The Economic and Financial Crimes Commission (EFCC) has arraigned Yakubu Adamu, Bauchi State's Finance Commissioner, over an alleged N5.79 billion money laundering scheme. Adamu and Ayab Agro Products and Freight Company Ltd are facing a six-count charge, including conspiracy, money laundering, and retaining proceeds of unlawful acts.
The EFCC alleges that Adamu, while serving as Polaris Bank's Bauchi branch manager, conspired with others to launder N4.65 billion between June and December 2023. The funds were supposedly for financing motorcycle supply to the Bauchi State Government through Emmanuel Asomugha General Enterprises, but the motorcycles were never delivered ¹ ² ³.
Adamu pleaded not guilty to the charges, and his lawyer, Chief Gordy Uche, SAN, applied for bail. The EFCC opposed the application, citing ongoing investigations and potential flight risk. Justice Emeka Nwite remanded Adamu in Kuje Correctional Centre pending a ruling on his bail application, scheduled for January 2, 2026 ¹ ².
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