The Economic and Financial Crimes Commission (EFCC) has detained former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), in connection with alleged terrorism financing. The ex-minister is also being questioned over possible money laundering and the management of suspicious accounts.
Malami has been asked to account for his reported N10 billion investment in Kebbi State, as well as the whereabouts of $322 million recovered from Swiss accounts and $22 million from Jersey, UK, linked to the late Sani Abacha.
As of 10 p.m. on Tuesday, Malami remained in EFCC custody, having been unable to meet bail conditions. A senior EFCC source confirmed that the allegations are extensive and will require several days of investigation. The source added:
“We have detained the ex-minister for terrorism financing and to clarify the status of recovered Abacha loot from Switzerland and Jersey. His sudden N10 billion investments in Kebbi are under review, and we may attach some of these assets. We are likely to question one of his wives regarding N4 billion in Anchor Borrowers funds advanced by the CBN. He has much to clarify and may remain in custody until bail conditions are fulfilled.”
Malami has rejected the terrorism financing allegations. In a statement on X, he emphasized his role in Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) reforms, which helped the country exit the Financial Action Task Force (FATF) grey list. He said:
“I have never at any time been accused, interrogated, investigated, or charged by any security or regulatory agency—within or outside Nigeria—in respect of terrorism financing or any related offence. Terrorism financing is a grave crime, and any association with such an offence must be based on verifiable facts, due process, and lawful findings, not conjecture or political speculation.”
Malami highlighted his key achievements in office, including:
- Establishing the independent Nigerian Financial Intelligence Unit (NFIU) to meet international standards and improve financial intelligence.
- Supporting the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022, which strengthened Nigeria’s framework against money laundering.
- Contributing to the Terrorism (Prevention and Prohibition) Act, 2022, which updated penalties and provisions against terrorism financing.
- Cooperating with domestic and international partners to improve coordination, compliance, and information-sharing across Nigeria’s AML/CFT system.
The EFCC has not indicated when the investigation will conclude, but Malami’s detention marks one of the highest-profile cases involving alleged terrorism financing and the management of recovered Abacha funds in recent years.
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