The Digest:
A compliance officer from Access Bank, Olomotane Egoro, has testified in the trial of former Kogi State Governor Yahaya Bello, detailing how billions of naira were allegedly transferred from Local Government Area accounts into private companies. Egoro stated that between May and December 2022, over N2.5 billion was paid into Fazab Business Enterprise from various Kogi LGAs, with the majority subsequently withdrawn in cash by an individual named Yakubu Siyaka. He also testified that another company, E-traders International Limited, received approximately N3.1 billion in cash deposits over eight months, primarily from individuals, including Abba Adaudu. Bello faces a 19-count charge of money laundering totaling N80.2 billion.
Key Points:
- The testimony alleges a direct diversion of funds meant for local governance, impacting public services and development across Kogi State's communities.
- It outlines a pattern of large-scale cash movements that circumvent financial transparency and anti-money laundering controls.
- The private companies and named individuals face scrutiny for their alleged roles as conduits, while the former governor's legal jeopardy intensifies.
- The detailed financial trail presented in court challenges the integrity of sub-national fiscal management and the safeguarding of public funds.
- The timing of the testimony, as the trial progresses, is critical for establishing the prosecution's narrative of systemic fund diversion.
The court testimony has placed a detailed paper trail of alleged fund movement at the center of this high-profile corruption trial.
Sources: Court proceedings, TheCable
