Bank Flags Malami’s Transactions as Court Hears Fresh Details in Alleged N8.7bn Money Laundering Trial

Bank Flags Malami’s Transactions as Court Hears Fresh Details in Alleged N8.7bn Money Laundering Trial

Fresh revelations emerged at the Federal High Court in Abuja on Wednesday as a prosecution witness disclosed that a commercial bank filed suspicious transaction reports linked to former Attorney-General of the Federation, Abubakar Malami, during an ongoing money laundering trial.

The witness, identified as a compliance officer with Zenith Bank, testified before Justice Joyce Abdulmalik that the bank flagged several transactions associated with accounts connected to Malami and submitted reports in line with Nigeria’s financial compliance regulations.

According to court proceedings, the Economic and Financial Crimes Commission (EFCC) is investigating alleged financial irregularities involving approximately N8.7 billion. Malami, alongside members of his family, has denied the allegations and pleaded not guilty to the charges.

The prosecution witness explained that banks are legally obligated to monitor unusual account activities and escalate suspicious transactions through formal reporting mechanisms. These reports, commonly known as Suspicious Transaction Reports (STRs), are designed to help regulatory and anti-corruption agencies detect possible money laundering, abuse of public office, or other financial crimes.

During the hearing, the court was informed that the flagged transactions became part of a broader investigation into the movement of funds allegedly linked to the former justice minister. The testimony adds another layer to a case that has continued to attract public and political attention due to Malami’s previous role as Nigeria’s chief law officer under former President Muhammadu Buhari.

Legal analysts note that the testimony from banking compliance officials could become significant in establishing whether financial reporting standards were breached or whether the transactions in question violated anti-money laundering laws. Financial institutions in Nigeria are required by law to report transactions deemed inconsistent with known customer profiles or those suspected to involve illicit funds.

The case has been adjourned as the prosecution continues to present witnesses and documentary evidence before the court.

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