The Economic and Financial Crimes Commission (EFCC) has filed a 16-count charge before the Federal High Court in Abuja against a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, his son, Abubakar Abdulaziz Malami, and an associate, Hajia Bashir Asabe, over alleged money laundering and unlawful acquisition of properties valued at more than N8.7 billion.
The charge, marked FHC/ABJ/CR/700/2025, accuses the defendants of conspiring to conceal, retain, disguise and indirectly acquire proceeds of unlawful activities through bank accounts, corporate entities and real estate transactions spanning nearly a decade.
The alleged offences were said to have been committed between 2015 and 2025, largely in Abuja, while Malami was serving as the nation’s chief law officer.
According to the charge sheet filed by the EFCC and signed by a prosecution team led by Chief J.S. Okutepa, SAN, Malami and his son allegedly used Metropolitan Auto Tech Limited to conceal the unlawful origin of N1.014 billion kept in a Sterling Bank account between July 2022 and June 2025.
The anti-graft agency further alleged that another N600.01 million was concealed in the same account between September 2020 and February 2021.
In one of the counts, the EFCC alleged that the defendants retained N600 million as cash collateral for a N500 million loan granted by Sterling Bank Plc to Rayhaan Hotels Ltd, despite allegedly knowing that the funds represented proceeds of unlawful activity.
The commission also accused the defendants of indirectly taking control of N1.36 billion paid through the Union Bank account of Meethaq Hotels Ltd between November 2022 and October 2025, which it said they knew to be illicit funds.
Several counts relate to the acquisition of high-value properties in Abuja and other parts of the country, allegedly carried out to disguise the origin and beneficial ownership of the funds.
According to the charge, N500 million was paid to Efab Properties Ltd for the purchase of a luxury duplex on Amazon Street, Maitama, purportedly for Malami’s benefit.
The EFCC also alleged that N700 million was used to acquire a property at No. 3 Onitsha Crescent, Area 11, Garki, while N850 million was allegedly paid for another property at Plot 683, Jabi District, Abuja.
Further allegations include the use of N430 million to acquire a property at No. 3 Rhine Street, Maitama, N210 million for a property in Cadastral Zone A04, Asokoro, and N325 million for a property on Yakubu Gowon Crescent, Asokoro.
The charge also alleged that N120 million was spent on a property at Efab Estate, Gwarimpa, while Malami allegedly used proceeds of unlawful activity amounting to N537 million and N415 million to acquire multiple properties in Abuja, Kano and Birnin Kebbi between 2018 and 2023.
The EFCC said the transactions were structured through proxies and corporate entities to obscure beneficial ownership.
Hajia Bashir Asabe, described as an employee of Rahamaniyya Properties Ltd, was accused of playing a central role in facilitating the property purchases and disguising ownership on behalf of Malami.
The alleged offences are said to contravene provisions of the Money Laundering (Prohibition) Act, 2011 (as amended) and the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC listed investigators, bank officials, bureau de change operators and company representatives among its proposed witnesses.
As of the time of filing this report, the defendants are yet to be arraigned, and the matter is awaiting assignment to a judge of the Federal High Court in Abuja.