N5.79bn Loan Scam Rocks Bauchi: EFCC Arraigns Finance Commissioner Over Phantom Motorcycle Deal

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before the Federal High Court in Abuja over an alleged N5.79 billion money laundering scheme linked to a controversial bank loan meant for a motorcycle supply contract that was never executed.
Adamu, a former branch manager of Polaris Bank, was docked alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on diversion of public funds and financial misconduct.
According to the EFCC, the case centres on a N4.65 billion loan obtained from Polaris Bank for the supply of motorcycles to the Bauchi State Government. Investigators allege that despite full disbursement of the facility, the motorcycles were never supplied, while the funds were allegedly diverted through a web of accounts for purposes unrelated to the contract.
The anti-graft agency told the court that the diverted funds, which later ballooned to N5.79 billion, were allegedly laundered through multiple bank accounts, with transactions traced to directives involving other suspects who are currently at large.
At the arraignment, Adamu pleaded not guilty to all six counts.
Following his plea, the prosecution urged the court to remand the defendant in custody pending the determination of his bail application, citing the gravity of the offence, the volume of funds involved, and the existence of fleeing suspects linked to the alleged scheme.
Counsel to the defendant, however, applied for bail, arguing that Adamu is a public office holder who would not jump bail. The application was strongly opposed by the EFCC.
Justice Emeka Nwite adjourned the matter to January 2, 2025, for ruling on the bail application and ordered that Adamu be remanded in the custody of the EFCC pending the court’s decision.
The arraignment adds to growing concerns over alleged abuse of financial instruments and public funds, as the EFCC intensifies its crackdown on high-profile corruption cases involving government officials and financial institutions.