Court Hears How Zenith Bank Flagged Malami Transactions as Suspicious

Court Hears How Zenith Bank Flagged Malami Transactions as Suspicious

The trial of former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, continued on Wednesday at the Federal High Court in Abuja, with a compliance officer from Zenith Bank confirming that the bank filed Suspicious Transaction Reports (STRs) over transactions linked to accounts associated with the former minister.

The witness, Mashelia Arhyel Bata, testified before Justice Joyce Abdulmalik at the Federal High Court sitting in Maitama, Abuja, in a case filed by the Economic and Financial Crimes Commission (EFCC).

The prosecution alleges that Abubakar Malami, his wife, Hajia Bashir Asabe, and his son, Abubakar Abdulaziz Malami, are involved in an amended 16-count charge bordering on conspiracy, concealment, and the laundering of about ₦8.7 billion, said to be proceeds of unlawful activities. The EFCC further alleges that the funds were moved through multiple accounts linked to the defendants as part of its broader financial investigation.

During cross-examination by defence counsel, Adebayo Adedeji (SAN), the Zenith Bank compliance officer confirmed that all transactions reflected in the account statements complied with Central Bank of Nigeria (CBN) regulations. However, he told the court that despite this compliance, the bank was still legally required to escalate certain transactions that appeared unusual or suspicious under anti-money laundering laws. The witness stated, “But we had to file Suspicious Transaction Report. We did file.”

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He further explained that financial institutions are mandated to report transactions that appear unusual, repetitive, or capable of raising compliance concerns, adding that such reports are forwarded to the Nigerian Financial Intelligence Unit (NFIU) for further review and analysis.

The courtroom experienced brief tension when EFCC counsel, J.S. Okutepa (SAN), asked the witness to explain what constitutes a Suspicious Transaction Report (STR). The defence objected, arguing that the witness had already addressed the issue and that further questioning was unnecessary. However, Justice Joyce Abdulmalik overruled the objection, citing Section 215(3) of the Evidence Act and allowing the prosecution to proceed.

The witness further clarified that banks are expected to escalate transactions that show repetitive patterns or unusual financial movements that may indicate possible irregularities. “Any deposition of funds seen in a pattern or repetitive, you must escalate it to the NFIU,” he said.

Bata also told the court that his role as a compliance officer was limited to responding to regulatory inquiries and law enforcement requests. He added that he was neither the account officer nor the relationship manager responsible for managing the accounts under investigation.

After his testimony, the court discharged the witness and adjourned the matter to May 22 for continuation of hearing. The case forms part of the EFCC’s ongoing anti-corruption prosecutions targeting politically exposed persons and high-value financial transactions suspected to involve illicit funds. The defendants, however, have consistently denied all allegations, insisting that the transactions were legitimate and carried out in line with due process.

Court Hears How Zenith Bank Flagged Malami Transactions as Suspicious