Abubakar Malami, the former attorney-general of the federation and minister of justice, is in the custody of the Economic and Financial Crimes Commission (EFCC).
Malami is being probed for 18
alleged offences, including money laundering, abuse of office, and terrorism
financing.
The anti-graft agency is believed to have secured a remand
order for his detention.
Sources privy to the investigation told TheCable that the
former AGF is unable to account for the recovery of $346.2 million Abacha loot
from Switzerland and funds from the Island of Jersey.
The investigation extends to the disbursement of N4 billion
Anchor Borrowers’ Programme funds from the Central Bank of Nigeria (CBN).
Malami is also being quizzed over his alleged N10bn
investment in schools, hotels, and rice mills in Kebbi state.
TheCable understands that Malami failed to meet his bail
conditions as of 11pm on Tuesday, forcing him to spend a second night in
detention.
An associate of the former minister had earlier informed
TheCable that Malami was invited for questioning on Monday but arrived late in
the evening, which resulted in him staying overnight to continue responding to
investigators’ queries.
The associate also disclosed that 46 bank accounts allegedly
linked to Malami are currently under investigation, forming a major part of the
EFCC’s line of inquiry.
Dele Oyewale, the EFCC spokesperson, declined to comment on
the matter when contacted by TheCable.
The former AGF, in November 2025, declared his intention to
contest the 2027 governorship election in Kebbi — months after resigning from
the All Progressives Congress (APC) and joining the African Democratic Congress
(ADC).
FIVE SUSPICIOUS MEGA DEALS
TheCable had in 2023 reported that Malami would be
questioned over at least five suspicious transactions during his time in
office.
Malami’s name featured in a number of questionable deals
under the Muhammadu Buhari administration.
The transactions bordered on the mysterious payment of $496
million to Global Steel Holdings Ltd (GSHL) as settlement for the termination
of the Ajaokuta Steel concession nine years after the Indian company had waived
all claims for compensation.
Another contentious matter is Malami’s handling of the sale
of assets worth billions of naira forfeited to the EFCC by politically exposed
persons.
The former minister’s role in the $419 million judgment debt
awarded to consultants who claimed to have facilitated the Paris Club refunds
to states is also up for scrutiny.
Others are the curious agreement to pay Sunrise Power $200
million compensation in its dispute with the federal government over the
Mambilla power project, and the duplicated legal fees in the transfer of $321
million Abacha loot from Switzerland to Nigeria.
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