At the commencement of proceedings, prosecuting counsel, Samuel I. Chime, informed the court that the matter was slated for arraignment and requested that the charges be read to the defendants to enable them take their pleas.
The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi branch, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja, over alleged money laundering offences involving ₦5,791,900,000.
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, prosecuting counsel, Samuel I. Chime, informed the court that the matter was slated for arraignment and requested that the charges be read to the defendants to enable them take their pleas.
One of the charges alleged that Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, conspired with 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, to launder ₦4.65 billion.
The funds were allegedly availed by Polaris Bank under the guise of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, which motorcycles were never supplied.
Another count accused Adamu of acquiring, using, retaining and taking possession or control of ₦976 million in 2023, paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred to several individuals and entities, knowing or having reasonable grounds to know that the funds were proceeds of unlawful activity linked to the diversion of the Polaris Bank facility.
After the charges were read, Adamu pleaded not guilty to all counts, hence, the prosecuting counsel urged the court to remand the defendant pending the determination of his bail application.
Defence counsel, Gordy Uche (SAN), thereafter applied for bail on behalf of the defendant, an application which was opposed by the prosecution.
After hearing arguments from both parties, Justice Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that Adamu be remanded in EFCC custody.
According to the EFCC, investigations revealed that Emmanuel Asomugha General Enterprises was awarded a contract to supply motorcycles to the Bauchi State Government and subsequently obtained a ₦4.65 billion loan facility from Polaris Bank, purportedly guaranteed by the state government.
The EFCC said further investigations showed that despite representations to the bank that the motorcycles had been supplied, no such supply was made, although the funds were released.
The EFCC said Asomugha disclosed that he received the funds through Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, and was directed to transfer the money to several accounts.
The anti-graft agency also alleged that Ayab Agro Products and Freight Company Limited received part of the diverted funds and that, although the Bauchi State Government wrote to Polaris Bank confirming the purported supply of motorcycles, investigations established that no motorcycles were ever delivered, as the transaction was allegedly designed to defraud the state of public funds.