Alleged ₦110.4bn kogi Fraud: Witness Says ₦1.425bn Was Used for Forex Transactions in Two Months
A prosecution witness in the ongoing trial of former Kogi State Governor, Yahaya Bello has told the Federal Capital Territory, FCT High Court, Maitama, Abuja, that transactions amounting to ₦1.425 billion were carried out for the purchase of foreign currencies between December 15 and February 21, 2022.
The witness, a bureau de change operator Jamilu Abdullahi, who testified as Prosecution Witness 19, PW19, said he delivered the foreign currencies purchased through the transactions to Abba Adaudu.
Abdullahi disclosed this on Thursday, October 15, 2026, before Justice Maryanne Anineh while being led in evidence by the prosecution counsel, Kemi Pinheiro, SAN.
Explaining the transactions, the witness identified several cash lodgments and transfers into accounts associated with him and his company, stating that the transactions were carried out for foreign exchange purposes on behalf of Adaudu.
While examining Exhibit AR, which contained transactions between July 2021 and April 2022, the witness confirmed cash lodgments of ₦10 million each made by Adaudu through the Lokoja branch. “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 said. 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 transaction was not a gift but was equally meant for foreign exchange. On cash lodgments dated February 22, 2022, comprising ₦9 million, ₦8 million and another ₦8 million, which were recorded in his name through the Lokoja branch, Abdullahi denied personally making the deposits. “In fact, I have never been to that branch in my life, but my name has been used as a beneficiary as any other person's name can be used as the receiver, and it was a dollar transaction for Abba Adaudu,” he said.
He gave a similar explanation for multiple cash lodgments 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 indicating cash lodgments of ₦10 million each on December 29 and 30, 2021, and January 1 and 31, 2022, but maintained that the deposits were made by Adaudu for foreign exchange transactions rather than by him personally.
The witness further testified that he sometimes handed the purchased dollars to Adaudu at his own office and, on other occasions, at Adaudu's office in Area 8, Garki, Abuja. On 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 the transfer was made by Adaudu.
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, totaling ₦600 million, from Ejadams Essence Limited on February 18, 2022. He said Ejadams Essence Limited belonged to Adaudu.
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One Month Discount on Petrol: From Reactive Policies to Flawed Outcomes!
The announcement by the APC led Federal Government offering a 30-day discount on price of petrol to relieve the acute hardship and hunger caused Nigerians by its unplanned removal of subsidy can only be described as another very reactive and confused approach to governance that is now the culture of the Tinubu Government.
I had delayed in reacting to the announcement just to give the benefit of doubt and watch the outcome of the policy. Now, having assessed the outcomes, the policy is a substitution of political optics for sound policy.
As Nigerians will recall, President Bola Tinubu on May 29, 2023, most carelessly removed fuel subsidy without any consultation or proper assessment of the negative impacts of such policies on our economy particularly on the livelihood of ordinary Nigerians.
Moreover, the careless removal of fuel subsidy was followed by other very badly sequenced policies such as the floating of the naira and tax reforms, all implemented in a very disorganized, incompetent and insensitive manner in addition to using three budgets at the same time with the attendant lack of transparency and accountability. Collectively, these policies stoked inflation in all sectors, pushing in most cases unbearable price hikes across board which placed severe shocks and other adverse consequences on Nigerians.
Expectedly, the outcomes are what they are- increasing multi-dimensional poverty, skyrocketing costs of goods and services, shrinking opportunities, exit of many businesses, mounting unemployment, disturbing insecurity, widening inequality, forced migration of our youths and general decline in the well-being of Nigerians.
Most unfortunately, rather than engage in detailed and published regulatory impact assessment of their reactive policies, the President Bola Tinubu’s led government has again demonstrated their well-known incompetence and insensitivity to governance.
With a detailed and published regulatory impact assessment of policies, a competent government would have pursued robust and sincere engagements and consultations with key stakeholders and ordinary Nigerians to recraft and implement inclusive and sustainable socio-economic growth strategies and policies.
What really does the President Bola Tinubu led government want to achieve with a one-month discount of less than 5% on fuel cost. Will it reduce poverty, unemployment, insecurity, and inequality? Will it increase productivity and exports? Is it a test to ascertain if subsidy should be restored? Is it another political gambit in the face of threats of electoral loss in the 2027 election? Too many questions, no answer!
Coastal road is no longer going through the coast, they now want to divert into inland?
Umahi and Tinubu are using you people to dance Awilo.🤣🤣🤣🤣🤣🤣🤣
Ire o✌🏾
“The same APC government that removed the fuel subsidy has stylishly introduced it again for 30 days. I’m sure they will still extend it until the election so that after the election, they will double it. Anybody voting for APC is br@inless. It’s 100 days to the 2027 election, and the presidential candidate is not campaigning because of old age.”
— Isaac Fayose
Obasanjo is not an Hausa or Igbo man. There was no tribal fight those eight years. In fact, till tomorrow, we are all in awe of baba.
If you can’t see this APC government is the problem, you’re a fool. If you still think a government working so hard to fvck up your life is a tribal government, you’re even more foolish.
Are the policies not affecting your everyday life like it is affecting others? You’ll never be alright.