Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), spent Monday night in the custody of the Economic and Financial Crimes Commission (EFCC) as investigators ramped up questioning over several major financial dealings linked to his tenure in office.
SaharaReporters earlier revealed that Malami was detained on Monday evening and interrogated by EFCC operatives. By late Monday night, he was reportedly trying to meet the bail conditions placed before him.
According to sources, the former minister was urgently searching for two permanent secretaries who could stand as sureties—one of the key requirements for his release.
“EFCC arrested Abubakar Malami again; he was looking for two Permanent Secretaries for bail conditions on Monday night,” a source familiar with the investigation said.
Another associate told TheCable that Malami was initially invited for questioning earlier in the day but arrived much later, prompting investigators to continue the session the following morning. As a result, he was required to remain at the EFCC headquarters overnight.
The associate also revealed that no fewer than 46 bank accounts allegedly linked to Malami are now under investigation by the anti-graft agency.
This was not his first appearance at the EFCC; he had been grilled earlier on November 29. After that session, Malami issued a statement on X claiming that the interrogation went well and insisting the allegations against him were fabricated.
“The engagement was successful… the truth about the fabricated allegations against me continues to unfold,” he said at the time.
However, EFCC insiders say the current probe reopens a series of controversial transactions tied to Malami during the Buhari administration. As far back as 2023, reports suggested that he would be questioned over at least five suspicious financial deals.
Among the issues now back under scrutiny is the controversial $496 million payment to Global Steel Holdings Ltd (GSHL) as compensation for the cancelled Ajaokuta Steel concession—even though the company had reportedly waived rights to any settlement.
Also being reviewed is Malami’s alleged involvement in the disposal of multi-billion-naira assets forfeited to the EFCC, transactions critics say were marred by secrecy and inconsistent valuations.
Investigators are equally examining his connection to the $419 million judgment debt awarded to consultants who claimed to have assisted with the Paris Club refund process, as well as the $200 million approved for Sunrise Power in the disputed Mambilla power project case.
Another matter being revisited is the alleged duplication of legal fees in the recovery of the $321 million Abacha loot returned from Switzerland.
Malami has dismissed claims that he duplicated the recovery process, calling the allegations “baseless, illogical, and devoid of substance.” He argued that no recovery could be considered complete unless the funds were deposited into the Federation Account—something he said had not occurred before he assumed office in 2015.
He further noted that Swiss lawyer Enrico Monfrini even applied in December 2016 to be re-engaged for the same recovery effort, which he believes contradicts the EFCC’s accusations.
Despite the mounting investigations, Malami has continued to pursue his political aspirations. On November 17, he formally announced his intention to run for the Kebbi State governorship in 2027.
The former AGF left the APC in July and joined the African Democratic Congress (ADC), saying his decision was based on deep reflection and concerns about worsening hardship in the country.
