Malami denies owning 46 bank accounts, says EFCC allegations ‘illogical, baseless’

Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, has strongly denied reports linking him to terrorism financing, multiple bank accounts and other allegations he described as fabricated and aimed at tarnishing his reputation.

Business Hallmark had reported that Malami is being detained by the the Economic and Financial Crimes Commission (EFCC) over allegations of money laundering, among others.

His media aide, Mohammed Bello Doka, issued a statement on Wednesday dismissing the claims as “malicious falsehoods” and “a fresh round of media persecution” targeted at the former minister.

According to Doka, neither the EFCC.nor any domestic or international intelligence agency has accused, investigated or interrogated Malami over terrorism financing. He added that the allegation of 46 bank accounts attributed to Malami was “pure fiction with no basis in official records or investigative findings.”

He noted that even the retired military officer cited in some reports had publicly clarified that he never accused Malami of financing terrorism, but that the clarification was ignored by “sensational reporting.”

‘Malami Strengthened Anti-Terror Financing Laws’

Doka said Malami’s track record in office contradicts all such accusations, highlighting his role in strengthening Nigeria’s anti-money laundering and counter-terrorism financing architecture. These reforms, he said, included the establishment of an autonomous Nigerian Financial Intelligence Unit (NFIU), passage of the Money Laundering (Prevention and Prohibition) Act 2022, and the Terrorism (Prevention and Prohibition) Act 2022—major reforms that contributed to Nigeria’s removal from the FATF grey list.

The statement claimed that Malami’s recent engagement with the EFCC was strictly limited to questions around an alleged duplication in the recovery of the $310 million Abacha loo, an allegation Doka said was “baseless and illogical.”

He noted that a recovery is considered complete in law only when funds are deposited into the Federation Account. As at 2016, this had not happened, making talk of duplication impossible.

Doka also pointed out contradictions in media narratives, revealing that in December 2016, Swiss lawyer Enrico Monfrini – claimed by some reports to have finished the recovery earlier – had formally applied to be re-engaged to recover the same funds. He said Monfrini’s demand for a $5 million upfront payment and success fees of up to 40 per cent (later 20 per cent) was rejected by the Buhari administration, in line with its policy of disallowing advance payments and capping success fees.

In contrast, Nigerian lawyers were contracted on a 5 per cent all-inclusive success fee with no upfront payments, saving the country between ₦76.8 billion and ₦179.2 billion.

Separate Abacha Loot Tranches

Doka clarified that the funds being conflated in public commentary were from two completely different recoveries:

The $322.5m repatriated from Switzerland (2017–2018), deployed for Conditional Cash Transfers under World Bank oversight;

The $321m repatriated from Jersey in 2020, earmarked for major infrastructure projects such as the Second Niger Bridge, Lagos–Ibadan Expressway and Abuja–Kano Road.

“These were distinct processes involving different jurisdictions, timelines and monitoring frameworks,” he said.

‘Ignore Media Trial’

Doka urged Nigerians to disregard the allegations, describing them as part of an orchestrated attempt to malign Malami for political reasons.

“This media trial is a distraction built on misinformation and mischief,” he said. “We thank Nigerians for their prayers and confidence, and reaffirm that Malami will emerge stronger as truth prevails over falsehood and intimidation.”