By SCM News Desk I Thursday, Oct. 15, 2026
ABUJA, Nigeria — In the ongoing trial of Yahaya Bello, the former governor of Nigeria’s Kogi State, a key prosecution witness told an Abuja court on Thursday that more than ₦1.425 billion ($900,000) was funneled into foreign exchange transactions over a two-month span as part of an alleged multi-billion-naira corruption scheme.
Testifying before Justice Maryanne Anineh at the Federal Capital Territory High Court in Maitama, Jamilu Abdullahi, a currency trader, detailed how vast sums of Nigerian naira were systematically converted into United States dollars between December 15, 2021, and February 21, 2022.
The testimony forms part of the Economic and Financial Crimes Commission’s (EFCC) broader case against Mr. Bello, who faces charges relating to the alleged misappropriation and laundering of ₦110.4 billion in public funds during his tenure as governor.
Tracing the Currency Exchange
Led in evidence by senior prosecution counsel Kemi Pinheiro, SAN, Mr. Abdullahi—appearing as the 19th prosecution witness—described a complex web of cash deposits and corporate wire transfers executed on behalf of an associate identified as Abba Adaudu.
Exhibits presented in court revealed a pattern of structured bank deposits designed to facilitate foreign currency purchases. Examining bank records dating from July 2021 to April 2022, Mr. Abdullahi confirmed receiving multiple cash lodgments of ₦10 million each at bank branches in Lokoja, the capital of Kogi State.
“My lord, I confirm the cash lodgments of ₦10 million by Abba Adaudu from the Lokoja branch,” Mr. Abdullahi testified. “I confirm I received the cash lodgments. It wasn’t for a gift, but for a forex transaction.”
Mr. Abdullahi testified that while several transaction receipts from the Lokoja branch listed his name as the depositor—including transactions in February and March 2022—he had never physically visited the branch in his life. He explained that third-party names were routinely cited in payment narrations based on instructions from Mr. Adaudu.
“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, adding that he delivered the converted U.S. dollars directly to Mr. Adaudu at offices in Abuja.
Shell Entities and Million-Naira Transfers
The witness also identified corporate accounts used to route funds into his business, Kunfayakun Global Limited, and his personal account at Access Bank.
According to the testimony, corporate entities connected to Mr. Adaudu—including Keyless Nature Limited and Ejadams Essence Limited—transferred hundreds of millions of naira in late 2021 and early 2022. Among these were a single ₦400 million transfer from Keyless Nature Limited and a series of transactions from Ejadams Essence Limited on February 18, 2022, totaling ₦600 million.
Background: The Corruption Trial of Ex-Governor Yahaya Bello
The Charges: Yahaya Bello, who served as Governor of Kogi State from 2016 to 2024, is being prosecuted by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), over allegations of financial diversion, criminal breach of trust, and money laundering totaling approximately ₦110.4 billion.
The Role of BDCs: Bureau de Change (BDC) operators have increasingly become central figures in high-profile financial crime proceedings in Nigeria, as investigators scrutinize unofficial and cash-based foreign exchange channels used to bypass standard banking compliance and launder state revenues into foreign currencies.
Legal Context: Proceedings before the FCT High Court in Maitama are part of wider anti-corruption enforcement efforts targeting top public officials accused of siphoning public funds into private enterprise, real estate, and foreign asset acquisitions.