How Polaris Bank manager stole N5.7bn in shady supply deal – EFCC
The Economic and Financial Crimes Commission, EFCC, has told Justice Emeka Nwite of the Federal High Court, sitting in Maitama, Abuja, that a former manager of Polaris Bank and, now, commissioner of finance in Bauchi State, Yakubu Adamu, laundered N5.7billion belonging to the state.
Adamu is a former banker who worked with First City Monument Bank and, later, Polaris before veering off into politics.
While arraigning Adamu, the EFCC alleged that he – as then manager of Polaris Bank – led the financial institution into approving N4.7 billion in loans to a contractor, Emmanuel Asomugha General Enterprises.
The contractor had secured the contract to supply motorcycles to the state. With a guarantee issued by the Bauchi State Government, Messrs. Emmanuel Asomugha General Enterprises applied to Polaris Bank for N4.7 billion loan.
At the time the contractor applied for the loan, Adamu was Polaris Bank’s bank manager in Bauchi. Conspiring with the former attorney-general of the state Sa’idu Abubakar, Adamu facilitated the release of the fund.
However, the loan turned out to be a slush fund allegedly stolen by Adamu and his co-accused while no motorcycle was supplied. By the time the charges were read, Adamu pleaded not guilty. Following, Justice Nwite ordered his remand in prison custody pending further hearing of the matter.
