- An Economic and Financial Crimes Commission (EFCC) witness testified on Friday at the Federal High Court in Abuja, detailing how funds were allegedly routed to service a loan for Rayhaan Hotels Limited, linked to former Attorney-General Abubakar Malami.
- The prosecution is pursuing a 16-count charge involving conspiracy, concealment, and laundering of over N8.7 billion against Malami, his wife Hajia Bashir Asabe, and their son, Abubakar Abdulaziz Malami.
- Documents admitted into evidence revealed a N600 million loan application filed by Malami’s son using a separate company as collateral, supported by a series of fragmented deposits from multiple individuals.
The high-profile trial of former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, intensified on Friday, March 6, 2026, as the first prosecution witness provided a breakdown of suspicious financial transactions.
Eko Hot Blog reports that standing trial alongside his wife and son, Malami faces allegations of using a complex network of individuals and companies to launder N8,713,923,759.49.
EDITOR’S PICK
- 540 Candidates Cleared as Lagos APC Moves to Elect LGA Executives
- Court Sentences Pastor to Death for Killing UniUyo Student
- Lagos Teacher Questions Lack of Recognition for One-Day Governor Mentors
The EFCC alleges that these funds were primarily funneled into servicing loans for Rayhaan Hotels Limited, a hospitality venture reportedly owned by the former AGF.
David Ajoma, a compliance officer with Sterling Bank, appeared as the star witness, revealing that the EFCC had requested account packages and financial records for Metropolitan Auto Tech Limited.
This company was reportedly used as collateral for the Rayhaan Hotels loan facility. Ajoma testified that in February 2021, Abubakar Abdulaziz Malami applied for a N600 million loan, which was backed by a fixed deposit established on February 8, 2021.
The prosecution successfully tendered these bank documents, which Justice Abdulmalik admitted into evidence as “Exhibit A series.”
The most striking part of the testimony involved a meticulous list of inflows into the Metropolitan Auto Tech account.
Between September 23 and September 30, 2020, the witness identified over a dozen deposits ranging from N2 million to N9 million from various individuals and enterprises, including Hussaini Jajaye Rogo Enterprises, Yusuf Umar, and Nafiu Muhammad Abubakar.
Financial experts often refer to this pattern as “smurfing” or “structuring,” a tactic used to move large sums of money in smaller increments to avoid regulatory red flags.
Defense counsel J.B. Daudu, SAN, reserved his objections to the admissibility of these documents for his final address, allowing the trial to move forward with the witness’s detailed account.
The testimony forms the backbone of the EFCC’s argument that the Malami family intentionally disguised the origins of unlawful funds to build their private business empire.
As the court adjourned, the prosecution indicated that more witnesses are lined up to further expose the paper trail behind the N8.7 billion fraud.
