RismadarVoice Reporters, March 6, 2026
Justice R.M. Aikawa of the Federal High Court, Kaduna, has rejected a fresh bail application filed by Basir Ibrahim Bello, the Managing Director of Formal Act Legacy Limited, who is standing trial over an alleged N30 billion fraud.
Bello is being prosecuted by the Kaduna Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) following the receipt and investigation of over 400 petitions alleging various financial crimes against him.
At the resumed hearing of the case, counsel to the prosecution, F.A.I. Asemebo, informed the court that the defendant had allegedly made publications in two national newspapers while in custody, a move the prosecution argued could interfere with the ongoing trial.
The prosecution maintained that the action raised concerns about the potential impact on the judicial process.
Justice Aikawa subsequently declined the fresh bail application, marking the second time the defendant’s attempt to secure bail has been unsuccessful since the commencement of the trial.
The case forms part of ongoing efforts by the EFCC to prosecute large-scale financial crimes and protect investors from fraudulent schemes.
