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The Economic and Financial Crimes Commission (EFCC) has taken the Bauchi State Commissioner for Finance, Yakubu Adamu, to court over an alleged N5.7 billion fraud.
Adamu appeared on Tuesday before the Federal High Court in Maitama, Abuja. He was charged alongside a company, Ayab Agro Products and Freight Company Limited, on six counts of money laundering.
The EFCC alleged Adamu, who is a former Branch Manager of Polaris Bank in Bauchi, committed the offences between June and December 2023. According to the anti-graft agency, he and others still at large allegedly collected N4.65 billion from Polaris Bank, claiming the money was meant to supply motorcycles to the Bauchi State Government. The EFCC said no motorcycles were ever supplied.
Another charge accused him of illegally receiving and transferring N976 million, knowing the money came from illegal activities.
When the charges were read in court, Adamu pleaded not guilty to all of them.
After his plea, the EFCC asked the court to keep him in custody while his bail request is being considered. His lawyers opposed the request.
Justice Emeka Nwite adjourned the case to January 2, 2026, to rule on the bail application and ordered that Adamu be kept in EFCC custody.
The EFCC told the court that its investigation showed the transaction was a plan to divert public funds, insisting that the claimed supply of motorcycles to the Bauchi State Government never happened.
EFCC arraigns Bauchi finance Commissioner over alleged N5.7bn fraud
