Investigators of the Economic and Financial Crimes Commission (EFCC) have traced a substantial portion of the wealth linked to former Attorney-General of the Federation, Abubakar Malami, to multiple controversial financial streams.
Malami, who is currently in EFCC custody ahead of his arraignment before a Federal High Court in Abuja, is alleged to be connected to assets valued at over ₦200 billion. The properties were reportedly acquired during his tenure as attorney-general between 2015 and 2023.
According to findings, much of the traced wealth is linked to Paris Club refunds paid to states, unpaid loans under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP), and funds from the repatriation of money looted by former military ruler, Sani Abacha.
A major point of contention is a $418 million deduction from state allocations meant to pay consultants for Paris Club refund services. The Nigeria Governors’ Forum strongly opposed the deductions, accusing Malami of acting in personal interest and rejecting claims that governors had approved such payments.
EFCC investigators also allege that Malami used the name of one of his wives to obtain a ₦4 billion loan under the Anchor Borrowers Programme, which was allegedly never repaid. The ABP reportedly disbursed over ₦1 trillion nationwide, with more than ₦600 billion still outstanding.
In addition, Malami is accused of benefiting from the repatriation of $321 million in Abacha loot. Although the recovery process had already been completed through Swiss lawyers before his tenure, he allegedly engaged two Nigerian lawyers in 2017, resulting in payments amounting to $16.9 million. Investigators claim that parts of these funds were traced back to Malami through duplicated commissions.
Sources familiar with the investigation say the lawyers involved have been questioned and have provided statements to the EFCC.
Malami has denied all allegations, describing them as politically motivated, and has vowed to defend himself in court as investigations continue.
