An Economic and Financial Crimes Commission (EFCC) investigator narrated on Tuesday how three companies acquired some Kogi State native authorities funds and tried to cover the disbursements of the cash through what he described as “in-and-out” transactions.
The transactions allegedly came about through the tenure of former Governor Yahaya Bello, who together with two others is going through costs of diverting billions of naira in Kogi State funds on the FCT High Court in Abuja
EFCC detective John Justice, who testified because the twentieth prosecution witness within the corruption trial of Mr Bello and co-defendants, mentioned some information confirmed that the companies withdrew the native authorities funds as money with out hint of the beneficiaries.
The witness mentioned additional investigations confirmed that funds had been transferred straight to totally different accounts through paper transactions, moderately than being fully disbursed in money as indicated in sure information.
The in-and-out transactions, in accordance with Mr Justice, confer with a observe the place a buyer goes right into a financial institution and concurrently fills out a withdrawal slip for one account and a deposit slip for one more, shifting the very same amount of cash between accounts on paper. In such transactions, the client doesn’t bodily deal with or depart with any precise money.
The witness mentioned a evaluation of CCTV recordings of the banks revealed that the transactions had been simply paper transactions and never simply money withdrawals.
“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 purchasers weren’t taking the money out of the banks.
“The banks explained that those transactions were treated as in and out. When we asked the banks what they meant, they explained that the customer walked into the bank, filled a cheque withdrawal and filled a deposit slip to a different account,” Mr Justice mentioned.
Mr Justice listed the companies on the centre of the transactions as Hazyman Investment Limited, Bimas Ventures Limited and Fazad.
The EFCC suspects the LG funds transferred to the companies are a part of N110.4 billion that Mr Bello, alongside his co-defendants – Umar Shuaibu Oricha and Abdulsalami Hudu – allegedly diverted from Kogi State’s coffers whereas he served as governor between January 2016 and January 2024.
The trio are going through 16 counts of legal breach of belief involving N110.4 billion allegedly diverted from the Kogi State treasury.
EFCC alleged that a part of the funds was used to purchase properties in intellectual areas of Abuja.
The anti-graft company additionally accused Mr Bello, who’s vying for the Kogi Central Senatorial District seat in 2027 on the platform of the All Progressives Congress, of using part of the diverted funds to make upfront payments for his youngsters’s college charges.
However, Mr Bello and his co-defendants, whom EFCC mentioned conspired with him to commit the crimes, have denied the allegations.
How EFCC began investigating Mr Bello
Mr Justice, who described himself as an skilled Asset Tracing and Procurement Fraud and Anti-Money Laundering skilled, gave an outline of EFCC investigations into the previous governor.
He mentioned the EFCC acquired intelligence relating to the exercise of the Kogi State LGs, and three companies (talked about earlier) had been recurrent within the investigation course of.
READ ALSO: INEC, APC, Yahaya Bello ask court to dismiss suit challenging ex-Kogi governor’s senatorial ticket
Mr Justice and his procurement and fraud part group headed by Emeka Okonjo carried out a BVN search on the companies, and located that Yakubu Siyaka was among the many alter egos of the companies.
He mentioned the group additionally wrote to Access and Zenith banks asking for tickets of the companies’ transactions.
According to him, the banks’ responses revealed that Keyless Nature benefitted from the transactions.
Mr Justice mentioned the group acquired the companies’ statements of account, “they were analysed, and most of the inflow coming into these accounts was from LGs of Kogi State on a monthly basis.”
He mentioned a BVN search carried out on Keyless Nature revealed a reference to Abba Adaudu.
“Analysis of the accounts revealed that these companies were receiving inflow from Kogi State. Most of the transactions were treated as cash withdrawals,” the witness mentioned.
Trial decide Maryann Anenih adjourned the case until 24 November.
In February, the EFCC offered the account statements of 13 companies, together with the companies the witness talked about on Tuesday.
The investigator’s testimony aligns with that of a compliance officer who detailed slews of transfers from some native governments in Kogi State to companies’ accounts.
Mr Adaudu’s identify has featured in some witnesses’ testimony. For occasion, a bureau de change operator, Jamiu Abdullahi, mentioned he acquired N1.4 billion through his accounts from Mr Adaudu between 15 December 2021 and 21 February 2022, throughout Mr Bello’s time in workplace, to buy US {dollars}.
A bureau de change (BDC) operator testified in previous proceedings this month explaining his roles within the funds of the dollar-denominated college charges of the youngsters of Mr Bello on the American International School Abuja (AISA). The prosecution believes the funds had been illegally sourced from Kogi State Government’s treasury, an allegation Mr Bello and his co-defendants have denied.
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