iDeemlawfulInvestigators from the Economic and Financial Crimes Commission (EFCC) have traced a significant portion of former Attorney-General of the Federation, Abubakar Malami’s wealth to multiple sources.
Recall that Malami has been detained by the EFCC ahead of his arraignment before a Federal High Court in Abuja.
Properties estimated at over N200 billion have been traced to Malami. The assets are believed to have been acquired during his tenure as attorney-general under former President Muhammadu Buhari from 2015 to 2023.
He has denied all allegations in statements issued by his media team, describing them as politically motivated and vowing to defend himself in court.
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According to TheCable, the bulk of the wealth is connected to Paris Club refunds to states, unpaid loans under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP), and the repatriation of Abacha loot.
At the center of controversy is a $418 million deduction from state allocations to pay consultants for handling Paris Club refunds.
The Nigeria Governors’ Forum (NGF) opposed the move, accusing Malami of pursuing “selfish interests.”
The NGF said at the time: “We’re constrained by the manner in which the honorable attorney-general has been going around various media houses and purporting to create the impression that this is a liability to which governors had committed themselves…that’s not the case. We reject all his claims and will take every constitutional and legal means to ensure these purported consultancy fees are fully litigated.”
Investigators also allege that Malami used the name of one of his wives to secure a ₦4 billion loan under the ABP, which was never repaid.
The CBN programme disbursed over ₦1 trillion, with more than ₦600 billion yet to be recovered, fueling claims that a portion of the funds was diverted.
Malami is further accused of profiting from the repatriation of $321 million stolen by former military ruler Sani Abacha.
Despite the funds having already been recovered through Swiss lawyers before his tenure, Malami reportedly hired two Nigerian lawyers in 2017, costing the country $16.9 million, allegedly to duplicate the work and secure commissions for himself.
“Payments from the duplicated commissions were traced to Malami by EFCC investigators. The Nigerian lawyers involved have been interrogated and provided useful statements to the agency,” a source told TheCable.
Malami has been detained by the EFCC ahead of his arraignment at a Federal High Court in Abuja, as the agency continues its investigation.