The immediate-past Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), is being interrogated by the Economic and Financial Crimes Commission (EFCC) over allegations of terrorism financing, money laundering and questionable asset acquisitions.
Malami remained in EFCC custody as of 10pm on Tuesday after failing to meet his bail conditions.
According to sources within the commission, investigators are questioning the former minister over alleged suspicious accounts, a reported N10 billion investment in Kebbi State, and the whereabouts of portions of the Abacha loot — including $322 million recovered from Switzerland and about $22 million from the Island of Jersey.
The EFCC is also probing alleged links to N4 billion reportedly obtained under the Anchor Borrowers’ Programme, with one of Malami’s wives expected to be invited for questioning.
A senior EFCC official said the allegations were extensive and would require “some days” to review. “He has a lot to clarify, but he has not been able to meet bail conditions,” the source said.
However, Malami has strongly rejected suggestions of involvement in terrorism financing, describing them as politically motivated.
In a statement on X, he said his record in office contradicted any insinuation of wrongdoing, stressing that he had never been invited, investigated or charged by any security or regulatory agency on terrorism financing.
He argued that comments attributed to a retired military officer — cited as a source in an earlier report — were misinterpreted and did not amount to an accusation.
“Terrorism financing is a grave crime,” he said, adding that any claims linking him to such offences must be based on verifiable facts and due process, not speculation or “guilt by association”.
Malami also cited his role in Nigeria’s anti-money laundering and counter-terrorism financing reforms, including efforts that contributed to the country’s exit from the Financial Action Task Force (FATF) grey list.
Investigations by the EFCC are ongoing.
