The Economic and Financial Crimes Commission (EFCC) has finally caught up with the corrupt Bauchi State Commissioner for Finance, Yakubu Adamu, who has been arraigned before Justice Emeka Nwite of the Federal High Court in Abuja over alleged money laundering involving a whopping N5.79 billion.

According to sources, Adamu was arraigned 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.

Prosecuting counsel, Samuel I. Chime, informed the court that the matter was for arraignment and requested that the charges be read to the defendants to enable them to take their pleas.

,After the charges were read, Adamu pleaded not guilty to all counts, but we all know he's guilty as sin!

,One of the charges alleged that Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, conspired between June and December 2023 with Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, to launder N4.65 billion.

The funds were said to have been released by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises, a supply which allegedly never took place.

Prosecuting counsel, Samuel I. Chime, said, “My Lord, this matter is for arraignment of the defendant on a six-count charge, and we humbly pray that the charge be read to the defendant for his plea to be taken.”

Count one reads, “That you, Yakubu Adamu, while acting as Branch Manager of Polaris Bank Plc, Bauchi, alongside Ishaku Mohammed Aliyu, Managing Director of I.S. Makayye Investment Resources Limited, and Muntaka Mohammed Duguri, both currently at large, between June and December 2023, conspired to commit money laundering by facilitating the conversion, transfer, concealment and use of the sum of N4,650,000,000.00 availed by Polaris Bank under the guise of financing the supply of motorcycles to Bauchi State Government through Emmanuel Asomugha General Enterprises, which motorcycles were never supplied.”

The offence was said to be contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.

Count four reads, “That you, Yakubu Adamu sometime in 2023, acquired, used, retained and took possession or control of the sum of N976,000,000.00 paid into the account of I.S. Makayye Investment Resources Limited and subsequently transferred the same to several individuals and entities, knowing or having reasonable grounds to know that the funds constituted proceeds of unlawful activity connected to the diversion of the Polaris Bank facility meant for motorcycle supply which was never executed.”

The EFCC has been working tirelessly to curb financial crimes and corruption in the country, and this arraignment is a testament to their commitment to upholding the law and ensuring that those who engage in illicit activities are brought to justice.

The case has been adjourned to a later date for further proceedings.