Stephen Ukandu, Umuahia
Fresh revelations emerged on Monday in the ongoing N9 billion money laundering trial of former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, as a bank compliance officer told the Federal High Court in Abuja how funds were repeatedly transferred to him from the account of a hotel owned by his wife.
Testifying before Justice Joyce Abdulmalik, the prosecution’s second witness (PW-2), Mr. Daniel Simon Kwayil, said the transfers originated from the bank account of Meethaq Hotels Limited, where Malami’s wife, Hajiya Asabe Rakiya Bashir, is the sole signatory.
Kwayil, a bank compliance officer, identified Malami’s wife in the dock during the proceedings and explained that the account documents clearly showed her as the only authorised signatory to the hotel’s account.
The witness said the bank released the account records to the Economic and Financial Crimes Commission (EFCC) after receiving a request for documents relating to the account operated by the hotel.
He told the court that several payments were traced from the hotel’s account to the former justice minister.
According to him, on February 5, 2024, the hotel transferred ₦14 million to Malami via instant transfer. Another ₦24 million was wired to him on March 4, 2024, while ₦12.5 million was transferred on May 3, 2024.
He further stated that on February 3, 2024, the hotel also transferred ₦24 million to Malami’s law firm, A. A. Malami & Co.
Malami, who served as justice minister between 2015 and 2023 under former President Muhammadu Buhari, is standing trial alongside his wife and son, Abdulaziz.
The trio are facing a 16-count amended charge bordering on conspiracy, concealment, and laundering of proceeds of unlawful activities.
The EFCC alleged that the defendants laundered about ₦9 billion in public funds and used several companies and accounts to disguise the origin of the money.
According to the anti-graft agency, the former AGF allegedly used companies such as Metropolitan Auto Tech Limited to conceal over ₦1.01 billion, while another ₦600 million was reportedly siphoned through the same firm between September 2020 and February 2021.
The commission also alleged that the defendants retained ₦600 million as cash collateral in March 2021 to secure a ₦500 million loan obtained by Rayhaan Hotels Limited, despite allegedly knowing that the funds were proceeds of crime.
They were initially remanded after pleading not guilty but were later granted bail of ₦200 million each on March 6, with two sureties in like sum.
During Monday’s proceedings, the EFCC also called its third witness, bank compliance officer Mr. Olomotane Egoro, who presented documents relating to accounts linked to Rayhaan Bustan and Agro Allied Nigeria Limited and Khadimiyya for Justice and Development Initiative.
Egoro told the court that Malami’s son was the sole signatory to the account of Rayhaan Bustan and Agro Allied Nigeria Limited, which obtained a ₦400 million loan facility from a bank in October 2020.
He said the loan was disbursed into the company’s account and later fully repaid in July 2022, adding that several transfers amounting to ₦100 million were made from the account to New Horizon Limited on the same day.
The witness also disclosed that the Khadimiyya for Justice and Development Initiative account received deposits from various individuals and companies, with total lodgments between October 2019 and December 2023 amounting to ₦722.9 million.
He added that the total inflow into the Rayhaan Bustan and Agro Allied Limited account between March 2020 and January 2025 stood at ₦1.85 billion.
Justice Abdulmalik adjourned the case to April 20 for continuation of hearing.
