The Economic and Financial Crimes Commission (EFCC) will on Wednesday, December 24, arraign Yakubu Adamu, Bauchi state commissioner for finance, over an alleged N4.6 billion money laundering case.
Adamu and a company, Ayab Agro Products and Freight Company Ltd, will be docked before Emeka Nwite, presiding judge, at the Abuja federal high court on a six-count charge marked FHC/ABJ/CR/694/2025.
Proceedings previously slated for Tuesday could not go on due to the absence of both the EFCC’s counsel and the defendants.
However, the defence team, led by Gordy Uche, a senior advocate of Nigeria (SAN), was present in court.
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Following the development, the judge adjourned the matter until December 24 for the defendants to take their plea.
In the charge filed on December 19 by Samuel Chime of EFCC’s legal and prosecution department, Adamu is listed as the first defendant, while Ayab Agro Products and Freight Company Ltd is the second defendant.
According to the prosecution, Adamu allegedly committed the offence while serving as branch manager of Polaris Bank in Bauchi.
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He is accused of conspiring with Ishaku Mohammed Aliyu, the managing director of Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri—both said to be at large—between June and December 2023 to commit the alleged crime.
The EFCC alleged that the defendants facilitated the conversion, transfer, concealment, and use of about N4.65 billion, which was released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi state government through Emmanuel Asomugha General Enterprises.
“The motorcycles were not supplied, and you thereby committed an offence contrary to section 21(a) and punishable under section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022,” the charge reads.
In count six, the anti-graft agency accused Adamu and his alleged co-conspirators of retaining and transferring proceeds of an unlawful act by routing parts of the funds through nominees and third-party accounts in 2023.
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The prosecution claimed that N165.9 million was transferred to Ayab Agro Products and Freight Company Ltd through I.S. Makayye Investment Resources Ltd, describing the sum as part of the proceeds of an unlawful act.
The alleged offence is said to be contrary to section 20(a) and punishable under section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022.
