The Federal High Court sitting in Abuja on Tuesday ordered the remand of the Bauchi State Commissioner for Finance, Yakubu Adamu, pending a ruling on his bail application over alleged money laundering involving ₦4.6 billion.
Justice Emeka Nwite gave the order shortly after Adamu and a company, Ayab Agro Products and Freight Company Ltd, were arraigned by the Economic and Financial Crimes Commission (EFCC) on a six-count charge bordering on money laundering.
Adamu and the company are listed as the 1st and 2nd defendants in the charge marked FHC/ABJ/CR/694/2025, dated December 19, 2025, and filed by EFCC prosecutor Samuel Chime.
According to the EFCC, the alleged offences were committed between June and December 2023, when Adamu was serving as Branch Manager of Polaris Bank Ltd, Bauchi. The commission alleged that Adamu conspired with Ishaku Aliyu, Managing Director of Makayye Investment Resources Ltd, and Muntaka Mohammed Duguri, both currently at large, to facilitate the conversion, transfer, concealment and use of ₦4.65 billion.
The funds were said to have been disbursed by Polaris Bank under the pretext of financing the supply of motorcycles to the Bauchi State Government through Emmanuel Asomugha General Enterprises. The EFCC alleged that the motorcycles were never supplied.
The alleged offence, according to the charge, is contrary to Section 21(a) and punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In one of the counts, the EFCC further accused Adamu and others of retaining and transferring proceeds of an unlawful act through nominees and third-party accounts. Part of the funds allegedly included a transfer of ₦165.9 million to Ayab Agro Products and Freight Company Ltd. This count is said to contravene Section 20(a) of the same Act.
When the case was called, the EFCC informed the court that it was ready for arraignment. The defence raised no objection, and all six counts were read to the defendants, who pleaded not guilty.
Following the plea, the prosecution applied for a trial date, while Adamu’s counsel, Chief Gordy Uche (SAN), moved a bail application on behalf of his client, urging the court to grant bail on liberal terms.
The EFCC opposed the application through a 15-paragraph counter-affidavit, urging the court to deny bail and order an accelerated hearing.
Justice Nwite, however, said he would take time to rule on the bail application and ordered that Adamu be remanded at the Kuje Correctional Centre pending the ruling. The matter was adjourned to January 2, 2026, for the bail ruling.
Meanwhile, the EFCC informed the court of a fresh charge involving additional defendants, including Adamu. The court declined to entertain the new charge, stating that it was not yet before it, and fixed Wednesday for the arraignment.
At the EFCC’s request, the court later granted an order allowing Adamu to remain in the commission’s custody pending the next arraignment, citing logistical concerns.
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