Alleged ₦110.4bn Fraud: EFCC Says Kogi LG Funds Flowed Into Companies’ Accounts
The Economic and Financial Crimes Commission (EFCC) has told the Federal Capital Territory High Court in Abuja that funds from Kogi State local government accounts were regularly credited to the accounts of companies being investigated in the alleged ₦110.4 billion fraud case involving former Governor Yahaya Bello.
EFCC operative John Justice made the disclosure on Tuesday, October 27, 2026, while testifying as the prosecution’s 20th witness before Justice Maryanne Anineh at the court in Maitama.
Bello, who is being prosecuted alongside Umar Shuaibu Oricha and Abdulsalami Hudu, faces a 16-count charge bordering on criminal breach of trust and money laundering involving ₦110.4 billion.
Testifying under examination by the prosecution counsel, Kemi Pinheiro, SAN, Justice said investigators examined bank records to establish the sources of funds received by several companies and trace the movement of money through their accounts.
He told the court that the investigation revealed regular inflows from Kogi State local government accounts into Forza Business Enterprise’s account.
“Most of the funds coming into the account were funds from Kogi State Local Government accounts coming on monthly basis,” the witness said.
Justice added that the investigation also revealed that the companies received funds from Kogi State, but the transactions were recorded as cash withdrawals.
“Our analysis reveals that these companies were receiving inflow from Kogi State while transactions were treated as cash withdrawals,” he stated.
The EFCC operative said investigators invited officials of Access Bank and Zenith Bank and requested CCTV footage after noticing the large volumes of cash recorded in the transactions.
According to him, an examination of the footage showed that the funds recorded as cash withdrawals were not physically removed from the banking premises.
He explained that such transactions could involve a customer presenting a cheque withdrawal and a deposit slip for another account, rather than physically collecting the money.
The witness further disclosed that the investigation began after the EFCC’s Procurement Fraud Section received intelligence concerning the activities of local governments in Kogi State.
Companies mentioned in the intelligence included Hayzma, Bibas Energy, Forza Oil and Gas, and Keyless Ventures.
Justice said investigators subsequently conducted Bank Verification Number searches and requested financial records from the relevant banks. The information received was analysed to establish the transactions involving the companies.
He also told the court that the analysis led investigators to identify Keyless Ventures as another company that benefited from proceeds traced to the companies under investigation.
During the proceedings, the prosecution presented documentary exhibits for the witness to examine and confirm their connection to the investigation.
Justice identified Exhibit AO as relating to Hayzma Business Enterprise, Exhibit AT as Keyless Nature, and Exhibit AP as Forza Business Enterprise.
He further disclosed that a BVN search relating to Keyless Nature revealed the name Abba Adaudu, while previous searches had returned the names Yakubu Siyaka Adebenege and Iyadat Sa’adat.
The witness said he had been an EFCC operative for more than nine years and had undergone training in asset tracing, internet fraud, anti-money laundering, advance-fee fraud and other areas at the EFCC Academy.
He confirmed his participation in the investigation involving the defendants and named Emeka Okonjo, Adamu Umar, Hamza Lawal and Dauda Usman as members of the investigation team.
He also identified Adamu Tilde as the head of the Chairman Monitoring Unit, mentioning Audu Abubakar and Yazid Bawa as members of the unit.
Before Justice’s testimony, the court heard the conclusion of the cross-examination of the 19th prosecution witness, Jamilu Abdullahi, a Bureau de Change operator.
Counsel to the first and second defendants, J.B. Daudu, SAN, and counsel to the third defendant, Z.E. Abbas, completed the cross-examination. Abdullahi was subsequently discharged after the prosecution declined to re-examine him.
The court adjourned the case to November 24, December 2 and December 8, 2026, for continuation of the trial.
