Zenith Bank Reports Malami in N8.7bn Fraud Case

In a trial concerning alleged N8.7 billion fraud, Zenith Bank reported suspicious transactions associated with former Attorney General and Minister of Justice Abubakar Malami. The proceedings took place on Wednesday at the Federal High Court in Abuja, presided over by Justice Joyce Abdulmalik.

Malami, alongside his wife Hajia Bashir Asab and son Abubakar Abdulaziz Malami, faces 16 counts of conspiracy and money laundering. During cross-examination, defense counsel Adebayo Adedeji acknowledged that the account statements reflected deposits in line with Central Bank of Nigeria guidelines.

However, the prosecution emphasized that the bank's compliance officer filed the suspicious transaction reports due to unusual deposit patterns. The court session saw a brief dispute over the prosecution's questioning regarding the nature of the suspicious transaction reports, which Justice Abdulmalik ultimately allowed.

The trial has been adjourned until May 22 for further proceedings.