The Economic and Financial Crimes Commission (EFCC) has detained former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), over allegations bordering on terrorism financing, money laundering, and the operation of suspicious bank accounts.
According to investigators, Malami is also being questioned about his alleged N10 billion investments in Kebbi State as well as the whereabouts of $322 million Abacha loot recovered from Switzerland and another $22 million returned from the Island of Jersey in the United Kingdom.
EFCC sources said the former minister remained in custody as of 10 p.m. on Tuesday after failing to meet his bail conditions.
A senior official said the allegations against Malami were extensive and would require several days of interrogation.
“We have detained the ex-Minister for terrorism financing and the whereabouts of Abacha loot recovered from Switzerland and Jersey.
His sudden wealth of N10 billion investments in Kebbi State is under investigation,” the source said.
The official added that the EFCC may interrogate one of Malami’s wives regarding her alleged role in the disbursement of N4 billion Anchor Borrowers’ Programme funds from the Central Bank of Nigeria.
Malami Denies Allegations, Says His Record Contradicts Claims
Malami has strongly rejected all allegations, describing the reports as politically motivated attempts to smear his image.
In a statement on X (formerly Twitter), he said he had never been accused, invited, or investigated by any security or intelligence agency regarding terrorism financing.
“My public record in office stands in direct contradiction to any insinuation of complicity in terrorism financing,” he said.
Malami also argued that the retired military officer cited as a source in earlier reports had not directly accused him of funding terrorism but merely referenced vague “business” or “institutional” links involving various individuals.
He said such insinuations amounted to “mischief” and “guilt by association.”
Cites His Role in Strengthening Nigeria’s AML/CFT Framework
To reinforce his defence, Malami listed several anti-corruption and counter-terrorism financing reforms he spearheaded while in office, including:
- Establishment of an independent Nigerian Financial Intelligence Unit (NFIU) in line with global standards.
- Passage of the Money Laundering (Prevention and Prohibition) Act, 2022.
- Passage of the Terrorism (Prevention and Prohibition) Act, 2022, which strengthened penalties and aligned Nigeria with UN standards.
- Improved coordination between the Ministry of Justice, CBN, NFIU, law enforcement, and international partners.
Malami argued that these contributions demonstrated his commitment to fighting — not financing — terrorism.
