N8.7BN MONEY LAUNDERING: Bank compliance officer details millions in transactions through Malami-linked farm account
Fresh details have emerged in the ongoing N8.7 billion money laundering trial of Nigeria’s former minister of justice and attorney-general of the federation (AGF), Abubakar Malami, SAN.
At the resumed hearing before the Federal High Court in Maitama, Abuja on Tuesday, a compliance officer with Jaiz Bank Plc, Munawwarah Salisu Anas, detailed how millions of Naira were funneled through the bank account of Alkausar Farm—an entity heavily linked to the alleged fraud.
Anas, testifying as the fifth prosecution witness (PW5), was led in evidence by the Economic and Financial Crimes Commission (EFCC) prosecution counsel, J.S. Okutepa, SAN.
The N8.7 billion charge
The EFCC is currently prosecuting Malami alongside his wife, Hajia Bashir Asabe, and his son, Abubakar Abdulaziz Malami.
The trio faces a 16-count charge bordering on conspiracy, procuring and disguising proceeds of crime and concealing and laundering of unlawful funds.
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According to the anti-graft agency’s charge sheet, the total amount involved stands at N8,713,923,759.49, a direct violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Inside the Alkausar Farm account transactions
During her testimony, Anas confirmed that Jaiz Bank had received a request from the EFCC for account-related documents, which the bank complied with via a letter dated February 4, 2026.
Despite an attempt by defence counsel Adedayo Adedeji, SAN, to reserve objections for the final written address, Justice Joyce Abdulmalik admitted the bank documents into evidence, marking them as Exhibit E Series.
The witness carefully walked the court through the statement of account of Alkausar Farm, highlighting several high-value inflows and outflows between 2018 and 2020.
| Date | Transaction Type | Amount | Entity Involved |
| June 13, 2018 | Cash Deposit (Inflow) | N1,000,000 | Hassan Aliyu |
| June 20, 2018 | Cash Deposit (Inflow) | N2,250,000 | Aliyu Mohammed |
| Dec 7, 2018 | 4x Transfers (Inflow) | N40,000,000 (N10m each) | Kalamu Wahid Global Concept |
| Dec 7, 2018 | Transfer (Inflow) | N8,000,000 | Kalamu Wahid Global Concept |
| Dec 18, 2018 | Debit Transfer (Outflow) | N45,500,000 | Donaliv Global Nigeria Limited |
| July 13, 2020 | Transfer (Inflow) | N26,250,000 | Al-Afiya Energy Limited |
| July 22, 2020 | Transfer (Inflow) | N26,250,000 | Al-Afiya Energy Limited |
| July 24, 2020 | Debit Transfer (Outflow) | N50,000,000 | Sahad Stores Limited |
| July 24, 2020 | Debit Transfer (Outflow) | N1,000,000 | Alfagai Jewelry Nigeria Limited |
| Aug 12, 2020 | Transfer Credit (Inflow) | N2,030,000 | Unspecified |
| Aug 12, 2020 | Cheque Withdrawal (Outflow) | N2,030,000 | Aliyu Mohammed Hassan |
‘We monitor suspicious transactions’
Under cross-examination by the defence, Anas clarified that she appeared before the court as part of her official compliance duties rather than via a formal subpoena.
When pressed on whether the bank understood the true purpose behind the multi-million Naira movements, she affirmed their oversight role.
“Yes, we know [the purpose] because we monitor and report to the Nigerian Financial Intelligence Unit (NFIU) if the transactions are suspicious,” Anas told the court.
Following her cross-examination, the witness was discharged by the court, as Justice Joyce Abdulmalik subsequently adjourned the case until July 17, 2026, for the continuation of the trial.
