EFCC Arraigns Bauchi Finance Commissioner Over Alleged ₦5.79 Billion Money Laundering Scandal

The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, over alleged involvement in a ₦5.79 billion money laundering scheme.

Adamu, who previously served as the Branch Manager of Polaris Bank Plc, Bauchi branch, was arraigned on Tuesday, December 30, 2025, before Justice Emeka Nwite of the Federal High Court sitting in Maitama, Abuja.

He was charged 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.

According to the prosecution counsel, Samuel I. Chime, the case was brought for arraignment, and the charges were read in court to allow the defendant enter his plea. Adamu pleaded not guilty to all the charges.

One of the counts alleged that between June and December 2023, Adamu conspired with other individuals still at large to launder ₦4.65 billion. The money was reportedly released by Polaris Bank as a loan meant to finance the supply of motorcycles to the Bauchi State Government. EFCC investigators said the motorcycles were never supplied, despite claims that the transaction was completed.

Another charge accused Adamu of acquiring and transferring ₦976 million, knowing that the funds were proceeds of unlawful activity linked to the diverted loan facility.

Following his plea, the EFCC requested that Adamu be remanded in custody pending the hearing of his bail application. His lawyer, Gordy Uche (SAN), applied for bail, but the EFCC opposed the application.

Justice Nwite adjourned the case to January 2, 2025, for a ruling on the bail application and ordered that Adamu be remanded in EFCC custody.

Further investigations by the EFCC revealed that Emmanuel Asomugha General Enterprises allegedly obtained the ₦4.65 billion loan from Polaris Bank to supply motorcycles to the Bauchi State Government, supposedly backed by a government guarantee. Despite the release of the funds, investigators said no motorcycles were delivered, and the money was allegedly diverted into multiple bank accounts.

The case adds to the growing list of high-profile corruption and financial crime cases currently being handled by the anti-graft agency.