‘N8.7b fraud’: Malami’s bankers filed suspicious reports on his transactions, witness tells court

The fourth prosecution witness, PW4, in the ongoing trial of the former Attorney General of the Federation and Minister of Justice, Abubakar Malami, on Wednesday, told Justice Joyce Abdulmalik of the Federal High Court, Maitama, Abuja, that Zenith Bank Plc, where the former AGF had an account, filed a Suspicious Transaction Report (STR), in relation to his transactions.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Malami together with his wife, Hajia Bashir Asabe, and son, Abubakar Abdulaziz Malami, on 16 amended charges, bordering on conspiracy, procuring, disguising, concealing and laundering proceeds of illegal activities amounting to N8,713,923,759.49 (Eight Billion Seven Hundred and Thirteen Million, Nine Hundred and Twenty-Three Thousand, seven hundred and fifty-nine Naira, forty-nine Kobo), contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The witness, Mashelia Arhyel Bata, a Compliance Officer of Zenith Bank Plc, made the disclosure during cross-examination at the resumption of the trial by the defense lawyer, Adebayo Adedeji, SAN.

When asked whether all deposits reported in the bank statements were within the guidelines of the Central Bank of Nigeria (CBN), the witness responded in the affirmative, adding: “but we had to file a suspicious transaction report. We did.”

During re-examination, the prosecuting counsel, JS Okutepa, SAN, asked the witness to explain the meaning of an STR. The defense raised an objection, arguing that there was no ambiguity in the witness’s testimony that warranted clarification.

Okutepa, at that point cited section 215(3) of the Evidence Act, arguing that this did not preclude him from re-examining the witness, urging the court to take up the matter for an adequate explanation.

Judge Abdulmalik quashed the defense and allowed the witness to answer the question.

In his testimony, the witness stated, “Any deposit of funds seen in a schematic or repetitive manner, you need to forward it to the NFIU.” The NFIU is the Nigerian Financial Intelligence Unit, which is an autonomous unit of the Central Bank of Nigeria, CBN, and a central agency for the analysis and dissemination of financial intelligence reports to combat money laundering and terrorist financing.

The witness’s work schedule as a bank compliance officer, he said, “includes receiving correspondence from law enforcement,” and that he was neither the accounting officer nor the account reporting officer of the defendant under investigation.

After his testimony, without further questions from the two lawyers, the witness was discharged from the witness stand.

Justice Abdulmalik adjourned the matter to May 22, 2026, for the continuation of the trial.