December 30, (THEWILL) — The Economic and Financial Crimes Commission (EFCC), on Tuesday, arraigned former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and his son, Abdulaziz Abubakar Malami, over an alleged N9 billion money laundering offence.
Malami, his son alongside Bashir Asabe, were docked before Justice Emeka Nwite of the Federal High Court, Abuja, on a 16-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
THEWILL reports that the three defendants pleaded not guilty to all the charges when they were read in open court.
Following their plea, defence counsel, J. B. Daudu, SAN, made an oral application seeking the release of the defendants on bail pending the determination of the case. The prosecution, led by the EFCC, opposed the application and urged the court to order an accelerated hearing, citing the gravity of the allegations and the weight of the charges.
The anti-graft agency alleged that the defendants laundered public funds totalling about N9 billion, contrary to Sections 15(2)(d) and 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended), as well as relevant provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, Malami allegedly used proceeds of unlawful activities to acquire prime properties in Abuja, Kebbi, Kano, and other cities across the country.
The commission further alleged that between July 2022 and June 2025, the defendants used a company, Metropolitan Auto Tech Limited, to conceal over N1.01 billion in a Sterling Bank Plc account. It was also alleged that the same company was used to siphon about N600 million between September 2020 and February 2021.
The prosecution told the court that in March 2021, the defendants allegedly retained N600 million as cash collateral for a N500 million loan obtained by Rayhaan Hotels Limited from Sterling Bank Plc, despite knowing that the funds were proceeds of crime.
One of the counts accused the defendants of procuring Metropolitan Auto Tech Limited to conceal the unlawful origin of N1,014,848,500 lodged in a Sterling Bank account, an offence contrary to Section 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
Another count alleged that Malami, while serving as Attorney-General of the Federation, and his son concealed the unlawful origin of N600,013,460.40 between September 2020 and February 2021, contrary to the Money Laundering (Prohibition) Act, 2011 (as amended).
The EFCC further alleged that in November 2022, Malami, his son, and Bashir Asabe, described as an employee of Rahamaniyya Properties Limited, disguised the unlawful origin of N500 million paid to Efab Properties Limited for the purchase of a luxury duplex located at Amazon Street, Plot 3011, Cadastral Zone A06, Maitama District, Abuja.
Justice Nwite adjourned the matter for the hearing of the bail application and ordered that the defendants be remanded at the Kuje Correctional Centre pending the determination of their bail request.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
