Malami Spends Second Night in EFCC Custody Amid Probe into Money Laundering, Terrorism Financing

Abubakar Malami, former Attorney-General of the Federation and Minister of Justice, is spending a second night in the custody of the Economic and Financial Crimes Commission (EFCC) as the agency continues its investigation into multiple allegations, including money laundering, abuse of office, and terrorism financing.

According to sources familiar with the investigation, Malami is facing scrutiny over 18 alleged offenses. Among the key issues under examination are the recovery and management of $346.2 million traced to the late Sani Abacha’s Swiss accounts and additional funds from the Island of Jersey. Investigators are also looking into the disbursement of N4 billion from the Central Bank of Nigeria’s Anchor Borrowers’ Programme and Malami’s reported N10 billion investment in schools, hotels, and rice mills in Kebbi State.

The EFCC is understood to have obtained a remand order to keep Malami in custody after he failed to meet the conditions for bail by Tuesday night. An associate of the former minister stated that Malami had been invited for questioning on Monday but arrived late in the evening, necessitating an overnight stay to continue addressing the agency’s queries. Investigators are also examining 46 bank accounts allegedly linked to Malami, which form a significant part of the probe.

EFCC spokesperson Dele Oyewale declined to provide comments on the ongoing investigation.

Malami, who resigned from the All Progressives Congress (APC) in 2025 to join the African Democratic Congress (ADC), had announced his intention to contest the 2027 governorship election in Kebbi State.

The investigation revisits several major transactions during Malami’s tenure as Attorney-General. These include the $496 million payment to Global Steel Holdings Ltd in connection with the Ajaokuta Steel concession, a transaction occurring nine years after the Indian company had waived all claims for compensation. Other areas of inquiry include the management of assets forfeited to the EFCC by politically exposed persons, a $419 million judgment debt awarded to consultants involved in Paris Club refund facilitation, a $200 million compensation agreement with Sunrise Power regarding the Mambilla power project, and duplicated legal fees associated with the transfer of $321 million of Abacha loot from Switzerland to Nigeria.

The EFCC investigation continues as Malami remains in custody, responding to detailed questions from the agency concerning his role in the alleged irregularities and the management of recovered funds.