Bank Reportedly Flagged Ex-AGF Malami’s Transactions Amid Ongoing N8.7bn Money Laundering Trial
Bank Reportedly Flagged Ex-AGF Malami’s Transactions Amid Ongoing N8.7bn Money Laundering Trial
A commercial bank has reportedly flagged a series of financial transactions linked to former Attorney-General of the Federation (AGF), Abubakar Malami, as part of a compliance review that later formed part of an ongoing money laundering trial before a Federal High Court in Abuja.
The disclosure was made during court proceedings by a prosecution witness, who stated that the bank raised internal red flags over certain account activities belonging to the former minister, prompting the filing of Suspicious Transaction Reports (STRs) in line with Nigeria’s anti-money laundering regulations.
According to the testimony, the flagged transactions were escalated to relevant financial intelligence authorities after the bank observed patterns considered unusual under standard compliance monitoring systems. The witness further explained that financial institutions are legally required to report such activities when they suspect possible irregularities or abuse of public office.
The court heard that the flagged transactions are part of a wider investigation being handled by the Economic and Financial Crimes Commission (EFCC), involving allegations of money laundering and the movement of funds said to be in billions of naira.
The witness also clarified that banks are mandated under Nigerian financial laws to monitor, document, and report suspicious financial activity, even where initial deposits may appear to comply with regulatory guidelines.
The matter is still before the court, with both prosecution and defence expected to continue presenting evidence in the ongoing trial.
Political and legal observers say the case adds to growing scrutiny around financial transparency among public office holders, especially those who previously occupied high-ranking government positions.
