The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 30, 2025, arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja, over alleged money laundering involving N5.79 billion.
Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering, contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
During the proceedings, EFCC counsel Samuel I. Chime informed the court that the matter was slated for arraignment and asked that the charges be read to the defendant. Adamu pleaded not guilty to all counts.
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One of the charges alleges that between June and December 2023, Adamu, while serving as Polaris Bank branch manager, conspired with two others—currently at large—to facilitate the conversion and transfer of N4.65 billion released under the guise of financing the supply of motorcycles to the Bauchi State Government, a supply investigators say was never executed.
Another count alleges that Adamu retained and transferred N976 million traced to the same transaction, knowing it was proceeds of unlawful activity.
Following the plea, the prosecution requested that the defendant be remanded pending the hearing of his bail application. Defence counsel Gordy Uche, SAN, applied for bail, which the EFCC opposed. Justice Nwite adjourned the ruling to January 2, 2026, and ordered that Adamu be remanded in EFCC custody.
According to EFCC findings, the alleged funds were obtained through a loan secured from Polaris Bank and purportedly guaranteed by the Bauchi State Government. Investigators say no motorcycles were supplied despite documentation claiming otherwise. Part of the funds was allegedly traced to Ayab Agro Products and Freight Company Limited, listed as a co-defendant.
The case continues on January 2, 2026.
