Alleged N3bn Fraud: Gov Bello’s Nephew, Others Get N500m Bail
By Tunde Sholanke
A Federal High Court sitting in Abuja, presided over by Justice Obiora Egwuatu, has granted bail in the sum of N500 million each to Kogi state Governor Yahaya Bello’s nephew, Ali Bello and his co-defendants, in a N3billion money laundering trial.
The Economic and Financial Crimes Commission is prosecuting the Governor’s nephew and Abba Adauda, Yakubu Siyaka Adabenege, as well as Iyada Sadat for allegedly misappropriating N3,081,804,654.00 (Three Billion, Eighty One Million, Eight Hundred and Four Thousand, Six Hundred and Fifty Four Naira).
They were arraigned on February 8, 2023, but however, pleaded not guilty.
But Justice Egwuatu held that he was inclined to admit them to bail in the sum of N500 million each, with two sureties in like sum.
The sureties should be resident in Abuja, with identifiable address and must own landed property worth N500 million within the jurisdiction of the court.
The judge held that the original title documents to the said property must be deposited with the registrar of the court, as well as evidence of tax payment for three years running from 2020 to 2022.
Besides,the court ordered the defendants to deposit their international passports with the court, insisting that they cannot travel abroad without due permission of the court.
The judge fixed April 16 for commencement of trial.
The defendants were in count one charged with procuring, “E- Traders International Limited to retain the aggregate sum of N3,081,804,654.00 which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: criminal misappropriation, and you thereby committed an offence contrary to sections 18(a), 15(20)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
They were also charged with procuring, “E-Traders International Limited to transfer the aggregate sum of $570,330 to account number no; 426-6644272 domiciled in TD Bank, United States of America, which sum you reasonably ought to have known forms part of proceeds of unlawful activity to with: criminal misappropriation, and you thereby committed an offence contrary to section 15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
