Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has described the Economic and Financial Crimes Commission (EFCC)’s allegations of the movement of $490 million in Abacha loot as baseless, illogical, and entirely devoid of substance.
Naijaonpoint reports that the EFCC on Saturday seized the international passport of Malami as investigations into the whereabouts of recovered Abacha loot intensify.
However, in a statement issued on Sunday through his media aide, Mohammed Doka, Malami said the accusations collapsed immediately under factual scrutiny.
Malami insisted no such recovery had been completed before he took office in 2015, noting that recovered funds can only be considered complete upon lodgement into the Federation Account.
According to him, Swiss lawyer, Enrico Monfrini, applied in December 2016 to be re-engaged for the same recovery proof and demanded a $5 million upfront deposit and a success fee of 40 per cent, later reduced to 20 per cent, terms that the former administration of late Muhammadu Buhari rejected.
He said, “The EFCC’s position is that I duplicated a recovery process allegedly completed by a Swiss lawyer, Mr. Enrico Monfrini, before I assumed office.
“This allegation collapses immediately when subjected to facts and elementary logic.
“As at 2016, there was no lodgement of any such funds into the Federation Account. There was therefore no completed recovery in existence, and nothing whatsoever to duplicate.
“It is entirely illogical for a lawyer to apply in December 2016 to be engaged to recover funds he purportedly recovered two years earlier.
“That singular fact exposes the internal contradiction and absurdity of the EFCC’s narrative.”
Malami stated that a Nigerian law firm was hired on a 5 per cent success-fee arrangement, which he said saved the country between 15 and 35 per cent of the recovered funds, amounting to between ₦76.8 billion and ₦179.2 billion.
Malami also clarified that he oversaw multiple, distinct tranches of Abacha loot.
He stressed, “These are concrete, measurable benefits to the Nigerian state.
“$322.5 million from Switzerland (2017–2018) deployed to Conditional Cash Transfers under World Bank-monitored transparency mechanisms;
“About $321 million from Jersey (2020) earmarked for major infrastructure projects, including the Lagos-Ibadan Expressway, Abuja-Kano Road and Second Niger Bridge.
“Any attempt to conflate these distinct recoveries or to portray a lawful, cost-saving recovery process as duplication is misleading.”
According to Malami, the constitutional powers of the Attorney-General in asset recovery were exercised “strictly in the public interest.”
He noted, “In the circumstances of this case, that discretion was exercised transparently and responsibly.
“Any claim suggesting abuse of office or money laundering is not rooted in any reasonable ground for suspicion.”
While describing the EFCC’s probe as a political witch-hunt, Malami expressed confidence that the investigation would vindicate him.
He added, “Together we shall continue to stand firm, and together we shall triumph against every form of political witch-hunt and intimidation.
“The allegations remain baseless, illogical and entirely devoid of substance. I remain confident that truth, law and reason will ultimately prevail.”
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