- EFCC links Malami’s assets to Abacha loot and refunds.
- Over ₦200bn properties allegedly traced to him.
- Paris Club refunds, CBN loans under probe.
- Malami denies claims, calls them political.
Investigators of the EFCC have linked billions of naira in assets allegedly belonging to former Attorney-General of the Federation, Abubakar Malami, to controversial government transactions carried out during his time in office.
Malami, who served under former President Muhammadu Buhari from 2015 to 2023, is currently in EFCC custody ahead of his arraignment at a Federal High Court in Abuja.
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According to findings cited by TheCable, properties valued at over ₦200 billion have been traced to the former justice minister. Investigators believe many of the assets were acquired through proceeds linked to Paris Club refunds, CBN’s Anchor Borrowers Programme, and the repatriation of Abacha loot.
At the heart of the probe is a $418 million deduction made from state allocations to pay consultants handling Paris Club refunds. The move was strongly opposed by the Nigeria Governors’ Forum (NGF), which accused Malami of acting in personal interest.
“We reject all his claims and will take every constitutional and legal means to ensure these purported consultancy fees are fully litigated,” the NGF said at the time.
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EFCC investigators also allege that Malami used the name of one of his wives to obtain a ₦4 billion loan under the CBN’s Anchor Borrowers Programme, which was allegedly never repaid.
The programme disbursed over ₦1 trillion nationwide, with more than ₦600 billion reportedly outstanding, raising concerns about large-scale diversion.
Malami is further accused of benefiting from the recovery of $321 million Abacha loot, despite the funds already being secured through Swiss lawyers before his tenure. EFCC sources claim he later hired two Nigerian lawyers in 2017, costing Nigeria $16.9 million, allegedly to duplicate existing work.
“Payments from the duplicated commissions were traced to Malami,” an EFCC source said, adding that the lawyers involved have been questioned.
Malami has denied all allegations, describing them as politically motivated and insisting he will defend himself in court.
