Malami’s Bail Denied; EFCC Investigates Abacha Loot, Terrorism Financing, And Money Laundering

Abubakar Malami, the former attorney-general of the federation and minister of justice, was denied bail and is spending a second night in the custody of the Economic and Financial Crimes Commission (EFCC) as the agency probes multiple allegations, including terrorism financing, money laundering, and abuse of office.

TheCable reports that the EFCC secured a remand order to keep Malami detained while the investigation intensifies.

Sources familiar with the case said Malami has struggled to account for $346.2 million recovered from Switzerland as part of the Abacha loot, as well as funds traced to the Island of Jersey. The inquiry also extends to the disbursement of N4 billion from the Central Bank of Nigeria’s Anchor Borrowers’ Programme.

Malami is further being questioned over an alleged N10 billion personal investment in schools, hotels, and rice mills in Kebbi State. Investigators are also scrutinising 46 bank accounts allegedly linked to him, which form a major focus of the probe.

An associate confirmed that Malami was invited for questioning on Monday but arrived late, forcing him to stay overnight to continue responding to investigators’ queries. He reportedly failed to meet his bail conditions as of 11 p.m. on Tuesday.

Dele Oyewale, EFCC spokesperson, declined to comment on the ongoing investigation.