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

Adamu, who is also a former branch manager of Polaris Bank Plc in Bauchi State, was arraigned alongside Ayab Agro Products and Freight Company Limited before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja.

The defendants are facing a six-count charge bordering on money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.

At the start of proceedings, prosecuting counsel, Samuel I. Chime, told the court that the matter was slated for arraignment and requested that the charge be read to the defendant for his plea to be taken.

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“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,” Chime said.

According to the EFCC, the charges relate to alleged financial transactions totaling N5,791,900,000. One of the counts alleged that Adamu, while serving as branch manager of Polaris Bank in 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 N4.65 billion.

The commission alleged that the funds were availed by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, even though the motorcycles were never supplied.

Another count alleged that Adamu in 2023 acquired, used and transferred N976 million paid into the account of I.S. Makayye Investment Resources Limited, knowing or having reasonable grounds to know that the funds were proceeds of unlawful activity linked to the diversion of the Polaris Bank facility.

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

Following his plea, the prosecution applied for the defendant to be remanded in custody pending the hearing of his bail application.

“In view of the defendant’s not guilty plea, we respectfully apply that he be remanded in custody pending the hearing and determination of the bail application,” Chime told the court.

Defence counsel, Gordy Uche, SAN, applied for bail on behalf of the defendant, but the application was opposed by the prosecution.

After hearing arguments from both parties, Justice Nwite adjourned the case to January 2, 2026, for a ruling on the bail application and ordered that the defendant be remanded in EFCC custody.

According to the EFCC, investigations revealed that Emmanuel Asomugha General Enterprises had been awarded a contract to supply motorcycles to the Bauchi State Government and subsequently obtained a N4.65 billion loan facility from Polaris Bank, allegedly guaranteed by the state government.

The commission said further investigations showed that despite claims made to the bank that the motorcycles had been supplied, no delivery was made, although the funds were released to the company.

In a statement to investigators, Emmanuel Asomugha reportedly disclosed that he received the funds through Yakubu Adamu and the former Accountant-General of Bauchi State, Sa’idu Abubakar, and was instructed to transfer the money to several accounts.

The EFCC added that Ayab Agro Products and Freight Company Limited, a co-defendant in the case, received part of the diverted funds. It further alleged that although the Bauchi State Government wrote to Polaris Bank confirming the purported supply of the motorcycles, investigations established that no motorcycles were ever delivered, describing the transaction as a scheme to defraud the state of public funds.