An Economic and Financial Crimes Commission (EFCC) witness told a Federal High Court in Abuja on Friday that former Attorney General of the Federation Abubakar Malami has no connection to banking transactions involving Rayhan Hotels Limited and Metropolitan Autotech Limited at Sterling Bank.
David Ajoma, a Compliance Officer at Sterling Bank and the EFCC’s first prosecution witness, tendered a 214-page document showing inflows and outflows for the two companies’ accounts. The document was admitted as Exhibit “A Series” by Justice Joyce Abdulmalik.
Ajoma testified that Malami’s name does not appear in the account opening documents or as a signatory for either account.
He confirmed no funds were received from the Federal Ministry of Justice, the EFCC, the National Human Rights Commission, or any agency under Malami’s former supervision.During cross-examination by defense counsel Joseph Daudu (SAN), the witness stated that neither Malami nor his wife, Hajia Bashir Asabe, featured in any transactions linked to the accounts.
He identified Malami’s son, Abdulaziz Abubakar Malami, as the sole signatory and operator of Rayhan Hotels’ account, while Aliyu Mohammed was the signatory for Metropolitan Autotech Limited.
Ajoma noted that Abdulaziz Malami applied for a N500 million loan from Sterling Bank as Managing Director of Rayhan Hotels.
He added that the bank received various payments into Rayhan Hotels’ account from corporate bodies and individuals, but he was unaware of their specific purposes.
The witness also confirmed that Sterling Bank did not report any suspicious activity to the EFCC or the Nigeria Financial Intelligence Unit (NFIU), as no transactions breached Central Bank of Nigeria guidelines.
The testimony forms part of the ongoing trial of Abubakar Malami, his son Abdulaziz Abubakar Malami, and Hajia Bashir Asabe (an employee of Rahamaniyya Properties Limited). They face a 16-count charge of money laundering involving about N8.7 billion.
The EFCC alleges the defendants conspired to conceal and launder proceeds of unlawful activities between November 2015 and June 2025, using the funds to acquire luxury properties in Abuja, Kebbi, Kano, and elsewhere.
Allegations include using Metropolitan Auto Tech Limited to conceal over N1 billion and additional sums in a Sterling Bank account, retaining N600 million as collateral for a N500 million loan to Rayhaan Hotels, and disguising the source of funds used to purchase properties such as a duplex in Maitama and others in Garki, Asokoro, and Gwarimpa.
All defendants have pleaded not guilty.Justice Abdulmalik adjourned the matter to March 16, 2026, for the testimony of a Union Bank official.
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