bauchi finance commissioner.webp
The Digest:

A state finance commissioner faces serious fraud charges linked to a massive bank loan. The Economic and Financial Crimes Commission (EFCC) has arraigned Yakubu Adamu, Bauchi State's Commissioner for Finance, for allegedly laundering N5.79 billion in a case involving a failed contract to supply motorcycles to the state government.

Key Points:
  • Adamu, a former Polaris Bank manager, pleaded not guilty to a six-count charge at the Federal High Court in Abuja.
  • He was arraigned alongside Ayab Agro Products and Freight Company Limited.
  • The EFCC alleges he conspired to launder N4.65 billion meant for supplying motorcycles that were never delivered.
  • An additional N976 million was allegedly acquired and transferred as proceeds of the unlawful activity.
  • The prosecution requested his remand pending the determination of his bail application.
  • The defence counsel's bail request was opposed by the EFCC.
  • Justice Emeka Nwite adjourned the case to January 2, 2025, for a bail ruling and ordered Adamu remanded in EFCC custody.
This case highlights deep-seated concerns over the management of public guarantees and bank facilities, placing a top state official at the center of a major financial scandal.

Sources: The Cable, Tribune Online