Money Laundering: Former AGF Malami Marks Second Day in EFCC Cell

Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), continues to be held by the Economic and Financial Crimes Commission (EFCC) after failing to meet the bail conditions set by investigators.

Malami is currently under investigation for 18 alleged offences, including money laundering, abuse of office, and terrorism financing. The anti-graft agency had secured a remand order, which has kept him in custody. As of Tuesday night, he was unable to fulfil the conditions for release, spending a second consecutive night in EFCC detention.

Sources revealed that Malami was searching for two permanent secretaries to act as sureties, a requirement for his bail, as the EFCC intensified questioning over financial transactions linked to his tenure in office.

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Earlier, on November 29, Malami had been interrogated by EFCC officials regarding high-profile transactions, including:

• The $496 million compensation to Global Steel Holdings Ltd (GSHL) following the termination of the Ajaokuta Steel concession.

• Multi-billion-naira asset sales forfeited to the EFCC under opaque circumstances.

• The $419 million judgment debt to consultants connected to the Paris Club refund process.

• The controversial $200 million compensation to Sunrise Power for the Mambilla power project.

• Alleged duplication of legal fees connected to the transfer of $321 million of Abacha loot from Switzerland.

Malami’s media aide, Mohammed Doka, stated that the former AGF described the allegations as “baseless, illogical, and devoid of substance,” insisting that they would collapse under factual scrutiny. Malami maintains that claims of duplicating the Abacha loot recovery process are unfounded, noting that no such recovery had been completed prior to his assumption of office in 2015.

The EFCC continues its investigation into the controversial transactions, while Malami remains in custody pending further developments.