A Federal High Court sitting in Abuja has granted bail to former Attorney-General of the Federation, Abubakar Malami, alongside his wife, Asabe Bashir, and their son, Abdulaziz Malami, over allegations of financial crimes involving more than N8.1 billion.
The trial judge, Justice Joyce Abdulmalik, granted each of the defendants bail in the sum of N200 million with two sureties in like sum.
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As part of the bail conditions, the court ordered that one of the sureties must present title documents of a property located in either Maitama or Asokoro in Abuja.
The court also directed the defendants to surrender their international passports to the court.
Justice Abdulmalik further ruled that the defendants should remain in the custody of the Nigerian Correctional Service (NCoS) until they meet the bail requirements.
The trio were re-arraigned on Friday following the reassignment of the case to Justice Abdulmalik.
In the 16-count charge filed against them, the Economic and Financial Crimes Commission (EFCC) alleged that Malami, his wife, and their son conspired to launder proceeds of unlawful activities between 2015 and 2025.
According to the anti-graft agency, the defendants allegedly used several bank accounts and corporate entities to conceal the source and ownership of funds amounting to over N8.1 billion.
The EFCC further alleged that large sums of money were moved through companies reportedly linked to the Malami family, including Metropolitan Auto Tech Limited and Meethaq Hotels Limited, with transactions conducted through multiple commercial banks.
Investigators claimed that the funds were structured in ways designed to disguise their origin and evade regulatory scrutiny.
Part of the money, including about N600 million, was allegedly kept as cash collateral for bank facilities, despite the defendants allegedly knowing or having reason to suspect that the funds were proceeds of unlawful activities.
The EFCC also accused the defendants of using the funds to purchase high-value residential and commercial properties across Abuja, Kano, and Kebbi states, either directly or through proxies, in order to conceal the true ownership of the assets.
According to the commission, the defendants carried out a series of financial transactions and corporate arrangements aimed at retaining control of illicit funds while disguising their source and beneficial ownership.
