By Emmanuel Nduka Obisue
Investigators probing the finances of Abubakar Malami, Nigeria’s former attorney-general of the federation (AGF) and Minister of Justice, have reportedly traced a substantial portion of his alleged wealth to Paris Club refunds, unpaid loans under a Central Bank of Nigeria (CBN) intervention scheme, and commissions tied to the repatriation of Abacha loot, TheCable has reported.
Heritage Times HT reports that Malami is currently in the custody of the Economic and Financial Crimes Commission (EFCC) and is expected to be arraigned before a federal high court in Abuja. Assets valued at more than ₦200 billion are said to have been linked to him, with investigators believing the properties were acquired during his tenure as AGF between 2015 and 2023 under former President Muhammadu Buhari.
Although Malami has denied all allegations, describing them as politically motivated, he has said through his media team that he will contest the charges in court.
According to TheCable, EFCC investigators are focusing on Malami’s role in the controversial deduction of consultancy fees from Paris Club refunds owed to state governments. Acting on Malami’s legal advice, the federal government deducted about $418 million from state allocations to pay consultants engaged to compute refund entitlements.
The arrangement sparked strong opposition from the Nigeria Governors’ Forum (NGF), which accused Malami of prioritising the interests of consultants over those of the states. In one of its statements at the time, the NGF said Malami was “purporting to create the impression that this is a liability to which governors had committed themselves to,” a claim the governors rejected.
Despite initial resistance, President Buhari later approved the payments. Sources familiar with the investigation told TheCable that EFCC officials believe kickbacks from the Paris Club deal account for a large portion of Malami’s alleged sudden wealth.
The investigation has also extended to the CBN’s anchor borrowers’ programme (ABP), a scheme launched in 2015 to support farmers with inputs and financing. TheCable reported that investigators discovered a ₦4 billion loan allegedly obtained in the name of one of Malami’s wives, Hajiya Bashir Asabe, which was never repaid.
She has now been charged alongside Malami. The ABP, which disbursed over ₦1 trillion nationwide, is reportedly still owed more than ₦600 billion, raising concerns among investigators that parts of the programme may have been abused for political patronage.
Another major focus of the probe is the payment of $16.9 million in legal fees linked to the repatriation of $321 million in Abacha loot. TheCable reported that although Nigeria had already paid Swiss lawyers for recovering and freezing the funds before Malami assumed office, the former AGF later engaged two Nigerian lawyers in 2017 for what investigators described as a duplicated role.
The lawyers — Oladipo Okpeseyi and Temitope Isaac Adebayo — have reportedly been detained and questioned by the EFCC. TheCable reported that they “made useful statements” during interrogation, after which investigators traced parts of the commission payments back to Malami.
As investigations continue, the EFCC is expected to formally present charges detailing the alleged financial flows tied to the former attorney-general’s time in office.
