Judiciary
Forex Deals: Witness Links ₦1.425bn Transactions to Bello’s ₦110.4bn Fraud Trial
As the trial of former Kogi State Governor, Yahaya Adoza Bello, over alleged large-scale fraud continues before Justice Maryanne Anineh, a prosecution witness, Jamilu Abdullahi, has testified that ₦1.425 billion was spent on foreign exchange transactions out of the total sum of ₦110.4 billion.
Abdullahi, the 19th prosecution witness (PW19), disclosed that he personally delivered the foreign currencies purchased through the transactions to Abba Adaudu between December 15 and February 21, 2026.
CAPITAL POST reports that Bello is being prosecuted at the Federal Capital Territory (FCT) High Court, Maitama, Abuja, amid delays that have raised questions about the proceedings.
The bureau de change operator confirmed the transactions while giving evidence under examination by the prosecution counsel, Kemi Pinheiro, SAN, on Thursday, October 15, 2026.
He explained that several transactions involved lodgements and transfers into accounts associated with him and his company. According to him, the transactions were carried out for foreign exchange purposes on behalf of Adaudu.
While speaking on Exhibit AR, which contained transactions between July 2021 and April 2022, the witness confirmed cash lodgements of ₦10 million each made by Adaudu through the Lokoja branch.
He said: “My lord, I confirm the cash lodgments of Ten, Ten million Naira by Abba Adaudu from the Lokoja branch. My lord, I confirm I received the cash lodgments. It wasn’t for gift but for a forex transaction.”
He explained that the transactions were for the purchase of United States dollars.
The witness also identified a transfer dated January 18, 2022, from Keyless Limited, which he said belonged to Adaudu. He maintained that the transfer was not a gift but was also intended for foreign exchange transactions.
However, Abdullahi denied personally making lodgements of ₦9 million, ₦8 million and another ₦8 million recorded in his name through the Lokoja branch on February 22, 2022.
The prosecution witness further explained how his name was used as a beneficiary, noting that another person’s name could also be used as the receiver. He maintained that the lodgements were not transactions for his personal benefit but were meant for dollar purchases on behalf of Adaudu.
He gave a similar explanation for multiple cash lodgements recorded against his name on March 10 and 11, 2022, insisting that he had never visited the Lokoja branch.
According to him, the names used in the transaction narrations depended on Adaudu’s instructions.
“My lord, I get to know the cash was paid on Abba Adaudu’s behalf because whenever he makes a lodgment of cash in my account, the indicating narration is Abba Adaudu or Jamilu Abdullahi or any other name of their choice,” the witness said.
He added that the transactions were carried out for foreign exchange purposes and that he consistently handed the converted currencies to Adaudu.
“My lord, I always send the converted forex to Abba Adaudu. All the transactions at the Lokoja were from Abba Adaudu,” he said.
Abdullahi also identified Exhibit AK as his personal account with Access Bank, Aminu Kano branch, Abuja.
He confirmed entries showing cash lodgements of ₦10 million each on December 29 and 30, 2021, as well as January 1 and 31, 2022. However, he maintained that Adaudu made the deposits for foreign exchange transactions and that they were not made by him personally.
The witness further testified that he sometimes delivered the purchased dollars to Adaudu at his own office and, on other occasions, at Adaudu’s office in Area 8, Garki, Abuja.
Regarding transactions involving Kunfayakun Global Limited, which he identified as his company, Abdullahi confirmed a credit entry of ₦100 million from Keyless Nature Limited through FCMB, Zone 4, in 2021. He told the court that Adaudu made the transfer.
He also identified a ₦400 million transfer through Keyless Nature Limited, which he attributed to Adaudu, as well as multiple transfers of ₦100 million each, totalling ₦600 million, from Ejadams Essence Limited on February 18, 2022. He said Ejadams Essence Limited belonged to Adaudu.
The witness further identified a transfer of ₦325 million through Ejadams Essence Limited on February 21, 2022, which he also attributed to Adaudu.
He maintained that the transactions were for foreign exchange purposes and that he delivered the purchased currencies to Adaudu.
Continuing his testimony, Abdullahi explained how he became familiar with accounts associated with Forza Oil, Alyeshua, and Whales Oil and Gas.
He said the accounts were used to make payments to the American International School, Abuja (AISA), for school fees on behalf of children whose payment instructions and account details were provided to him by Adaudu.
The witness identified Fatima Bello, Zahra Bello and Na’ima Bello as names familiar to him in connection with the school fee transactions. He also said another name mentioned to him was familiar, although he could not recall it precisely.
According to him, he made the payments by transferring funds to the school’s account using the details supplied by Adaudu.
He also identified Exhibits AX 10 (1–4), described as telexes, as receipts showing payments made to AISA. He said he sent the receipts to Adaudu as proof that the transactions had been completed.
When asked whether he received any complaints from Adaudu or the children concerning the payments, the witness answered in the negative.
During cross-examination by counsel to the first and second defendants, Abdullahi Yahaya, SAN, the witness said he had no direct dealings with any of the defendants.
Asked about the total amount he gave Adaudu, Abdullahi said he could not remember the exact sum because the transactions were numerous.
“I gave Abba Adaudu the cash and I have evidence,” he said
Following the testimony, Justice Anineh adjourned the case until October 27 and November 24, 2026, for the continuation of the trial.
Bello is being prosecuted by the Economic and Financial Crimes Commission (EFCC), alongside Umar Shuaibu Oricha and Abdulsalami Hudu, on 16-count charges bordering on criminal breach of trust and money laundering involving ₦110.4 billion.