Former attorney-general of the federation and minister of justice, Abubakar Malami, has spent a second night in the custody of the Economic and Financial Crimes Commission (EFCC) as investigators intensify their probe into a series of high-profile financial allegations linked to him.
Sources familiar with the case said Malami is under investigation for at least 18 alleged offences, including money laundering, abuse of office, terrorism financing, and unexplained wealth. The EFCC is also reported to have secured a remand order to keep him in detention while the investigation continues.
A key focus of the probe is the recovery and management of the $346.2 million Abacha loot repatriated from Switzerland, as well as additional funds returned from Jersey. Investigators are also scrutinising the disbursement of N4 billion under the Central Bank of Nigeria’s Anchor Borrowers’ Programme.
Malami is further being questioned over alleged investments valued at about N10 billion in schools, hotels, and rice mills in Kebbi State. Another major line of inquiry is the 46 bank accounts reportedly linked to him.
Sources disclosed that the former minister failed to meet his bail conditions as of 11 p.m. on Tuesday, which resulted in his continued detention. He had earlier been invited for questioning on Monday but reportedly arrived late, leading to an overnight stay to continue with the interrogation.
Malami, who defected from the All Progressives Congress (APC) to the African Democratic Congress (ADC), declared his intention in November 2025 to contest the 2027 governorship election in Kebbi State.
His time in office under the Muhammadu Buhari administration had previously been marked by several controversial transactions, including:
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The $496 million settlement to Global Steel Holdings Ltd (GSHL) for the terminated Ajaokuta Steel concession, despite the company having earlier waived compensation claims.
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The disposal of forfeited assets valued in billions of naira.
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The $419 million judgment debt awarded to consultants involved in the Paris Club refund process.
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A proposed $200 million compensation to Sunrise Power over the Mambilla power project dispute.
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Alleged duplicated legal fees in the transfer of $321 million Abacha loot from Switzerland.
