Eshioromeh Sebastian in Abuja
The Economic and Financial Crimes Commission (EFCC) is set to arraign the former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, before the Federal High Court in Abuja today on charges of money laundering involving sums exceeding N8.7 billion.
His anticipated court appearance follows a detailed investigation that traces the alleged illicit funds to three major streams of federal government finance: the Paris Club refunds to states, the Central Bank’s Anchor Borrowers’ Programme, and the repatriated loot of former dictator Sani Abacha.
Malami, who served from 2015 to 2023 under former President Muhammadu Buhari, was taken into EFCC custody earlier this week. He faces a 16-count charge, alongside his son, Abubakar Abdulaziz Malami, and an associate, Hajia Bashir Asabe.
The charges allege conspiracy, concealment, and indirect acquisition of proceeds of unlawful activities through complex networks of bank accounts and corporate entities, leading to the acquisition of luxury properties valued in the billions of naira across Abuja, Kano, and Birnin Kebbi.
The foundation of the EFCC’s case appears to be built upon a wider financial empire estimated at N200 billion, which investigators have linked directly to Malami’s conduct in office.
According to an investigative report, the first pillar of this alleged empire is connected to the controversial Paris Club refunds. Following Nigeria’s debt settlement in 2005, states were due refunds, and consultants hired to compute the sums claimed fees exceeding $418 million.
As the chief law officer, Malami insisted these fees be deducted directly from state allocations, overriding fierce objections from the Nigeria Governors’ Forum, which accused him of acting in the consultants’—and allegedly his own—interest. EFCC sources now contend that kickbacks from this deal formed a significant part of Malami’s wealth.
The second pillar involves the Central Bank of Nigeria’s Anchor Borrowers’ Programme. Investigators discovered that a N4 billion loan under this agricultural initiative was secured using the name of Hajiya Bashir Asabe, identified as one of Malami’s wives and a co-defendant. The funds, intended for agricultural inputs, were never repaid. This case highlights the broader issue of massive unrecovered loans within the programme, suggesting it may have been exploited by politically exposed persons.
The third stream centres on the repatriation of $321 million in Abacha loot. The recovery process, nearly complete before Malami took office, had all professional fees settled. However, in 2017, Malami engaged two Nigerian lawyers to duplicate the completed work, authorising a fresh $16.9 million commission to be paid from the recovered funds. The lawyers, Oladipo Okpeseyi and Temitope Isaac Adebayo, have been detained by the EFCC and are reported to have made statements linking subsequent payments from this fee to Malami.
The specific charges for today’s arraignment detail how these alleged macro-level financial flows were converted into tangible assets. The EFCC accuses Malami and his son of using Metropolitan Auto Tech Limited to conceal over N1.6 billion in a Sterling Bank account.
They are also alleged to have retained N600 million as cash collateral for a loan to Rayhaan Hotels Ltd. The charge sheet lists numerous high-value property acquisitions, including a N500 million duplex on Amazon Street, Maitama; a N700 million property on Onitsha Crescent, Garki; and an N850 million property in Jabi District, all allegedly purchased to disguise the illicit origin of the funds.
Malami has denied all allegations through his media team, labelling the case as political persecution and vowing to defend himself in court. The prosecution team, led by Chief J.S. Okutepa, SAN, is expected to present witnesses including investigators, bank officials, and company representatives as the case unfolds before Justice Emeka Nwite.
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