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Fraud

Exposé of Massive Money Laundering Schemes During Yahaya Bello's Tenure in Kogi State

Strategic Insights

— 2 min read

A former Access Bank official, Ofure Achille, has revealed how large sums of money allegedly from Local Government Areas (LGAs) in Kogi State were laundered through suspicious cash lodgments spanning years into private bank accounts during the tenure of former Governor Yahaya Bello. Achille's testimony was presented as the seventh prosecution witness in the money laundering trial of Ali Bello, a nephew of the former Governor Bello. The trial, which is one in a series of financial crime cases arising from the former Governor's administration, involves charges of diverting N3 billion belonging to Kogi State and its local governments.

Key Takeaways:

  • The bank official stated that the bank flagged multiple suspicious transactions involving inflows and rapid cash withdrawals from accounts linked to companies allegedly used by the defendants, including E-traders account operated by Jamilu Abdulahi, which received N30 million deposits on December 29 and 30, 2021, and N40 million deposit on January 31, 2022.
  • Access Bank used an electronic system for reporting suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU), which are mandatory under anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations.
  • The bank reported similar patterns of cash withdrawals from accounts operated by Ali's co-defendants, Yakubu Isiaka and Iyadi Sadat, and Abba Adaudu, who made similar deposits into Mr. Abdulahi's account.
  • Ms. Achille named some of the accounts that allegedly received suspicious funds from different LGAs in Kogi State, including Fazab Business Enterprise and Hyzman Ary Construction Limited, which received N171,347,600 and N257,016,400 on August 29 and 30, 2017, respectively.
  • The bank officials also confirmed that the withdrawal of large cash followed by additional cash lodgments in the accounts.
  • Stakeholders have called for deeper collaboration in the fight against corruption.

Statistics:

  • The bank reported a total of N171,347,600 in lodgments into Ary Construction and Integrated Services' account on August 29, 2017.
  • A total of N257,016,400 was recorded in the account on August 30, 2017, with 24 cash withdrawals, leaving a balance of N21,015,400.
  • The bank officials stated that the account received N200 million in withdrawals between August 30 and September 7, 2017.
  • On October 14, 2019, the account received a credit inflow of N250 million from Stardvest Construction Works Limited.
  • The account had a balance of N45.52 kobo before the credit, and N150 million was withdrawn on the same day, leaving a balance of N100,000,945.52.
  • The bank officials stated that four withdrawals were made on October 16, 2019, leaving a balance of N300,945.52.
  • Between October 22 and 29, 2019, the account received another credit inflow of N250 million and recorded 11 separate cash withdrawals.

Sources:

  • "EFCC publishes photographs of notorious pedophiles arrested in Lagos" by Premium Times, 2023-02-24
  • "Witness reveals how bank officials laundered N3bn for ex-Kogi Governor Bello, others" by Premium Times, 2023-02-27
  • "Gunmen abduct two staff of Nigerian Broadcasting Cooperation" by Channels TV, 2023-02-24
  • "Bandits kidnap truck driver, 10 passengers along Abuja-Kaduna road" by The Cable, 2023-02-24

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