Federal High Court Admits Nine Key Exhibits in N8.7 Billion Money Laundering Case
The Federal High Court sitting in Abuja has formally admitted nine crucial documentary exhibits in the ongoing high-profile trial of former Attorney-General of the Federation, Abubakar Malami, alongside his wife, Hajia Bashir Asabe, and their son, Abdulaziz Malami. The trio are facing serious allegations of money laundering involving approximately N8.7 billion.
Prosecution Presents Bank Compliance Officer as Witness
During Monday's hearing before Justice Joyce Abdulmalik, the prosecution presented its fourth witness, Mashelia Bata, a compliance officer from Zenith Bank's Maitama branch. Bata testified about his role in responding to requests from law enforcement agencies, specifically detailing how Zenith Bank provided documents to the Economic and Financial Crimes Commission (EFCC) concerning the defendants and several associated companies.
The admitted documents, which span from July 19, 2024, to March 12, 2026, were marked as Exhibits D1 to D9. Prosecuting counsel Jibril Okutepa successfully tendered the exhibits despite objections from defence lawyer Joseph Daudu, who raised concerns about the dating of the documents.
Detailed Financial Transactions Revealed in Court
Witness Bata provided comprehensive testimony about the financial activities documented in the exhibits, revealing:
- Account opening documents and statements for accounts belonging to Abubakar Malami and A.A. Malami & Co, covering both naira and dollar accounts
- Account activity spanning from January 1, 2012, to December 31, 2023, with active transactions occurring between 2015 and 2023
- Total credits of N383,637,021.55 recorded between 2016 and 2023
- Credits amounting to N560,506,465.12 between 2012 and 2015
- Debits of N384,322,120.85 between 2016 and 2023
- Debits totaling N571,891,174.08 between 2012 and 2015
Specific High-Value Transactions Identified
The compliance officer highlighted several substantial financial inflows documented in the exhibits:
- N194,791,608.00 from New Horizons Limited on November 11, 2020
- N622,500,000.00 from Rayhaan Bustan Agro Allied Limited on June 24, 2022
- Two separate N250 million transfers from Rayhaan Hotels Limited on July 1 and July 7, 2022
- N500 million from Rayhaan Bustan Agro Allied Limited on December 22, 2022
Bata emphasized that "several other transactions contained in the exhibits run into billions of naira," underscoring the scale of the financial activities under scrutiny.
Companies Linked to the Case
The bank documents presented in court connected the defendants to multiple corporate entities, including:
- Rayhaan Hotels Limited
- Rayhaan Bustan Agro Allied Limited
- Nashab Limited
- Golden Age Global Ventures
- Rahamaniyya Properties Limited
Legal Proceedings and Adjournment
Following the conclusion of Bata's evidence-in-chief, defence counsel requested an adjournment to thoroughly review the newly admitted documents and prepare for cross-examination. Justice Abdulmalik granted the request and adjourned the case until May 13 for continuation of the trial.
The defendants face a 16-count charge filed by the EFCC, accusing them of conspiring to conceal and retain about N8.7 billion allegedly derived from unlawful activities between 2015 and 2025. The admission of these nine exhibits represents a significant development in what has become one of Nigeria's most closely watched financial crime cases.
