N212.8 BILLION MANSIONS SCANDAL: EFCC SLAMS 16-COUNT MONEY LAUNDERING CHARGES ON EX-AGF MALAMI, SON, OTHERS

Nigeria’s anti-graft war took a dramatic turn as the Economic and Financial Crimes Commission (EFCC) on Tuesday filed a sweeping 16-count money laundering charge against former Attorney-General of the Federation, Abubakar Malami, SAN, his son Abdulaziz Malami, and Hajia Bashir Asabe, an employee of Rahamaniyya Properties Limited.
At the heart of the charges is an explosive allegation that Malami, during and after his eight-year tenure as AGF (2015–2023), laundered about N9 billion and amassed no fewer than 30 prime properties in Abuja, Kebbi, Kano and other locations, with an estimated value put at a staggering N212.8 billion.

According to court filings, the EFCC alleged that Malami and his co-defendants used a web of corporate fronts notably Metropolitan Auto Tech Limited, Meethaq Hotels Ltd and Rahamaniyya Properties Ltd — to conceal, retain, convert and disguise proceeds of unlawful activities, largely through strategic bank transactions and high-end real estate acquisitions.
Several of the counts accuse Malami of deploying hundreds of millions of naira as cash collateral for bank loans, purchasing luxury properties in Maitama, Asokoro, Jabi, Gwarimpa and Garki, and funnelling funds through corporate accounts to mask their true origin. One of the flagship allegations centres on a N500 million luxury duplex in Maitama, while others span transactions dating as far back as 2015, shortly after he assumed office.

The charges further reveal that the EFCC is considering invoking the Non-Conviction Based Asset Forfeiture provisions of its Establishment Act. Under this process, the commission may issue a 14-day public notice, challenging anyone with an interest in the disputed assets to show cause why the properties should not be forfeited to the Federal Government.
Legal observers say the case could become one of the most consequential post-office corruption trials involving a former Attorney-General, a position constitutionally charged with safeguarding the rule of law.

Malami and the other defendants are yet to enter a plea. As the case unfolds, the spotlight is firmly on how one of Nigeria’s most powerful former law officers will account for a property empire allegedly built while serving as the nation’s chief legal officer.