Nigeria courts rule on Yahaya Bello aide forex deals and Malabu Oil fraud case

In separate legal developments in Nigeria, courts have issued significant rulings regarding high-profile financial crime cases.

In the ongoing N110.4 billion fraud trial of former Kogi State Governor Yahaya Bello, a bureau de change operator, Jamilu Abdullahi, testified that he facilitated foreign exchange transactions totaling N1.425 billion on behalf of Abba Adaudu. The transactions, occurring between December 2021 and February 2022, involved cash lodgments and bank transfers used to purchase U.S. dollars. Abdullahi maintained that the funds were intended for forex purchases rather than personal gifts.

Separately, the Federal High Court in Abuja acquitted businessman Aliyu Abubakar and Malabu Oil and Gas Limited in a $1 billion money laundering case linked to the controversial Oil Prospecting Licence (OPL) 245. Justice Inyang Ekwo ruled that the Economic and Financial Crimes Commission (EFCC) failed to prove the allegations beyond reasonable doubt. The judge also criticized the EFCC for proceeding with the prosecution despite a 2018 directive from the Attorney-General of the Federation advising against it due to insufficient evidence.