Nigeria’s former attorney-general faces a sprawling corruption probe stretching from Abacha loot to Anchor Borrowers’ funds, terrorism financing allegations, and controversial multibillion-naira settlements under the Buhari administration.
Malami’s Long Night in EFCC Custody
Abubakar Malami, Nigeria’s former attorney-general of the federation and minister of justice, is spending yet another night in the custody of the Economic and Financial Crimes Commission (EFCC), after failing to meet the bail conditions imposed by investigators.
Malami—once one of the most powerful figures in the Buhari administration—is being questioned over 18 alleged offences, including money laundering, abuse of office, and terrorism financing. A senior EFCC official confirmed late Tuesday that the commission had secured a remand order to keep him in custody until he satisfies his bail terms.
“We arrested him for not meeting his bail conditions and he will remain in our custody until he meets those conditions,” the official said.
Billions Under Scrutiny
The case against Malami spreads across multiple financial footprints from his years in office. Among the allegations is his inability to account for $346.2 million in recovered Abacha loot from Switzerland, as well as funds repatriated from the Island of Jersey.
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Investigators are also digging into the disbursement of N4 billion Anchor Borrowers’ Programme funds from the Central Bank of Nigeria (CBN), a scheme long plagued by allegations of mismanagement.
Another major line of inquiry involves Malami’s alleged N10 billion investments in private schools, hotels, and rice mills in Kebbi State—assets critics insist are disproportionate to his legal income.
46 Bank Accounts Under the Microscope
According to an associate of the former minister, Malami arrived late for questioning on Monday—long after EFCC operatives had expected him—forcing him to stay overnight and continue answering questions.
The associate revealed that 46 bank accounts allegedly linked to him are currently being investigated, forming a significant pillar of the EFCC’s expanding probe.
“He is presently in our custody,” another EFCC insider said. “We keep uncovering some of the deals as we investigate.”
EFCC spokesperson Dele Oyewale declined to comment when contacted.
A Tangle of Controversial Deals
This is not Malami’s first brush with allegations. In 2023, TheCable reported that he would face questioning over at least five suspicious transactions under Buhari’s administration.
His name surfaced in the contentious $496 million payment to Global Steel Holdings Ltd (GSHL) for the terminated Ajaokuta Steel concession—despite the company having waived compensation claims nine years earlier.
Also under review is his handling of the sale of forfeited assets worth billions, the $419 million Paris Club refund judgment debt, and the $200 million settlement agreement with Sunrise Power in the Mambilla power project dispute.
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In addition, investigators are probing duplicated legal fees in the transfer of $321 million Abacha loot from Switzerland.
Political Ambition Meets Legal Reckoning
Years after leaving the APC for the African Democratic Congress (ADC), Malami declared his ambition to run for governor of Kebbi in 2027. But this political journey now collides with a deepening legal storm that could reshape his future.
For now, the former attorney-general remains inside the EFCC’s Ankara-lined interrogation room—waiting for bail conditions he has yet to meet and an investigation that appears far from over.
