Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), reportedly spent Monday night in the custody of the Economic and Financial Crimes Commission (EFCC) as the agency intensified its investigation into a series of high-profile financial transactions linked to his tenure.
According to sources, Malami was arrested on Monday evening and interrogated by EFCC officials. By nightfall, he was reportedly seeking two permanent secretaries to serve as sureties in order to meet bail conditions for his release.
“EFCC arrested Abubakar Malami again; he was looking for two Permanent Secretaries for bail conditions on Monday night,” a source familiar with the matter said.
Malami had been invited for questioning earlier in the day but reportedly arrived late, prompting investigators to continue the session into the following morning, necessitating his overnight stay at the EFCC headquarters in Abuja.
The probe reportedly involves at least 46 bank accounts allegedly linked to Malami. This follows an earlier interrogation on November 29, after which Malami took to X to describe the session as “successful,” insisting that the allegations against him were fabricated.
“The engagement was successful, and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continue to unfold,” he said.
EFCC sources, however, indicate that the current investigation revisits several controversial financial deals during Malami’s tenure under the Muhammadu Buhari administration. In 2023, reports suggested he would face questioning over at least five suspicious transactions.
Key transactions under renewed scrutiny include the $496 million payment to Global Steel Holdings Ltd (GSHL) as compensation for the terminated Ajaokuta Steel concession, despite the company having previously waived any settlement. Investigators are also reviewing Malami’s alleged role in the sale of multi-billion-naira assets forfeited to the EFCC, the $419 million judgment debt awarded to consultants over the Paris Club refund process, and the $200 million compensation to Sunrise Power related to the disputed Mambilla power project.
Another issue under examination is the alleged duplication of legal fees linked to the transfer of $321 million of Sani Abacha loot from Switzerland to Nigeria. Malami has dismissed claims that he duplicated the recovery process for the $310 million Abacha loot, which later grew to $322.5 million with accrued interest.
In a statement from his media aide, Mohammed Doka, following the November 29 interrogation, Malami insisted that the EFCC’s allegations were “baseless, illogical, and devoid of substance,” asserting that the accusations would not withstand factual scrutiny.
Leave a Reply