Bank Witness Says Transactions Linked to Ex-AGF Malami Were Flagged in N8.7bn Trial
Bank Witness Says Transactions Linked to Ex-AGF Malami Were Flagged in N8.7bn Trial
A prosecution witness in the ongoing N8.7 billion alleged money laundering case involving former Attorney-General of the Federation, Abubakar Malami, has told the Federal High Court in Abuja that financial transactions linked to the former minister were flagged and reported for further scrutiny.
The witness, a compliance officer with a commercial bank, testified before Justice Joyce Abdulmalik during the continuation of the trial involving Malami, his wife, Asabe Bashir, and their son, Abdulaziz Malami. The three defendants are facing a 16-count charge bordering on alleged money laundering and concealment of proceeds of unlawful activities amounting to N8.7 billion.
During cross-examination, the witness acknowledged that the transactions complied with existing banking regulations and guidelines. However, he explained that the bank still filed a Suspicious Transaction Report (STR) in line with its regulatory obligations.
The witness further informed the court that unusual patterns of deposits and repetitive financial transactions are required to be reported to the Nigerian Financial Intelligence Unit (NFIU) for further analysis and monitoring. He clarified that his role as a compliance officer involved handling regulatory and law-enforcement correspondence and that he was neither the account officer nor relationship manager for the accounts under investigation.
Following the testimony, the court discharged the witness after both prosecution and defence teams concluded their examination.
The Economic and Financial Crimes Commission (EFCC) alleges that Malami and his co-defendants conspired to conceal and retain proceeds of unlawful activities through multiple bank accounts, companies and property acquisitions across several states. The anti-graft agency claims the funds were used to acquire assets in Abuja, Kano and Kebbi, among other locations.
Malami and the other defendants have pleaded not guilty to the charges. The court subsequently adjourned proceedings for the continuation of the trial.
