N8.7bn Money Laundering: Court Hears How Millions Passed Through Malami-Linked Account

Former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN

N8.7bn Money Laundering: Court Hears How Millions Passed Through Malami-Linked Account

A Jaiz Bank compliance officer on Tuesday told the Federal High Court in Abuja how multi-million-naira transactions flowed through the account of Alkausar Farm, an entity linked to the alleged N8.7 billion money laundering case involving former Attorney-General of the Federation Abubakar Malami, his wife, and his son.

Munawwarah Salisu Anas, the 5th prosecution witness (PW5) in the ongoing trial of a former Minister of Justice and Attorney-General of the Federation, Abubakar Malami, on Tuesday, detailed how several high-value transactions passed through the account of Alkausar Farm. Anas, a Compliance Officer with Jaiz Bank Plc, who gave the details during the former Minister’s trial before the Federal High Court sitting in Maitama, Abuja, said some transactions were done with Alkausar Farm’s account, one of the entities linked to the alleged N8.7 billion money laundering case involving Malami. The Economic and Financial Crimes Commission is prosecuting the trio of Malami; his wife, Hajia Bashir Asabe; and his son, Abubakar Abdulaziz Malami, on a 16-count charge bordering on conspiracy, procuring, disguising, concealing and laundering proceeds of unlawful activities. The fund, according to the anti-graft agency in its charge sheet, was to the tune of N8.7bn (N8,713,923,759.49), contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. The commission alleged that the money laundering schemes were carried out between 2015 and 2025 through multiple bank accounts, corporate entities and high-value property acquisitions. The bulk of the transactions allegedly occurred during Malami’s tenure as Attorney-General of the Federation under former President Muhammadu Buhari’s administration between 2015 and 2023.

At the resumed hearing on Tuesday, the prosecution counsel, J.S. Okutepa, a Senior Advocate of Nigeria, informed the court that the matter was slated for continuation of trial and called Anas to testify. Led in evidence by Okutepa, the witness told the court that as a compliance officer with Jaiz Bank, her responsibilities include interfacing with law enforcement agencies, including the EFCC. When asked whether she received any correspondence from the EFCC in the course of her duties, she answered in the affirmative and identified a letter from the Commission requesting account-related documents. According to her, the bank responded through a letter dated February 4, 2026, addressed to the Executive Chairman of the EFCC. Okutepa thereafter sought to tender the bank’s response and accompanying documents as evidence. The defence counsel, Adedayo Adedeji, also a Senior Advocate of Nigeria, reserved his objection until the final written address. Justice Joyce Abdulmalik admitted the documents in evidence and marked them as Exhibit E Series. Explaining the contents of the exhibit, the witness stated, “Page one is the forwarding letter, page two is the certificate of identification, pages three to twenty-five are the account opening documents, while pages twenty-six to thirty are the statement of account of Alkausar Farm”.

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While reviewing the account statement before the court, Anas identified several inflows and outflows in the account that spanned from 2018 to 2020. On June 13, 2018, the account received a cash deposit of N1 million from Hassan Aliyu, and on June 20, 2018, it received another cash deposit of N2.25 million from Aliyu Mohammed. On December 7, 2018, the account received multiple inflows from Kalamu Wahid Global Concept, including transfers of N10 million each on four occasions and an additional transfer of N8 million on the same day. On December 18, 2018, the account recorded a debit transfer of N45.5 million to Donaliv Global Nigeria Limited. Continuing her testimony, Anas stated that the account received N26.25 million from Al-Afiya Energy Limited on July 13, 2020, and another N26.25 million from the same company on July 22, 2020. On July 24, 2020, the account recorded a transfer debit of N50 million to Sahad Stores Limited and another transfer debit of N1 million to Alfagai Jewelry Nigeria Limited. The witness also testified that on August 12, 2020, the account received a transfer credit of N2.03 million, adding that on the same day, a cheque withdrawal of N2.03 million was made by one Aliyu Mohammed Hassan. In total, the transactions detailed before the court amounted to over N200 million passing through the Alkausar Farm account within the period under review.

Under cross-examination by the defence counsel, the witness confirmed that she did not appear before the court pursuant to a subpoena. When asked whether she knew the purpose of the inflows and outflows reflected in the account statement, she responded, “Yes, we know because we monitor and report to the Nigerian Financial Intelligence Unit (NFIU) if the transactions are suspicious”. During further cross-examination by defence lawyer Mr Adedeji, Anas said she was not the account officer responsible for the account and noted that Jaiz Bank has a chief compliance officer based in Abuja. The witness confirmed that none of the defendants in the case was a signatory to the account and that none of the inflows and outflows reflected in the account records originated from the Federal Ministry of Justice.

Between March and April, the prosecution presented its first four witnesses in the case. The first prosecution witness, David Ajoma, a compliance officer with Sterling Bank in Abuja, told the court that Metropolitan Autotech provided the cash collateral that backed the loan facility granted to Rayhaan Hotels Limited. The second prosecution witness, Daniel Kwayil, a compliance officer with Union Bank, tendered copies of the account opening package and statement of account of Meethaq Hotels Limited, noting that the sole signatory is Asabe Rakiya Bashir, Malami’s wife and co-defendant. The fourth prosecution witness, Mashelia Bata, a compliance officer with Zenith Bank Plc, testified that funds moved through several entities including Rayhaan Hotels Limited, Rayhaan Bustan Agro Allied Limited, Nashab Limited, Golden Age Global Ventures, and Rahamaniyya Properties Limited.

Malami, his wife and son were re-arraigned on February 27 over the money laundering charges and pleaded not guilty. They were remanded in Kuje and Suleja Correctional Centres before their bail application was heard. Justice Abdulmalik, on March 6, admitted them to a N200 million bail each with two sureties each in like sum. The judge ordered that one of the sureties must deposit his or her title deeds of a landed property located at Maitama or Asokoro Districts of Abuja to the registrar of the court, and also directed the defendants to deposit their international passports with the court.

Beyond the corruption trial, Malami is facing forfeiture proceedings involving nearly N13 billion worth of assets seized from him as alleged proceeds of unlawful activities. In January 2026, a Federal High Court granted an interim forfeiture of 57 properties valued at N213.2 billion linked to Malami and two of his sons. The properties include a luxury duplex in Maitama, Abuja, valued at N5.95 billion; a two-winged storey building in Area 11, Garki, Abuja, valued at N7 billion; and Meethaq Hotels Ltd in Jabi, Abuja, valued at N8.4 billion, among other assets located in Abuja, Kebbi, Kano, and Kaduna States.

Following the conclusion of cross-examination and in the absence of any re-examination, the witness was discharged. Thereafter, Justice Abdulmalik adjourned the matter till July 17, 2026, for continuation of trial. The EFCC is expected to call more witnesses to establish its case against the former Attorney-General and his family members.