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    Home » Alleged ₦110.4bn Fraud: How ₦1.425bn Was Used For Forex Transactions In Two Months – Witness
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    Alleged ₦110.4bn Fraud: How ₦1.425bn Was Used For Forex Transactions In Two Months – Witness

    Sponsored By: Halimat Ibrahim October 15, 2026No Comments4 Mins Read
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    A Bureau De Change operator, Jamilu Abdullahi, has told the Federal Capital Territory High Court in Maitama, Abuja, how transactions amounting to ₦1.425 billion were used for the purchase of foreign currencies within two months.

    Abdullahi, who testified as Prosecution Witness 19, PW19, in the ongoing trial of former Kogi State Governor, Yahaya Bello, disclosed this on Thursday before Justice Maryanne Anineh.

    Bello is being prosecuted by the Economic and Financial Crimes Commission, EFCC, alongside Umar Shuaibu Oricha and Abdulsalami Hudu, on a 16-count charge bordering on criminal breach of trust and money laundering involving ₦110.4 billion.

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    Led in evidence by prosecution counsel, Kemi Pinheiro, SAN, the witness said the forex transactions took place between December 15, 2021 and February 21, 2022, and that he delivered the foreign currencies purchased to one Abba Adaudu.

    Examining Exhibit AR, which contained transactions between July 2021 and April 2022, Abdullahi 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 told the court, adding that the transactions were for the purchase of United States dollars.

    He also identified a transfer dated January 18, 2022, from Keyless Limited, which he said belonged to Adaudu, and maintained it was not a gift but for foreign exchange.

    On cash lodgments of ₦9 million, ₦8 million and another ₦8 million recorded on February 22, 2022, in his name through the Lokoja branch, the witness said he never made the deposits personally.

    “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.

    Abdullahi gave a similar explanation for multiple lodgments recorded against his name on March 10 and 11, 2022, insisting he had never visited the Lokoja branch.

    He revealed that 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,” he added.

    Abdullahi further told the court he always handed the converted currencies to Adaudu, sometimes at his own office and other times at Adaudu’s office in Area 8, Garki, Abuja.

    The witness identified Exhibit AK as his personal account with Access Bank, Aminu Kano branch, Abuja, and confirmed entries of ₦10 million each on December 29 and 30, 2021, and January 1 and 31, 2022, which he said were made by Adaudu for forex.

    He also testified on transactions involving his company, Kunfayakun Global Limited, including a ₦100 million credit from Keyless Nature Limited through FCMB, Zone 4 in 2021; a ₦400 million transfer through Keyless Nature Limited, and multiple ₦100 million transfers totaling ₦600 million from Ejadams Essence Limited on February 18, 2022, plus ₦325 million on February 21, 2022.

    Abdullahi attributed all to Adaudu and said Ejadams Essence Limited belonged to him.

    The witness further explained that he became familiar with accounts associated with Forza Oil, Alyeshua and Whales Oil and Gas, stating they were used to make payments to the American International School, Abuja, AISA, for school fees on behalf of children whose details were provided by Adaudu.

    He identified Fatima Bello, Zahra Bello and Na’ima Bello as familiar names associated with the school fees and tendered Exhibits AX 10 (1-4), described as telexes, as receipts evidencing payments to AISA.

    Under 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.

    When asked about the total amount he gave Adaudu, he 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.

    Justice Anineh adjourned the case till October 27 and November 24, 2026, for continuation of trial.

    ₦1.425bn Alleged ₦110.4bn Fraud Forex Transactions Two Months Witness
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