EFCC Opens N8.7 Billion Money Laundering Trial Against Malami Family
Analysis based on 10 articles · First reported Mar 06, 2026 · Last updated Mar 06, 2026
The market impact is negative for the individuals involved, Abubakar Malami, Asabe Vilita Bashir, and Abdulaziz Malami, due to the ongoing money laundering trial and associated legal challenges. For the broader market, it highlights regulatory scrutiny and potential risks associated with financial misconduct, particularly for companies like Rayham Hotel Limited and Metropolitan Autotech.
The Nigeria===Economic and Financial Crimes Commission (EFCC) has opened its case against Abubakar Malami, former Minister of Justice, his wife Asabe Vilita Bashir, and son Abdulaziz Malami, in an alleged N8.7 billion money laundering trial. The defendants are accused of conspiring to conceal, disguise, and retain proceeds of unlawful activities through various bank accounts and corporate entities, including Rayham Hotel Limited and Metropolitan Autotech. During the trial, a compliance officer from Sterling Bank, David Ajoma, testified about loan facilities and transactions, stating that no suspicious activities or breaches of Nigeria===Central Bank of Nigeria regulations were identified from the documents reviewed. The judge, Justice Joyce Abdulmalik, granted the defendants N200 million bail each, but ordered their remand until bail conditions are met. Abubakar Malami and Abdulaziz Malami are also facing separate terrorism-related charges, which have been taken over by the office of the Attorney General of the Federation.
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