Court remands Bauchi finance commissioner over ₦5.79bn money laundering
The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Yakubu Adamu, Bauchi State Commissioner for Finance, before a Federal High Court in Maitama, Abuja, over alleged money laundering involving ₦5.79 billion.
Adamu, a former branch manager of Polaris Bank in Bauchi, was docked before Justice Emeka Nwite 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.
At the hearing, the prosecution counsel, Samuel Chime, informed the court that the matter was slated for arraignment and requested that the charges be read to the defendant. Adamu pleaded not guilty to all counts.
According to the EFCC, Adamu allegedly conspired with Ishaku Mohammed Aliyu, managing director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both said to be at large, to launder ₦4.65 billion between June and December 2023.
The anti-graft agency alleged that the funds were released by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, even though the motorcycles were never supplied.
One of the counts further alleged that Adamu knowingly acquired and transferred ₦976 million paid into the account of I.S. Makayye Investment Resources Limited, being proceeds of unlawful activity linked to the diversion of the bank facility.
READ ALSO: EFCC links Malami’s wealth to Abacha loot, Paris club refunds, CBN loans
Following the defendant’s plea, the prosecution applied for his remand pending the hearing and determination of his bail application. Defence counsel, Gordy Uche, applied for bail, which was opposed by the prosecution.
After hearing arguments from both parties, Justice Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that Adamu be remanded in EFCC custody.
The EFCC said investigations revealed that Emmanuel Asomugha General Enterprises secured a ₦4.65 billion loan from Polaris Bank to execute a motorcycle supply contract allegedly guaranteed by the Bauchi State Government. However, despite claims that the motorcycles had been delivered, investigations showed that no supply was made before the funds were released.
READ ALSO: Ngige Keeps EFCC bail as court, demands top FG director as surety
In a statement to investigators, Emmanuel Asomugha reportedly said he received the funds through Adamu and Sa’idu Abubakar, a former Bauchi State accountant-general, and was instructed to transfer the money to multiple accounts.
Follow the Neptune Prime channel on WhatsApp:
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
