Freight Company Ltd.
The funds were alleged to form part of proceeds of an unlawful act, contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The court is expected to take the defendants’ plea at the next adjourned date.
NAN
