“Bank Reported Transactions To NFIU” — Zenith Compliance Officer Testifies In Malami’s Money Laundering Case

A compliance officer with Zenith Bank Plc, Mashelia Bata, has told the Federal High Court in Abuja that the bank filed a Suspicious Transaction Report (STR) over transactions on an account linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN.

Bata testified on Wednesday in the ongoing trial of Malami, his wife and son, who are facing a 16-count charge bordering on alleged money laundering involving N8.7 billion.

The defendants have pleaded not guilty to the charges.

According to a statement by the Economic and Financial Crimes Commission (EFCC), Bata was cross-examined by counsel to the defendants, Adebayo Adedeji.

During cross-examination, the witness admitted that the deposits in the account statements complied with the guidelines of the Central Bank of Nigeria.

However, he said the bank still filed a Suspicious Transaction Report because of the pattern of the deposits.

EFCC counsel, Jibrin Okutepa, asked the witness to explain the meaning of a Suspicious Transaction Report, but defence counsel objected, arguing that the term was clear and required no further explanation.

Okutepa, however, urged the court to allow the question, citing Section 215(3) of the Evidence Act.

Justice Joyce Abdulmalik overruled the objection and allowed the witness to respond.

Explaining the report, Bata told the court that where fund deposits appear in a repetitive pattern, banks are required to escalate such transactions to the Nigerian Financial Intelligence Unit.

“Any deposition of funds seen in a pattern or repetitive, you must escalate it to the NFIU,” he said.

After his testimony, the witness was discharged from the witness box.

Justice Abdulmalik adjourned the matter to May 22 for continuation of trial.