‘N110.4bn fraud’: Companies used ‘in-and-out’ transactions to maneuver Kogi LG funds, witness tells court docket

 An Economic and Financial Crimes Commission (EFCC)
investigator has informed an Abuja excessive court docket in Abuja how three firms
allegedly used “in-and-out” transactions to maneuver funds acquired from native
governments in Kogi state with out bodily withdrawing the cash.

 

John Justice, the twentieth prosecution witness within the trial of
Yahaya Bello, former governor of Kogi, and two co-defendants, stated the EFCC
examined financial institution information and closed-circuit tv (CCTV) footage after
recording giant money withdrawals within the firms’ accounts.

Testifying on Tuesday, Justice stated footage obtained from
Access Bank and Zenith Bank confirmed that prospects didn’t depart the banks with
the money recorded within the transactions.

“We invited the banks (Access and Zenith) due to the
voluminous nature of the withdrawals. We requested CCTV footage of the banks,
and it revealed that the shoppers weren’t taking the money out of the banks,”
he narrated.

“The banks defined that these transactions had been handled as
out and in. When we requested the banks what they meant, they defined that the
buyer walked into the financial institution, stuffed a cheque withdrawal and stuffed a deposit
slip to a special account.”

He recognized the businesses as Hazyman Investment Limited,
Bimas Ventures Limited and Fazad.

According to the witness, the transactions concerned
prospects filling out withdrawal slips for one account and deposit slips for
one other, permitting the identical quantity to be transferred between accounts with out
the money being bodily dealt with.

Justice stated the investigation started after the EFCC acquired
intelligence concerning the actions of Kogi native governments in Kogi state.

His workforce, which operated below the fee’s procurement
and fraud part headed by Emeka Okonjo, carried out financial institution verification quantity
(BVN) searches on the businesses and requested transaction information from Access
Bank and Zenith Bank.

He stated the searches recognized Yakubu Siyaka among the many
firms’ alter egos, whereas the banks’ responses confirmed that Keyless Nature
additionally benefited from the transactions.

The workforce obtained and analysed the businesses’ account
statements, which, in line with Justice, confirmed common inflows from native
governments in Kogi state.

“Analysis of the accounts revealed that these firms had been
receiving influx from Kogi State. Most of the transactions had been handled as money
withdrawals,” he stated.

He added {that a} BVN search on Keyless Nature established a
hyperlink to Abba Adaudu, Bello’s affiliate.

The EFCC alleged that the funds transferred to the businesses
had been a part of the N110.4 billion Bello allegedly diverted from the state
treasury throughout his tenure as governor between January 2016 and January 2024.

Bello is standing trial alongside Umar Shuaibu Oricha and
Abdulsalami Hudu on 16 counts of legal breach of belief over alleged
diversion of N110.4 billion. The defendants have pleaded not responsible.

The EFCC alleged that among the funds had been used to amass
properties in intellectual areas of Abuja and pay upfront college charges for Bello’s
kids.

Bello, who’s searching for election to characterize Kogi central
senatorial district in 2027 on the platform of the All Progressives Congress,
has denied the allegations, alongside his co-defendants.

The testimony follows earlier proceedings by which the EFCC
tendered account statements belonging to 13 firms, together with a few of these
talked about by Justice.

Justice’s proof additionally follows testimony from a compliance
officer who detailed transfers from Kogi native governments into firm
accounts.

Adaudu’s title has featured in earlier witness accounts.
Jamiu Abdullahi, a bureau de change operator, informed the court docket that he acquired
N1.4 billion via his accounts from Adaudu between December 15, 2021, and
February 21, 2022, to buy US {dollars}.

Maryann Anenih, the trial choose, adjourned the case to
November 24 for continuation.

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