Alleged N3bn Fraud: Court Grants Governor Yahaya Bello’s Nephew N500m Bail
Ali Bello, a nephew of Kogi State Governor, Yahaya Bello, has been granted bail by a federal high court sitting in Abuja.
The Economic and Financial Crimes Commission (EFCC), on 8 February, arraigned Ali Bello over his involvement in an alleged misappropriation of over N3 billion.
The governor’s nephew was arraigned alongside Abba Adauda, Yakubu Siyaka Adabenege and Iyada Sadat on 18 count charges bordering on criminal misappropriation and money laundering to the tune of N3,081,804,654.00.
KanyiDaily recalls that the defendants pleaded not guilty to the charges and were remanded in prison pending when the bail application is moved.
But admitting the defendants to bail on Monday, February 20, the judge, Justice Obiora Egwuatu held that the offences against Bello and his co-defendants are bailable.
The defendants were admitted to bail in the sum of N500 million each with two sureties in like sum to enable them to adequately prepare for their trial.
The judge ruled that the sureties must reside in Abuja, with identifiable addresses, and own landed properties worth N500 million within the jurisdiction of the court.
He said the original title documents of the properties must be deposited with the registrar of the court, as well as evidence of tax payment for three years between 2020 to 2022.
The defendants are also to deposit their international passports with the court and can only travel after due permission from the court.
The matter has been adjourned to April 16 for the commencement of trial.
KanyiDaily recalls that Kogi State Government had threatened to sue the EFCC over a recent order of the court that froze N20billion in its bank account.