The Economic and Financial Crimes Commission has detained former Attorney General of the Federation and Minister of Justice, Abubakar Malami, over allegations bordering on terrorism financing and money laundering.
According to Reports, the former Minister is being questioned on several financial matters, including the operation of accounts flagged as suspicious and alleged investments worth about ₦10 billion in Kebbi State. He is also expected to explain the status of three hundred and twenty two million dollars in Abacha loot returned from Switzerland, as well as an additional twenty two million dollars recovered from Jersey in the United Kingdom.
As of 10 o’clock on Tuesday night, Malami was still in the custody of the EFCC after failing to meet his bail conditions.
A senior official at the Commission disclosed that the allegations against the former Minister are extensive and would take several days to review thoroughly. The official said Malami will also answer questions regarding the large scale investments traced to him in Kebbi State and may be required to clarify the role of one of his wives in the handling of about ₦4 billion naira from the Anchor Borrowers Programme of the Central Bank of Nigeria.
The source added that some of the assets linked to Malami could be subject to attachment if the investigations establish wrongdoing.
Despite the mounting allegations, Malami has rejected any suggestion that he was involved in terrorism financing. He insisted that his public record contradicts such accusations.
In a detailed statement released on X, Malami said he has never been accused, interrogated or investigated by any security or intelligence agency in Nigeria or abroad for terrorism financing. He pointed out that even the retired military officer cited in earlier reports did not accuse him directly but only made unclear references to business or institutional contact with some individuals.
Malami described the allegations as politically motivated attempts to distort facts and malign his reputation.
He added that terrorism financing is a serious crime and accused his political opponents of exploiting media narratives to mislead the public.
The former Attorney General highlighted his role in strengthening Nigeria’s financial intelligence and counter terrorism framework, including the establishment of the Nigerian Financial Intelligence Unit as an independent agency and the passage of the Money Laundering Prevention and Prohibition Act of 2022 and the Terrorism Prevention and Prohibition Act of 2022.
He said his office worked closely with the Central Bank, security agencies, regulatory bodies and international partners to improve the country’s compliance with global anti-money laundering and counter terrorism standards.
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