EFCC details alleged N4.6bn diversion in Bauchi treasury fraud case

John Ibrahim, a witness of the Economic and Financial Crimes Commission, on Thursday told the Federal High Court in Abuja that over N4.6 billion was allegedly diverted from the Bauchi State Government, implicating, Yakubu Adamu,state’s Commissioner for Finance, and his company, Ayab Agro Products and Freight Company Ltd.

Ibrahim, an EFCC investigator and the first prosecution witness (PW-1), testified before Justice Emeka Nwite while being led in evidence by the commission’s counsel, M.O. Adebayo (SAN).

During proceedings, Ibrahim told the court that investigations led to the discovery of funds allegedly diverted from the Bauchi State Government’s treasury.

He said the funds, meant for government projects, were transferred through a series of transactions into various accounts, including those linked to Adamu.

He said that in May 2024, the EFCC received intelligence on the activities of Adamu and his company.

The investigation found that I.S. Makayya Investment Resources Ltd, an account managed by Adamu while he served as a branch manager at Polaris Bank in Bauchi received funds believed to belong to the state government.

The funds were then disbursed to individuals and entities, including Ayab Agro Products and Freight Company Ltd.

Ibrahim said an analysis of bank records showed inflows of N4 billion and N650 million into the account of Emmanuel Asomugha General Enterprises.

The funds were provided as a loan to supply 15,000 motorcycles to Bauchi State civil servants, a project approved by Adamu at the time.

He said part of the funds from Asomugha Enterprises was transferred to I.S. Makayya Investment Resources Ltd, which then transferred N266 million to Ayab Agro Products.

The EFCC also found that Adamu is a director of Ayab Agro.

He added that Adamu did not account for the movement of the funds.

When questioned, Adamu said the payments were repayments for a loan granted by Ayab Agro to a third party but did not provide supporting details.

Ibrahim said the funds were not used for their intended purpose but were diverted into the accounts of various businesses, including Bureau de Change operators, and in some cases converted into foreign currency.

Beneficiaries identified include I.S. Makayya, Dnice Number City, Amy Trading Ltd, Umman Engineering, Assar Global Ltd, and Zailali Idriss.

He also told the court that documents, including company registration records from the Corporate Affairs Commission (CAC) and bank statements, had been submitted as evidence.

Justice Nwite adjourned the matter until May 4 for continuation of the trial.