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 ₦5.79 billion.
Adamu was docked 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.
The arraignment followed weeks of legal contention after the EFCC was earlier ordered by the court to produce the commissioner for plea-taking.
At the commencement of proceedings, prosecuting counsel, Samuel Chime, informed the court that the matter was for arraignment and requested that the charges be read to the defendants.
After the charges were read, Adamu pleaded not guilty to all 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 Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both said to be at large, to launder ₦4.65 billion.
According to the prosecution, the funds were released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State government through Emmanuel Asomugha General Enterprises, a transaction which allegedly never took place.
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Count one of the charge stated that the defendants facilitated the conversion, transfer, concealment, and use of the funds, knowing that the motorcycles for which the facility was granted were not supplied.
Another charge accused Adamu of acquiring, retaining, and transferring ₦976 million paid into the account of I.S. Makayye Investment Resources Limited and subsequently disbursing the funds to various individuals and entities, with knowledge or reasonable grounds to suspect that the money constituted proceeds of unlawful activity arising from the diversion of the bank facility.
The EFCC said the alleged offences were contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Justice Emeka Nwite adjourned the matter to a later date for hearing of bail applications and continuation of trial.
