21/05/2025
Bank Officials Detail Alleged N3 Billion LGA Fund Diversion Linked to Yahaya Bello's Nephew
Bank officials have testified in the ongoing N3 billion fraud trial involving Ali Bello, nephew of former Kogi State Governor Yahaya Bello, and his co-defendants, revealing details of allegedly suspicious deposits and withdrawals linked to Kogi State Local Government Area (LGA) funds. The testimonies were delivered before Justice Obiora Egwuatu of the Federal High Court in Maitama, Abuja.
Remigius Egu, a Compliance Officer with Zenith Bank Plc, and Ofure Achille, Head of Operations at an Access Bank branch in Lokoja, took the stand as prosecution witnesses (PW6 and PW7 respectively) for the Economic and Financial Crimes Commission (EFCC). Their testimonies, around April and May 2025, painted a picture of how substantial sums were purportedly moved from LGA accounts into private entities and subsequently withdrawn or transferred.
Mr. Egu of Zenith Bank detailed how numerous large inflows from several Kogi State LGAs were traced to the account of Korforte Concept Limited. He told the court that prior to these inflows, which allegedly occurred on dates including October 4, 2018, and October 5, 2018, the balance in the Korforte Concept Limited account was minimal, reportedly as low as N7,370. Following these deposits, significant amounts were allegedly transferred to one of the defendants, Abba Adaudu. For instance, on October 4, 2018, after multiple LGA deposits, N110 million was reportedly moved from the Korforte account.
The Zenith Bank official listed several LGAs from which funds allegedly originated, including Ogori Magongo, Ibeji, Adavi, Kogi, Kabba/Bunu, Ajaokuta, Okene, Yagba West, Ofu, Igalamela/Odolu, Olamaboro, Dekina, Ibaji, Omala, Lokoja, Ijumu, and Bassa. Millions of Naira were reportedly deposited from each of these LGAs.
Similarly, Ms. Ofure Achille of Access Bank testified around May 20, 2025, about suspicious transactions involving inflows and rapid cash w