A witness has informed a Federal High Court that a commercial bank flagged a series of transactions connected to former Attorney-General of the Federation (AGF) Abubakar Malami as part of a financial monitoring report. This report subsequently drew the attention of relevant authorities.
Testimony in Ongoing EFCC Case
The testimony was delivered during proceedings in a case involving allegations of money laundering and financial irregularities being investigated by the Economic and Financial Crimes Commission (EFCC). The witness stated that the bank raised concerns about specific account activities, which were then escalated through Suspicious Transaction Reports (STRs) in accordance with financial compliance regulations.
Wider Investigation into Fund Movements
The court learned that the flagged transactions became part of a broader investigation into the movement of funds linked to the former AGF. The witness elaborated that under Nigerian law, financial institutions are obligated to monitor, document, and report unusual transactions, particularly those that might indicate potential abuse of public office or violations of anti-money laundering regulations.
The court proceedings focused on how the transactions were processed and whether proper procedures were followed in handling the accounts under investigation. Malami, who served as Attorney-General of the Federation, is currently under scrutiny over allegations related to financial dealings examined by anti-corruption agencies.
Court to Hear Further Evidence
The court is expected to continue hearing additional testimony as the prosecution and defense present further evidence. The EFCC has intensified its efforts in recent years to track financial flows involving politically exposed persons, emphasizing compliance with anti-money laundering laws and transparency in public financial management. Further details are anticipated as the trial progresses.
