The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned the Bauchi State Commissioner for Finance, Yakubu Adamu, before Justice Emeka Nwite of the Federal High Court sitting in Maitama, Abuja, over an alleged N5.79 billion money laundering offence.
According to a statement posted on the EFCC’s official X account, Adamu was arraigned alongside Ayab Agro Products and Freight Company Limited on a six-count charge bordering on money laundering.
The anti-graft agency said the alleged offences contravened Section 21(a) and are punishable under Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022. EFCC alleged that the defendants were involved in financial transactions amounting to N5.79 billion, which were reasonably suspected to be proceeds of unlawful activities.
The commission said the charges relate to the movement and handling of funds without due compliance with relevant financial regulations. At the arraignment, Adamu and the company pleaded not guilty to all the counts read to them in open court.
Following the not-guilty plea, counsel to the defendants applied for bail on their behalf, while the prosecution opposed the application and asked the court for a trial date.
Justice Nwite adjourned the matter to a later date for the hearing of the bail application and commencement of trial, and ordered that the defendants be remanded pending the determination of the bail request.
The EFCC said it remains committed to ensuring accountability and transparency in the management of public funds and would continue to pursue the prosecution in line with the law.
