News Investigators/ The Economic and Financial Crimes Commission (EFCC), has arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, at the Federal High Court in Maitama, Abuja, over an allegation of money laundering scheme.
Mr. Adamu was dragged before the court presided over by Justice Emeka Nwite on Tuesday to answer charges of money laundering to the tune of N5.79 billion.
According to the information shared on EFCC’s X handle on Tuesday, Mr. Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge related to money laundering, in violation of Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition).
The prosecution counsel, Samuel I. Chime, told the court that the case was slated for arraignment and urged the court to have the charges read to the defendants so they could enter their pleas.
Following the reading of the charges, Adamu pleaded not guilty to all the counts.
One of the counts accused Adamu, while serving as Branch Manager of Polaris Bank Plc in Bauchi, of conspiring between June and December 2023 with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri both currently at largeto launder N4.65 billion.
The prosecution alleged that the money was disbursed by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, a transaction that was said to have never been carried out.
“My Lord, this matter is for arraignment of the defendant on a six-count charge, and we humbly pray that the charge be read to the defendant for his plea to be taken,” he said.
Count one reads, “That you, Yakubu Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, between June and December 2023, conspired to commit money laundering by facilitating the conversion, transfer, concealment and use of the sum of N4,650,000,000.00 availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government through Emmanuel Asomugha General Enterprises, which motorcycles were never supplied.
“The offence was said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.”
“That you, Yakubu Adamu sometime in 2023, acquired, used, retained and took possession or control of the sum of N976,000,000.00 paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred the same to several individuals and entities, knowing or having reasonable grounds to know that the funds constituted proceeds of unlawful activity connected to the diversion of the Polaris Bank facility meant for motorcycle supply which was never executed,” it read.