Abubakar Malami, former Attorney-General of the Federation (AGF) and Minister of Justice, is currently in the custody of the Economic and Financial Crimes Commission (EFCC) over terrorism financing, money laundering allegations.
This newspaper gathered that Malami is being investigated for 18 alleged offences, including terrorism financing, money laundering, abuse of office, and financial mismanagement during his tenure in office.
Sources familiar with the probe said the EFCC had obtained a remand order to keep the former minister in custody pending further interrogation.
Investigators are said to be focusing on Malami’s handling of the $346.2 million Abacha loot repatriated from Switzerland, as well as funds recovered from the Island of Jersey. He is reportedly unable to give satisfactory explanations regarding the utilisation and accounting of the funds.
The probe also extends to the disbursement of N4 billion under the Central Bank of Nigeria’s Anchor Borrowers’ Programme, as well as Malami’s alleged N10 billion personal investments in schools, hotels, and rice mills in Kebbi State.
Additionally, 46 bank accounts allegedly linked to the former AGF have been flagged and are under forensic scrutiny.
According to sources, Malami failed to meet his bail conditions as of 11pm on Tuesday, leading to his continued detention. An associate told TheCable that although Malami was invited for questioning on Monday, he arrived late, which resulted in the first overnight stay.
EFCC spokesperson Dele Oyewale declined comments when contacted.
In November 2025, Malami announced his ambition to contest the 2027 Kebbi governorship election, months after resigning from the All Progressives Congress (APC) and joining the African Democratic Congress (ADC).
FIVE SUSPICIOUS MEGA DEALS
TheCable had reported in 2023 that Malami was due to be questioned over at least five major suspicious transactions during the Buhari administration.
His name was linked to several controversial deals, including the mysterious $496 million payment to Global Steel Holdings Ltd (GSHL) as settlement for the cancellation of the Ajaokuta Steel concession—despite the Indian firm having previously waived its claims to compensation nine years earlier.