EFCC traces N212bn to Malami, links funds to Abacha loot, Paris Club refunds

The Economic and Financial Crimes Commission (EFCC) has reportedly uncovered assets worth more than N212.8 billion allegedly linked to former Attorney-General of the Federation (AGF), Abubakar Malami, as investigations into large-scale financial improprieties intensify.

According to TheCable, fresh findings by anti-graft investigators indicate that a substantial portion of the assets is connected to the handling of repatriated Abacha loot, Paris Club refunds and controversial Central Bank of Nigeria (CBN) intervention loans during Malami’s tenure between 2015 and 2023.

Sources familiar with the probe disclosed that the EFCC is focusing on three major financial channels allegedly managed or influenced by the Ministry of Justice under Malami.

One key area of investigation is the recovery of the $322.5 million Abacha loot from Switzerland. Detectives are probing allegations of duplicated legal fees, following claims that although Swiss lawyer Enrico Monfrini had already completed the recovery, a Nigerian law firm was later engaged on a 5 per cent success-fee basis, leading to questionable payments.

Malami is also under scrutiny over the controversial deduction of about $418 million from state allocations, allegedly paid as consultancy fees linked to the Paris Club debt refunds. The deductions were strongly opposed at the time by the Nigeria Governors’ Forum (NGF), which challenged their legality.

In addition, investigators are probing alleged diversions from the CBN’s Anchor Borrowers Programme, a scheme designed to boost agricultural production and food security. EFCC sources allege that some of the funds were diverted into private real estate investments.

As part of the investigation, detectives reportedly discovered that a ₦4 billion loan was obtained in the name of one of Malami’s wives, Hajiya Bashir Asathat, and was allegedly never repaid.

The EFCC had earlier uncovered properties estimated at over N200 billion allegedly linked to Malami, many of which investigators believe were acquired while he served as AGF under former President Muhammadu Buhari.

Malami has denied all allegations through his media team, describing the probe as politically motivated and insisting he would clear his name in court.

The former justice minister has been facing multiple legal challenges in recent months and is currently in EFCC custody over alleged corruption-related offences.