The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Maitama, Abuja, over alleged money laundering involving ₦5.79 billion.
Adamu was brought before Justice Emeka Nwite alongside Ayab Agro Products and Freight Company Limited. The EFCC filed a six-count charge against them, accusing the commissioner of money laundering offences under the Money Laundering (Prevention and Prohibition) Act, 2022.
At the start of proceedings, the prosecution counsel, Samuel I. Chime, told the court that the case was scheduled for arraignment and asked that the charges be read so the defendants could enter their pleas. After the charges were read, Adamu pleaded not guilty to all six counts.
According to the EFCC, one of the charges alleges that Adamu, while serving as Branch Manager of Polaris Bank in Bauchi, conspired between June and December 2023 with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, who are both said to be at large, to launder ₦4.65 billion.
The funds were reportedly released by Polaris Bank under the claim that they were meant to finance the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises. Investigators, however, alleged that the motorcycles were never supplied.
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Another charge stated that Adamu, sometime in 2023, allegedly acquired and transferred ₦976 million paid into the account of I.S. Makayye Investment Resources Limited to various individuals and organisations, despite allegedly knowing that the money was linked to unlawful activity.
The EFCC maintained that the alleged offences are punishable under relevant provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. The case is expected to continue as the court fixes dates for further proceedings.
