From Ajaokuta To Abacha Loot: Five Deals That Triggered Probe Of Ex-AGF Malami

Former Attorney-General of the Federation (AGF), Abubakar Malami (SAN), is set to face investigators over at least five major transactions carried out during his years in office, TheCable has learnt.

According to senior government sources, the ongoing review targets some of the most controversial financial and legal decisions executed under Malami’s watch, involving hundreds of millions of dollars and assets valued in billions of naira.

One of the transactions under scrutiny is the $496 million settlement paid to Global Steel Holdings Limited (GSHL) for the failed Ajaokuta Steel concession. The payment was made despite reports that the Indian firm had, years earlier, waived claims to compensation — a development that continues to puzzle both industry experts and officials familiar with the matter.

Investigators are also probing Malami’s involvement in the disposal of high-value assets forfeited to the Economic and Financial Crimes Commission (EFCC) by politically exposed persons. His ministry assumed control of the sale process, raising concerns about transparency, due process, and potential overreach into the EFCC’s statutory functions.

Another major red flag is Malami’s role in the controversial $419 million judgment debt awarded to consultants who claimed to have facilitated the Paris Club refunds to state governments. The approval of the payments — which were to be deducted from federal allocations to the states — provoked fierce resistance from governors, who questioned both the legitimacy of the claims and the legal basis for the deductions.

The probe also covers Malami’s handling of negotiations with Sunrise Power, the company locked in a dispute with the federal government over the stalled Mambilla hydropower project. A reported $200 million compensation agreement offered to the firm is one of the issues investigators are examining, particularly the process that produced the settlement.

The final strand of the investigation concerns allegations of duplicated legal fees in the repatriation of the $321 million Abacha loot from Switzerland. Multiple claims and the involvement of intermediaries raised suspicions that the government may have paid more than once for the same legal work.

Sources said investigators are currently gathering documents, payment records, internal memos, legal opinions, and approvals relating to the five transactions. Invitations for questioning are expected to be issued once the document review is concluded.

Malami, who served as AGF from 2015 to 2023, has previously defended many of these decisions as being in Nigeria’s best interest.

However, the new probe is poised to test not just the legality of these transactions, but also the transparency, financial prudence, and institutional integrity of his tenure — making it one of the most significant accountability tests of the post-Buhari administration.