Banks Flag Malami’s Accounts in N7.8bn Fraud Trial

The Federal High Court in Abuja resumed the trial of former AGF Abubakar Malami on May 13, 2026. A Zenith Bank compliance officer told Justice Abdulmalik that the bank filed a Suspicious Transaction Report (STR) on several repetitive deposits into Malami’s accounts. The witness explained that, while the deposits met CBN guidelines, their frequency triggered an automatic report to the Nigerian Financial Intelligence Unit. He said his role was to handle law enforcement correspondence, not manage the accounts directly. The EFCC is prosecuting Malami, his wife Hajia Bashir Asabe and their son on a 16-count charge of conspiracy, money laundering and concealment of N8.7bn under the 2022 Money Laundering Act. Under cross-examination, the officer reaffirmed his testimony despite defence objections. The court adjourned proceedings until May 22, 2026.

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