Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), remained in the custody of the Economic and Financial Crimes Commission (EFCC) overnight on Monday as part of an ongoing investigation into multiple high-profile financial transactions during his tenure.
Sources familiar with the matter confirmed that Malami, who reported to the EFCC headquarters earlier in the day, was unable to fulfill bail He was reportedly required to provide two permanent secretaries as sureties to secure his release.
This marks the second time in recent weeks that Malami has been questioned by the anti-graft agency. He was previously interrogated on November 29 in connection with the same set of allegations.
At the heart of the probe are 46 bank accounts allegedly linked to the former minister. Key transactions under scrutiny include:
– A $496 million payment to Global Steel Holdings Ltd as compensation for the termination of the Ajaokuta Steel concession, despite reports that the company had previously waived its rights to settlement.
– The sale of multi-billion-naira assets forfeited to the EFCC, which involved allegations of opacity and disputed valuations.
– A $419 million judgment debt paid to consultants involved in the Paris Club refund process.
– Approval of a $200 million compensation payment to Sunrise Power in relation to the disputed Mambilla power project.
– Alleged duplication of legal fees in the recovery and transfer of $321 million in Abacha loot from Switzerland to Nigeria.
In a statement issued after his November interrogation, Malami dismissed the allegations as “baseless, illogical, and devoid of substance,” asserting that the claims did not hold up to factual scrutiny. He maintained that no recovery process related to the Abacha loot had been completed prior to his appointment in 2015.
Despite the ongoing investigation, Malami has continued to pursue his political ambitions. On November 17, he announced his intention to run for governor of Kebbi State in the 2027 elections under the banner of the African Democratic Congress (ADC), having left the ruling All Progressives Congress (APC) in July.
The EFCC has not issued an official statement regarding Monday’s detention. Investigations are ongoing.
