A Federal High Court in Abuja has granted bail in the sum of N500 million each to former Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, his wife Hajia Asabe Bashir, and his son Abdulaziz Malami, in connection with alleged money laundering offences totaling N8.7 billion. The ruling was delivered by Justice Emeka Nwite on Wednesday, following bail applications by the defendants.
The court imposed stringent conditions, requiring each defendant to provide two sureties in like sum, who must own landed properties in highbrow areas such as Asokoro, Maitama, or Gwarimpa within the Federal Capital Territory.
Additionally, the sureties and defendants are mandated to deposit their international travel documents with the court registry. Pending the perfection of these bail conditions, Malami and the co-defendants have been ordered to be remanded at Kuje Correctional Centre
The charges, brought by the Economic and Financial Crimes Commission (EFCC), accuse the trio of retaining large sums of money as cash collateral and engaging in transactions that allegedly violate anti-money laundering laws.
Specifically, one count alleges that in March 2021, Malami and his son retained N600 million as collateral for a N500 million facility extended to Rahamaniyya Properties Limited.