N8.7b Fraud: Malami, Wife, Son Granted N200m Bail Each

A Federal High Court in Abuja has granted bail of N200 million each to former Attorney General of the Federation (AGF) Abubakar Malami (SAN), his wife Asabe Bashir, and their son Abdulaziz in an alleged N8.7 billion money laundering case.

The three defendants are being prosecuted by the Economic and Financial Crimes Commission (EFCC) over alleged financial crimes linked to funds amounting to about N8.7 billion.

In a ruling delivered on Friday, Justice Joyce Abdulmalik ordered that each defendant must provide two sureties who own developed landed properties in Abuja’s Maitama or Asokoro districts. The judge also directed that the property documents be verified by the Deputy Chief Registrar of the court, while the sureties must swear to an affidavit of means.

The court further ordered the defendants to deposit their international passports with the court and barred them from travelling outside the country without prior approval. They and their sureties were also instructed to submit two recent passport photographs.

Pending the fulfilment of the bail conditions, Justice Abdulmalik directed that Malami and his son be remanded at Kuje Correctional Centre, while his wife will be held at Suleja Correctional Centre in neighbouring Niger State.

The bail applications were moved by the defence counsel, Joseph Daudu (SAN), and were not opposed by the prosecuting counsel, Jibrin Okutepa (SAN).

Earlier in the proceedings, the prosecution called its first witness, David Ajoma, a Compliance Officer with Sterling Bank.

While being led in evidence by Okutepa, Ajoma tendered a 214-page bank statement detailing transactions involving accounts operated by Rayhan Hotels and Metropolitan Autotech Limited with Sterling Bank.

The witness told the court that several payments running into millions of naira were made into the accounts of the two companies by corporate organisations and individuals at different times.

However, under cross-examination by the defence, Ajoma stated that Malami’s name did not appear in any of the transactions conducted through the accounts of the two companies.

He also told the court that neither the Federal Ministry of Justice, the EFCC, the National Human Rights Commission, nor any agency under the ministry transferred funds into the accounts while Malami served as Attorney General.

Ajoma further confirmed that Malami was not listed as a signatory to the accounts of Rayhan Hotels or Metropolitan Autotech Limited.

According to the bank documents presented in court, an application for a N500 million loan facility submitted to Sterling Bank was made by Abdulaziz in his capacity as Managing Director of Rayhan Hotels.

The witness said he was unaware of the purposes of several payments made into the account of Rayhan Hotels by various individuals and companies.

Ajoma also told the court that Sterling Bank did not file any suspicious transaction reports with the EFCC or the Nigerian Financial Intelligence Unit (NFIU), as none of the transactions violated regulations set by the Central Bank of Nigeria.