The Economic and Financial Crimes Commission (EFCC) has arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, on charges of laundering N5.79 billion.
Adamu, who is also a former branch manager of Polaris Bank in Bauchi, was brought before the Federal High Court in Abuja on a six-count charge. He pleaded not guilty to all allegations.
The prosecution alleged that between June and December 2023, while serving as a bank manager, Adamu conspired to launder N4.65 billion. The funds were a bank loan released to finance a motorcycle supply contract for the Bauchi State Government that was never executed.
He is also accused of handling N976 million, knowing it to be proceeds of this unlawful activity. Following his plea, the EFCC opposed a bail application by the defense counsel.
The presiding judge has adjourned the case to January 2, 2025, for a ruling on bail and ordered that the defendant remain in EFCC custody pending the hearing.
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