The Economic and Financial Crimes Commission, EFCC, on Tuesday, December 30, 2025 arraigned Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi State branch, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over alleged money laundering offences involving N5,791,900,000 (Five Billion, Seven Hundred and Ninety-One million, Nine Hundred Thousand Naira).
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.
At the commencement of proceedings, prosecution counsel, Samuel I. Chime, informed the court that the matter was for arraignment of the defendant on a six-count charge and prayed that the charge be read to enable the defendants take his plea.
“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″.
