The Economic and Financial Crimes Commission has detained former Attorney-General of the Federation Abubakar Malami over allegations of terrorism financing and major financial irregularities, including questions surrounding billions of naira in assets and recovered Abacha loot. The former minister remained in EFCC custody late Tuesday after failing to meet his bail conditions.
Malami, who served as Nigeria’s chief law officer for eight years, is being pressed for answers on several fronts. Investigators are demanding explanations for what they describe as suspicious accounts, unexplained wealth, and large investments reportedly valued at around ₦10 billion in Kebbi State. He is also expected to clarify the whereabouts of $322 million in Abacha loot returned from Switzerland and an additional $22 million recovered from Jersey in the UK.
According to a senior EFCC source, the allegations are extensive and will require days of interrogation. The source said the probe also extends to one of Malami’s wives, who may be questioned over ₦4 billion allegedly linked to the Central Bank’s Anchor Borrowers Programme. Officials have not ruled out seizing some of the ex-minister’s assets pending the outcome of the investigation. “There is a lot he needs to clarify,” the official said, adding that Malami may remain in custody until his bail terms are fulfilled.
Malami, however, is pushing back firmly against the accusations. In a detailed statement on X, he dismissed any suggestion of involvement in terrorism financing as “mischievous and unjust,” insisting that his public service record contradicts the claims. He said he had never been questioned or investigated by any domestic or foreign agency for terrorism-related offenses, and argued that the allegations were “politically manipulated” to damage his reputation.
Referring to the publication that triggered the controversy, Malami noted that even the retired military officer cited as the source did not directly accuse him of financing terrorism, but merely claimed that certain suspects had business or institutional connections with various individuals. He said such vague associations were being twisted to imply wrongdoing without evidence.
The former minister stressed that terrorism financing is a grave national security concern and that linking anyone to it requires verifiable facts rather than speculation or guilt by association. He outlined several anti-money-laundering and counter-terrorism reforms he spearheaded while in office, including the legal establishment of an independent Nigerian Financial Intelligence Unit, the enactment of the Money Laundering (Prevention and Prohibition) Act 2022, and the overhaul of the Terrorism (Prevention and Prohibition) Act 2022.
Malami said his office worked closely with the NFIU, the Central Bank, law enforcement agencies, and international partners to strengthen Nigeria’s compliance with global AML/CFT standards. He argued that these efforts demonstrate his commitment to tightening—not undermining—the fight against financial crimes and terror funding.
As the interrogation continues, the case is drawing intense public attention due to Malami’s high-profile role in the Buhari administration. The EFCC has not announced formal charges, but officials say the investigation will continue until all discrepancies surrounding the funds and assets are resolved.
