EFCC Arraigns Bauchi Finance Commissioner Yakubu Adamu Over Alleged ₦5.8 Billion Money Laundering Linked To Phantom Motorcycle Contract
The Economic and Financial Crimes Commission (EFCC) has arraigned Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged money laundering involving ₦5.79 billion. Adamu, a former Polaris Bank branch manager, was charged alongside Ayab Agro Products and Freight Company Limited on six counts under the Money Laundering (Prevention and Prohibition) Act, 2022. The EFCC alleged that Adamu conspired with others to divert ₦4.65 billion obtained from Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government—motorcycles that were never delivered. Investigators further claimed that funds were laundered through multiple accounts and individuals. Adamu pleaded not guilty to all charges, while the court ordered his remand in EFCC custody and adjourned the case to January 2, 2025, for ruling on his bail application.
The Economic and Financial Crimes Commission (EFCC) has arraigned Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged money laundering involving ₦5.79 billion. Adamu, a former Polaris Bank branch manager, was charged alongside Ayab Agro Products and Freight Company Limited on six counts under the Money Laundering (Prevention and Prohibition) Act, 2022. The EFCC alleged that Adamu conspired with others to divert ₦4.65 billion obtained from Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government—motorcycles that were never delivered. Investigators further claimed that funds were laundered through multiple accounts and individuals. Adamu pleaded not guilty to all charges, while the court ordered his remand in EFCC custody and adjourned the case to January 2, 2025, for ruling on his bail application.
EFCC Arraigns Bauchi Finance Commissioner Yakubu Adamu Over Alleged ₦5.8 Billion Money Laundering Linked To Phantom Motorcycle Contract
The Economic and Financial Crimes Commission (EFCC) has arraigned Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged money laundering involving ₦5.79 billion. Adamu, a former Polaris Bank branch manager, was charged alongside Ayab Agro Products and Freight Company Limited on six counts under the Money Laundering (Prevention and Prohibition) Act, 2022. The EFCC alleged that Adamu conspired with others to divert ₦4.65 billion obtained from Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government—motorcycles that were never delivered. Investigators further claimed that funds were laundered through multiple accounts and individuals. Adamu pleaded not guilty to all charges, while the court ordered his remand in EFCC custody and adjourned the case to January 2, 2025, for ruling on his bail application.
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