By Gabriel Agbonika, Abuja
An investigator with the Economic and Financial Crimes Commission (EFCC) John Justice, has told the Federal Capital Territory High Court in Abuja how three companies allegedly used “in-and-out” transactions to transfer funds received from local governments in Kogi State without physically withdrawing the money.
Justice, the 20th prosecution witness in the trial of former Kogi State Governor Yahaya Bello and two co-defendants, said investigators examined bank records and closed-circuit television (CCTV) footage after identifying large cash withdrawals recorded in the companies’ accounts.
Testifying on Tuesday, October 27, Justice said footage obtained from Access Bank and Zenith Bank showed that customers did not leave the banking halls with the cash recorded in the transactions.
“We invited the banks (Access and Zenith) because of the voluminous nature of the withdrawals. We requested CCTV footage of the banks, and it revealed that the customers were not taking the cash out of the banks,” he told the court.
According to the witness, the banks explained that the transactions were processed as “in-and-out” transfers, involving withdrawal documentation for one account and a deposit slip directing the same amount into another account.
Justice identified the companies as Hazyman Investment Limited, Bimas Ventures Limited and Fazad. He explained that investigators examined the companies’ transactions after the EFCC received intelligence concerning the activities of local governments in Kogi State.
The investigation team, which operated under the commission’s procurement and fraud section headed by Emeka Okonjo, conducted Bank Verification Number (BVN) searches and requested transaction records from Access Bank and Zenith Bank.
Justice said the BVN searches identified Yakubu Siyaka among individuals associated with the companies, while information obtained from the banks indicated that Keyless Nature also benefited from the transactions.
The team subsequently obtained and analysed account statements belonging to the companies. According to the witness, the analysis showed regular inflows from local government accounts in Kogi State.
“Analysis of the accounts revealed that these companies were receiving inflow from Kogi State. Most of the transactions were treated as cash withdrawals,” he said.
Justice added that a BVN search involving Keyless Nature established a link to Abba Adaudu, an associate of Bello.
EFCC Investigation Alleged ₦110.4 Billion Diversion.
The EFCC alleges that the funds transferred through the companies formed part of the ₦110.4 billion allegedly diverted from the Kogi State treasury during Bello’s tenure as governor between January 2016 and January 2024.
Bello is standing trial alongside Umar Shuaibu Oricha and Abdulsalami Hudu on 16 counts bordering on alleged criminal breach of trust and related financial offences involving the sum.
The defendants have pleaded not guilty to the charges.
The commission has also alleged that some of the funds were used to acquire properties in high-value areas of Abuja and pay school fees in advance for Bello’s children. These allegations remain before the court and have not been established as facts by a final judgment.
The proceedings are part of a wider series of hearings examining financial transactions allegedly connected to the former governor.
In an earlier report, The Bureau Journal reported testimony about ₦1.425 billion in foreign-exchange transactions involving Abba Adaudu.
Justice’s testimony follows earlier proceedings in which the EFCC tendered account statements belonging to 13 other companies, including some of those mentioned during his evidence.
His account also follows testimony from a compliance officer who described transfers from local government accounts in Kogi State into 14 company accounts under investigation.
Abba Adaudu’s name has featured in previous witness accounts. Jamiu Abdullahi, a bureau de change operator who testified earlier in the trial, told the court that he received ₦1.425 billion through accounts associated with him between December 2021 and February 2022 for foreign-exchange transactions.
In its report on the proceedings, The Bureau Journal also examined calls for transparency and accountability in the EFCC’s handling of the Yahaya Bello case. The allegations against the former governor remain subject to determination by the court.
Separate Case Involves Bello’s Relative in
the trial is separate from the criminal proceedings involving Ali Bello, the former governor’s nephew, who has faced a distinct money-laundering case brought by the EFCC.
The Bureau Journal previously reported on the withdrawal of a judge from Ali Bello’s ₦10.27 billion trial following concerns about alleged evidence tampering. That case is separate from the ₦110.4 billion prosecution involving Yahaya Bello, Oricha and Hudu.
Meanwhile, Yahaya Bello is seeking election to represent Kogi Central Senatorial Congress (APC). According to the information presented in the case the former governor’s political activities have drawn attention alongside the ongoing criminal proceedings.
The Bureau’s Journal has publicly listed candidates in its coverage of the APC senatorial candidate list ahead of the 2027 elections.
However, the criminal trial and the political process are separate matters. The charges against Bello and his co-defendants must be determined through the judicial process, and the defendants are presumed innocent unless proven guilty.
At the end of Tuesday’s proceedings, trial judge Maryann Anenih adjourned the case until November 24, 2026, for continuation.
Justice’s testimony forms part of the prosecution’s evidence concerning the movement of funds from Kogi local governments through company accounts. The court has yet to deliver a final judgment on the charges against Bello and his co-defendants.
