EFCC links Malami’s wealth to Abacha loot, Paris club refunds, CBN loans
The Economic and Financial Crimes Commission (EFCC) has reportedly traced billions of naira in assets allegedly linked to former Attorney-General of the Federation, Abubakar Malami, to disputed government transactions executed during his tenure in office.
Malami, who served as justice minister under former President Muhammadu Buhari between 2015 and 2023, is currently in EFCC custody and is expected to be arraigned before a Federal High Court in Abuja.
According to findings reported by TheCable, investigators have identified properties estimated to be worth over ₦200 billion, which they believe were acquired through proceeds connected to Paris Club refunds, the Central Bank of Nigeria’s Anchor Borrowers Programme, and funds recovered from the Abacha loot.
A major focus of the investigation is a $418 million deduction from states’ allocations to pay consultants engaged in the Paris Club refund process. The transaction was strongly opposed by the Nigeria Governors’ Forum (NGF), which at the time accused Malami of acting against the collective interest of the states.
“We reject all his claims and will take every constitutional and legal step to ensure these purported consultancy fees are fully litigated,” the NGF had said.
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EFCC investigators also allege that Malami secured a ₦4 billion loan under the CBN’s Anchor Borrowers Programme using the name of one of his wives, with the loan allegedly remaining unpaid. The programme reportedly disbursed over ₦1 trillion nationwide, with more than ₦600 billion said to be outstanding, sparking concerns over widespread abuse.
Additionally, Malami is accused of benefiting from the recovery of $321 million in Abacha loot, despite the funds reportedly being secured through Swiss lawyers before his appointment as attorney-general. EFCC sources claim that in 2017, he engaged two Nigerian lawyers at a cost of $16.9 million, allegedly duplicating existing legal work.
An EFCC source said payments from the duplicated commissions were allegedly traced to Malami, noting that the lawyers involved have since been interrogated.
Malami has denied all allegations, describing them as politically motivated and maintaining that he will clear his name in court.
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