The Economic and Financial Crimes Commission on Tuesday brought the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over alleged money laundering amounting to ₦5.79 billion. He was arraigned alongside Ayab Agro Products and Freight Company Limited before Justice Emeka Nwite.
The commission said the charges fall under the Money Laundering (Prevention and Prohibition) Act, 2022. During the court session, the prosecution asked that the charges be read so the defendants could enter their pleas. After the charges were read, Adamu pleaded not guilty to all six counts.
According to the EFCC, part of the case involves an alleged conspiracy between Adamu and two other individuals who are currently at large. The commission claimed that between June and December 2023, funds totaling ₦4.65 billion were handled under the claim of financing the supply of motorcycles to the Bauchi State Government through a third-party company. The motorcycles were said to have never been supplied.
The anti-graft agency further alleged that another sum of ₦976 million was paid into the account of a private company and later transferred to different individuals and organisations. The EFCC stated that the funds were believed to be proceeds from unlawful activities linked to the same failed supply transaction.
The case has been adjourned for further proceedings as the court continues to handle the matter in line with the law.