The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 30, 2025, arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi branch, Yakubu Adamu, over alleged money la¥ndering involving N5.79 billion.
Adamu was arraigned before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money la¥ndering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Prosecution counsel, Samuel I. Chime, told the court that the matter was for arraignment and urged that the charges be read to enable the defendant take his plea. After the charges were read, Adamu pleaded not guilty to all counts.
One of the charges alleged that Adamu, while serving as Polaris Bank branch manager, conspired with others now at large between June and December 2023 to launder N4.65 billion released by the bank under the guise of financing the supply of motorcycles to the Bauchi State Government—a supply that was never executed.
Another count alleged that he acquired and transferred N976 million, knowing the funds were proceeds of unlawful activity linked to the diverted facility.
Following the plea, the prosecution asked the court to remand the defendant pending the hearing of his bail application. Defence counsel, Gordy Uche, SAN, applied for bail, which was opposed by the EFCC.
Justice Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that Adamu be remanded in EFCC custody.
EFCC investigations revealed that Emmanuel Asomugha General Enterprises obtained a N4.65 billion loan from Polaris Bank to supply motorcycles to the Bauchi State Government, allegedly backed by a government guarantee.
However, no motorcycles were supplied despite claims to the contrary, and the funds were released. Investigators said the money was subsequently diverted to several accounts.
 on Tuesday, December 30, 2025, arraigned the Bauchi State Commissioner for Finance and former Branch Manager of Polaris Bank Plc, Bauchi branch){kind=link}