The Digest:
A federal high court in Abuja has granted bail to former Attorney-General Abubakar Malami, his wife Asabe Bashir, and their son Abdulaziz Malami in the sum of N200 million each with two sureties in like sum. Presiding Judge Joyce Abdulmalik ordered that one of the sureties must deposit title deeds of property in Maitama or Asokoro, Abuja. The defendants must also deposit their international passports with the court and remain in Nigerian Correctional Service custody pending fulfillment of bail conditions. The trio was re-arraigned Friday on a 16-count charge by the EFCC alleging they conspired to launder proceeds of unlawful activity worth over N8.1 billion between 2015 and 2025. The EFCC claims they routed funds through companies linked to the Malami family, including Metropolitan Auto Tech Limited and Meethaq Hotels Limited, to conceal source and ownership. Some funds were allegedly retained as cash collateral for bank facilities, including about N600 million, and used to acquire high-value properties in Abuja, Kano, and Kebbi states.
Key Points
- The N200 million bail with property sureties reflects the gravity of the charges.
- The alleged N8.1 billion laundering scheme spans a decade (2015-2025).
- Corporate entities were allegedly used to disguise illicit fund origins.
- High-value properties in three states were allegedly acquired with proceeds.
- The EFCC alleges systematic concealment through structured transactions.
Sources: The Cable, Channels Tv
