A federal high court in Abuja has granted bail to Abubakar Malami, former attorney-general of the federation (AGF), in the sum of N500 million.
Delivering ruling on Wednesday, Emeka Nwite, presiding judge, also granted bail to his son, Abubakar Abdulaziz Malami, and his wife, Bashir Asabe, on a N500 million bail bond each.
Each of the defendants must produce two sureties in like sum who must own landed property within Asokoro, Maitama or Gwarimpa areas in the FCT.
The sureties must also swear to an affidavit of means and deposit two passport photographs with the deputy registrar of the court.
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The defendants are also to deposit their international passports with the deputy registrar of the court and must not travel without the court’s permission.
Hearing in the case has been adjourned to February 17.
The Economic and Financial Crimes Commission (EFCC) had arraigned Malami over allegations bordering on money laundering to the tune of N8,713, 923, 759.49.
All defendants pleaded not guilty to the charge before the presiding judge.
The EFCC had also linked property worth N212 billion to Malami.
On December 30, 2025, the court ordered the remand of the defendants in the Kuje Correctional Centre pending the hearing and determination of their bail application.
Background
In the 16-count charge, the anti-graft agency alleged that the defendants conspired to launder proceeds of unlawful activity between 2015 and 2025, using bank accounts and corporate entities to conceal the source and ownership of the funds worth over N8.1 billion.
The EFCC alleged that the defendants routed large sums of money through companies linked to the Malami family, including Metropolitan Auto Tech Limited and Meethaq Hotels Limited, with transactions carried out through several commercial banks.
The funds were allegedly structured in a manner designed to disguise their illicit origin and avoid regulatory scrutiny.
According to the charge sheet, some of the funds were retained as cash collateral for bank facilities, including a sum of about N600 million, which the commission said the defendants knew or ought reasonably to have known were proceeds of unlawful activity.
The anti-graft agency also alleged that the defendants used the funds to acquire high-value property in Abuja, Kano, and Kebbi states. They include residential and commercial property allegedly purchased directly or through proxies as part of efforts to conceal beneficial ownership.
The EFCC also accused the defendants of conspiring among themselves to indirectly acquire assets, retain control of illicit funds, and disguise the true source of the money through layered financial transactions and corporate vehicles.
The alleged offences are said to contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, and related laws.
