Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, is currently being detained by the Economic and Financial Crimes Commission (EFCC) as part of an extensive probe into alleged terrorism financing, money laundering, and financial misconduct during his years in office.
Multiple security sources confirmed that the anti-graft agency has secured a remand order to hold the former minister while questioning continues. Malami is reportedly being investigated for at least 18 offences.
According to those familiar with the probe, investigators are scrutinising his management of the $346.2 million Abacha loot returned to Nigeria from Switzerland and additional funds repatriated from Jersey. Sources say Malami has been unable to provide clear explanations on how the monies were utilised.
The inquiry also covers the disbursement of N4 billion under the Central Bank of Nigeria’s Anchor Borrowers’ Programme, as well as allegations that the former AGF made personal investments totalling about N10 billion in hotels, schools, and rice mills in Kebbi State.
Additionally, 46 bank accounts reportedly linked to him have been traced and placed under forensic examination.
Malami was invited for questioning on Monday but only arrived later in the day, leading to his first overnight stay. He has remained in EFCC custody after failing to meet his bail terms as of Tuesday night.
When contacted, EFCC spokesperson Dele Oyewale declined to comment on the development.
Malami, who defected to the African Democratic Congress (ADC) in 2025 after leaving the All Progressives Congress (APC), recently announced his intention to run for governor of Kebbi State in 2027.
This is not the first time his name has surfaced in relation to controversial financial transactions. In 2023, TheCable reported that he was expected to answer questions on at least five major deals executed under the Buhari administration. Among them was the payment of $496 million to Global Steel Holdings Ltd for the terminated Ajaokuta Steel concession—despite the company having waived its compensation rights nearly a decade earlier.
