EFCC Holds Malami Over Alleged Terror Financing, $346m Abacha Loot Query

 

Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), has spent a second night in the custody of the Economic and Financial Crimes Commission (EFCC) as investigators probe allegations bordering on terrorism financing, money laundering and abuse of office.

Patriotic Insights News gathered that the former AGF is being questioned over 18 alleged offences, including the handling of $346.2 million Abacha loot recovered from Switzerland, as well as funds repatriated from the Island of Jersey.

Reliable sources said the anti-graft agency obtained a remand order to keep Malami in custody after he failed to perfect his bail conditions as of 11pm on Tuesday.

It was learnt that part of the probe focuses on the management of N4 billion Anchor Borrowers’ Programme funds from the Central Bank of Nigeria (CBN) and the former minister’s alleged N10 billion investment in private schools, hotels and rice mills in Kebbi State.

Another major line of inquiry is the discovery of 46 bank accounts reportedly linked to Malami, which investigators are scrutinising for suspicious transactions.

Sources disclosed that Malami had honoured EFCC’s invitation on Monday but arrived late, prompting operatives to keep him overnight to continue responding to questions.

EFCC spokesperson, Dele Oyewale, declined comments when contacted.

Malami, who resigned from the All Progressives Congress (APC) in 2025 before joining the African Democratic Congress (ADC), recently declared his intention to contest the 2027 Kebbi governorship election.

Five High-Profile Deals Under Scrutiny

This is not the first time the former AGF’s actions in office have come under the spotlight. In 2023, reports indicated he could be invited to clarify several controversial transactions under the Buhari administration. These include:

The $496 million payment to Global Steel Holdings Ltd (GSHL) over the Ajaokuta Steel concession — despite the company having waived claims to compensation years earlier.

His role in the sale of forfeited assets worth billions of naira.

The controversial $419 million Paris Club refund judgment debt awarded to consultants.

A contentious agreement to pay Sunrise Power $200 million over the Mambilla power project dispute.

Questions surrounding duplicated legal fees in the transfer of $321 million Abacha loot from Switzerland.

The EFCC is expected to continue its interrogation until Malami meets the bail requirements or is formally charged.