Anti-graft agency initiates N8.7bn financial fraud prosecution against Malami, his spouse and child

The Economic and Financial Crimes Commission (EFCC) commenced its case against former Minister of Justice, Mr. Abubakar Malami, SAN, his wife, Asabe Bashir, and son, Abdulaziz, on Friday, in the alleged N8.7 billion money laundering trial, with the EFCC being directed to call its first witness by trial judge, Justice Joyce Abdulmalik.

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Justice Abdulmalik declined a request by Joseph Daudu, SAN, the defendants' lawyer, to draw attention to his clients' pending bail application, reminding him that she had made an order to that effect on the last adjourned date.

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The judge ruled that the bail application and other motions would be taken after the EFCC's first prosecution witness had given his evidence-in-chief, following which the EFCC lawyer, Jibrin Okutepa, SAN, called David Ajoma, a banker, as the first prosecution witness (PW-1).

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Ajoma, who works as a compliance officer with Sterling Bank in Abuja, told the court that he had worked with the bank for three years and handles compliance requests from law enforcement agencies, and on Dec. 2, 2025, Sterling Bank received a request from the EFCC seeking details of loan facilities granted to Rayham Hotel Limited.

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The bank subsequently forwarded the requested documents, including the account opening package, loan account statements, and other supporting records, according to Ajoma, who also testified that the loan facility granted to Rayham Hotel Limited was backed by cash collateral from Metropolitan Autotech.

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Ajoma explained that both Metropolitan Autotech and Rayham Hotel Limited maintain separate accounts with Sterling Bank, with the signatory to the Metropolitan Autotech account being one Hassan Aliyu, and under cross-examination by Daudu, Ajoma admitted that he was not the relationship manager for either account.

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Ajoma confirmed that the name of the former AGF, Malami, did not appear on the loan application documents presented to the court, with the only name appearing on the loan application being Abdulaziz Malami, who signed as the Managing Director of Rayham Hotel Limited.

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Ajoma also told the court that none of the transactions reviewed by the bank originated from any government account, the Federal Ministry of Justice, or from Malami personally, and that no transaction was found to be in breach of the Central Bank of Nigeria's regulations.

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After Ajoma concluded his testimony, Daudu moved the bail application for Malami, his wife, and their son, with Okutepa telling the court that the commission would not oppose, but urged the judge to impose conditions to ensure the defendants' availability for trial.

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Justice Abdulmalik granted the bail application, admitting Malami, his wife, and son to bail of N200 million each, with two sureties in like sum, and ordered that one of the sureties shall deposit his or her title deeds of a landed property located at Maitama or Asokoro, Abuja, to the registrar of the court.

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The judge also ordered the defendants to deposit their international passports with the court, and held that the trio would be remanded in Kuje and Suleja Correctional Centres pending the perfection of their bail terms, in a case where Malami, Asabe, and Abdulaziz are being prosecuted on a 16-count charge bordering on alleged money laundering to the tune of N8.7 billion.

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Justice Abdulmalik had, on Feb. 27, admitted Malami and Abdulaziz to a N200 million bail with two sureties in like sum in another charge earlier filed by the Department of State Services (DSS) over alleged terrorism and illegal possession of firearms, a case that has since been taken over by the office of the current AGF, Mr. Lateef Fagbemi, SAN.