BREAKING: EFCC detains ex-AGF Malami over alleged terrorism financing, missing Abacha loot

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 suspicious accumulation of wealth.

Sources within the commission told reporters that Malami is also expected to provide detailed explanations on his alleged N10 billion investments in Kebbi State, as well as the whereabouts of key portions of the recovered Abacha loot, including $322 million repatriated from Switzerland and another $22 million returned from the Island of Jersey.

As of 10pm on Tuesday, the former minister was still in EFCC custody after failing to meet his bail conditions.

‘We Are Probing Multiple Allegations,’ Says EFCC Source

A senior EFCC official, who spoke on condition of anonymity, said the list of allegations against Malami is extensive.

“We have detained the ex-Minister for terrorism financing and issues surrounding the Abacha loot recovered from Switzerland and Jersey,” the official said.

“His sudden N10 billion investment profile in Kebbi State is under investigation. We may even place some of the assets under temporary forfeiture.”

The source added that investigators may also question one of Malami’s wives in connection with an alleged N4 billion Anchor Borrowers’ Programme loan said to have been facilitated through the Central Bank of Nigeria (CBN).

“He still has a lot to clarify and has not met his bail conditions. He may remain with us pending full compliance,” the official added.

Malami: My Record Contradicts These Allegations

In a lengthy statement posted on X, Malami rejected the terrorism-financing allegations, describing them as politically motivated and inconsistent with his track record in public office.

“I have never at any time been accused, invited, investigated or charged by any agency, within or outside Nigeria, for terrorism financing or related offences,” he wrote.

Malami argued that even the retired military officer referenced in the reports made no direct allegation against him, stressing that the claims were twisted by political rivals to smear his reputation.

He insisted that associating him with terrorism financing without factual basis is “mischievous, unjust and dangerous”.

‘My Public Service Record Speaks for Itself’

The former AGF highlighted his key role in Nigeria’s anti-money-laundering reforms and its eventual removal from the Financial Action Task Force (FATF) Grey List.

He listed reforms carried out during his tenure, including:

Establishing the Nigerian Financial Intelligence Unit (NFIU) as an independent body.

Enacting the Money Laundering (Prevention and Prohibition) Act, 2022.

Overhauling the anti-terror legal framework through the Terrorism (Prevention and Prohibition) Act, 2022.

Strengthening collaboration between the Federal Ministry of Justice, CBN, NFIU, and other enforcement bodies.

Malami said these reforms proved his commitment to strengthening, not weakening, Nigeria’s defences against terrorism financing.

The EFCC is expected to continue interrogation in the coming days as pressure mounts for clarity on the fate of the repatriated Abacha funds and the alleged expansion of Malami’s personal wealth.

Follow Very Nigerian WhatsApp Channel
For Verified Breaking News, Exclusive Reports, Trending Stories, And Real-time Updates.
CLICk HERE TO JOIN!