The Economic and Financial Crimes Commission (EFCC) will, on Wednesday, arraign Yakubu Adamu, Commissioner of Finance, Bauchi State, over alleged ₦4.6 billion money laundering.
![](https://thenigerialawyer.com/wp-content/uploads/2025/05/idrinstitute.png")
Adamu, alongside a firm, Ayab Agro Products and Freight Company Ltd, will be arraigned before Justice Emeka Nwite of the Federal High Court in Abuja on a six-count money laundering charge marked: FHC/ABJ/CR/694/2025.
Although Adamu and his co-defendant were to take their plea on Tuesday, the case could not proceed due to the absence of the EFCC’s lawyer and the defendants.
However, the defendants’ team of lawyers, led by Chief Gordy Uche, SAN, was present in court.
Justice Nwite then adjourned the matter until December 24 for plea.
Adamu is the first defendant, while Ayab Agro Products and Freight Company Ltd is the second defendant.
The charge is dated and filed on December 19 by Samuel Chime of the Legal and Prosecution Department of the EFCC.
In count one, Adamu, while acting as Branch Manager of Polaris Bank Ltd, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of Makayye Investment Resources Ltd (now at large), and Muntaka Mohammed Duguri (now at large), was alleged to have conspired to commit the offence sometime between June 2023 and December 2023.
They were alleged to have facilitated and agreed to the conversion, transfer, concealment, and use of funds in the sum of about ₦4,650,000,000.00 (Four Billion, Six Hundred and Fifty Million Naira) availed by Polaris Bank under the guise 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 count read in part.
Count six accused Adamu, Aliyu, and Duguri of retaining and causing the transfer of proceeds of an unlawful act to nominees and third parties by causing parts of the funds connected with the Polaris Bank facility to be paid and circulated through third-party accounts sometime in 2023.
It further alleged that the transfers included those made through I.S. Makayye Investment Resources Ltd and the transfer of ₦165,900,000.00 to Ayab Agro Products and Freight Company Ltd.
The funds were said to form part of the proceeds of an unlawful act.
The offence is contrary to Section 20(a) and punishable under Section 20 of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts. (NAN)
A timely new publication, Casebook on Privacy & Data Protection in Nigeria, co-authored by Olumide Babalola and Uchenna Nnawuchi, 📘Casebook on Privacy & Data Protection in Nigeria is now available on Amazon: https://a.co/d/8TmFZrd
_______________________________________________________________________
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Artificial Intelligence for Lawyers: A Comprehensive Guide”, authored by Ben Ijeoma Adigwe Esq., ACiarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
