Financial institutions lined up as EFCC moves against ex-AGF Malami

Some bank officials and Bureau De Change (BDC) operators have been listed as prosecution witnesses in the ongoing money laundering case filed by the Economic and Financial Crimes Commission (EFCC) against former Attorney-General of the Federation, Abubakar Malami, SAN.

Court documents filed by the EFCC and seen on Wednesday indicate that the anti-graft agency plans to rely on testimony from representatives of financial institutions and forex operators to establish its case against the former justice minister and other defendants.

The development comes weeks after reports emerged that Malami is under investigation for 18 alleged offences bordering on money laundering and abuse of office during his tenure as Attorney-General and Minister of Justice.

Charges and alleged transactions

In the charge marked FHC/ABJ/CR/700/2025, Malami, Hajia Bashir Asabe and Abubakar Abdulaziz Malami are accused of contravening provisions of the Money Laundering Act involving transactions running into billions of naira.

One of the 16 counts alleges that Malami and Abdulaziz used Metropolitan Auto Tech Limited to conceal the unlawful origin of N1,014,848,500 allegedly domiciled in a Sterling Bank Plc account.

Another count accuses the former AGF of acquiring multiple properties said to represent proceeds of unlawful activity. These include residential and commercial properties in Abuja, Kano and Kebbi State, valued at about N415 million, according to the EFCC.

The prosecution further alleges that the defendants conspired to launder illicit funds by concealing, disguising and acquiring proceeds of unlawful activity.

Malami confirms receiving EFCC invitation, says he will honour summons

Supporting court filings show that the EFCC intends to call witnesses from Zenith Bank Plc, Sterling Bank Plc and several BDC operators, alongside EFCC investigators expected to testify on the outcome of the probe that led to the charges.

All allegations remain subject to judicial determination.

Malami pushes back

Reacting through a statement issued on Wednesday, Malami’s media aide, Mohammed Bello Doka, accused the EFCC of acting in “brazen and contemptuous disregard for the rule of law,” particularly in relation to his detention.

Malami’s camp claimed that despite a bail order granted by a High Court of the Federal Capital Territory on December 23, EFCC officials allegedly refused to comply and continued to detain him.

The statement further argued that Malami has been held for over 14 days without arraignment, describing the detention as unconstitutional and oppressive. It also claimed that the court order authorising his detention expires today.

The EFCC has previously denied allegations of intimidation or partisanship, insisting that its actions are guided strictly by the law.

The case forms part of a broader wave of investigations targeting former public officials who served under past administrations, as anti-corruption agencies intensify scrutiny of alleged financial misconduct.