The Economic and Financial Crimes Commission (EFCC) has detained former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), over allegations bordering on terrorism financing, money laundering, and issues surrounding the management of recovered Abacha loot.
Malami is reportedly being questioned on:
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N10 billion worth of investments allegedly linked to him in Kebbi State,
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The whereabouts of $322 million Abacha loot recovered from Switzerland,
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And about $22 million recovered from the Island of Jersey in the UK.
As of 10pm on Tuesday, the former Minister remained in EFCC custody after failing to meet his bail conditions.
A senior EFCC source said the investigation is extensive:
“We have detained the ex-Minister for terrorism financing and the whereabouts of Abacha loot recovered from Switzerland and Island of Jersey in the UK.
His sudden wealth of N10billion investments in Kebbi State are under investigation… He has a lot to clarify but he has not been able to meet bail conditions.”
The source also disclosed that one of Malami’s wives may be questioned over her alleged involvement in a N4 billion Anchor Borrowers Programme fund.
In a lengthy statement on X, Malami firmly denied all accusations, describing them as politically motivated:
“I have never at any time been accused, invited, interrogated, investigated, or charged… in respect of terrorism financing or any related offence.”
He stressed that the claims were built on misleading interpretations of comments made by a retired military officer:
“The retired officer cited as the principal source admitted he was not accusing me… His account was limited to vague assertions about alleged ‘business’ or ‘institutional’ relationships.”
Malami condemned attempts to link his name to terrorism financing without evidence:
“Terrorism financing is a grave crime… Any attempt to associate an individual with such an offence must be grounded in verifiable facts, not conjecture or guilt by association.”
Malami argued that his track record contradicted the allegations, citing his involvement in major anti-money-
laundering and counter-terrorism reforms, including:
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Establishing an independent Nigerian Financial Intelligence Unit (NFIU),
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Supporting the Money Laundering (Prevention and Prohibition) Act 2022,
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Strengthening the Terrorism (Prevention and Prohibition) Act 2022,
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Enhancing cooperation with the CBN, NFIU, law enforcement agencies, and international partners.
According to him, these reforms helped Nigeria improve compliance with global AML/CFT standards, including progress on the FATF Grey List.
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