Alleged N8.7bn Money Laundering: Court Admits Nine Exhibits Against Ex-AGF Malami, Wife, Son.
By Bala Salihu Dawakin Kudu, Northern Bureau Chief
April 20, 2026.
The high ceilings of the Federal High Court in Maitama, Abuja, echoed with legal arguments and the rustle of documents on Monday as proceedings intensified in the high-profile alleged money laundering case involving former Attorney-General of the Federation, Abubakar Malami, his wife, Hajia Bashir Asabe, and their son, Abubakar Abdulaziz Malami.
Presiding over the matter, Justice Joyce Abdulmalik admitted nine documentary exhibits presented by the Economic and Financial Crimes Commission (EFCC), marking a significant step in the prosecution’s attempt to establish a complex web of financial transactions allegedly linked to unlawful activities.
- Advertisement -
The exhibits, labeled D1 to D9, were tendered through the fourth prosecution witness, Mashelia Arhyel Bata, a compliance officer with Zenith Bank Plc. Calm and methodical in his testimony, Bata outlined how the bank responded to official EFCC requests for account records tied to the defendants and several corporate entities.
According to the witness, the financial trail spans more than a decade, with account activity stretching from 2012 through 2023. The documents include account opening forms, transaction histories, and correspondence, offering what prosecutors describe as a “financial narrative” of inflows and outflows running into billions of naira.
Among the companies named in the documents are Rayhaan Hotels Limited, Rayhaan Bustan Agro Allied Limited, Nashab Limited, Golden Age Global Ventures, and Rahamaniyya Properties Limited—entities the EFCC alleges are connected to the accused.
The court heard that one of the accounts linked to Malami recorded credits exceeding ₦383 million between 2016 and 2023, with earlier inflows surpassing ₦560 million between 2012 and 2015. Transactions highlighted by the prosecution include:
₦194.7 million received from New Horizons Limited in November 2020
₦622.5 million from Rayhaan Bustan Agro Allied Limited in June 2022
Two separate ₦250 million inflows from Rayhaan Hotels Limited in July 2022
₦500 million credited in December 2022 from another associated entity
The prosecution alleges that these transactions form part of a broader scheme involving the concealment and movement of illicit funds totaling ₦8.7 billion, in violation of the Money Laundering (Prevention and Prohibition) Act 2022.
Defence counsel, J. B. Daudu (SAN), initially objected to the admissibility of the exhibits, questioning the timing and compilation of the documents. However, the court overruled the objection, allowing the evidence to stand.
Following the admission, Daudu requested additional time to scrutinize the materials ahead of cross-examination. “My lord, we need time to go through the nine exhibits tendered,” he told the court.
Granting the request, Justice Abdulmalik adjourned the case to May 13, 2026.
Broader Implications
This case is widely regarded as a litmus test for Nigeria’s anti-corruption drive, particularly given Malami’s former position as the nation’s chief law officer.
Legal analysts note that the outcome could have far-reaching implications for public accountability and the credibility of institutions tasked with enforcing financial transparency.
Anchored on documentary evidence and financial records—reflects a growing reliance on forensic accounting and compliance systems within Nigeria’s banking sector. Experts in investigative journalism and financial crimes say such cases underscore the importance of data-driven reporting, transparency tools, and inter-agency collaboration.
As the trial resumes in May, attention will shift to the defence’s cross-examination of the prosecution’s witness and the interpretation of the financial records already admitted into evidence.
For now, the courtroom battle continues—one that not only pits the EFCC against a former top government official but also tests the strength of Nigeria’s legal framework in addressing complex financial crimes.
(DEMOCRACY NEWSLINE NEWSPAPER, APRIL 20TH 2026)
