EFCC arraigns finance commissioner over multi-billion laundering scandal

The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Maitama, Abuja, over alleged money laundering involving N5.79 billion.

Adamu was docked before Justice Emeka Nwite alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering.

According to the EFCC, the charges are contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.

At the commencement of proceedings, prosecuting counsel, Samuel I. Chime, told the court that the matter was slated for arraignment and urged the court to order that the charges be read to the defendants.

After the charges were read, Adamu pleaded not guilty to all the counts.

One of the charges alleged that Adamu, while serving as Branch Manager of Polaris Bank Plc in Bauchi, conspired between June and December 2023 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 N4.65 billion.

The EFCC said 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 — a supply that allegedly never took place.

Count one reads in part that Adamu facilitated the conversion, transfer, concealment and use of the N4.65 billion facility, knowing it was linked to an unlawful transaction.

Another charge alleged that Adamu, sometime in 2023, acquired and retained N976 million paid into the account of I.S. Makayye Investment Resources Limited and later transferred the money to several individuals and entities, despite allegedly knowing that the funds were proceeds of an illegal diversion of the bank facility.