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The Economic and Financial Crimes Commission (EFCC) has detained a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), over sweeping allegations ranging from terrorism financing to money laundering, suspicious wealth accumulation, and unanswered questions surrounding hundreds of millions of dollars in recovered Abacha loot.

Malami, who served as Nigeria’s chief law officer from 2015 to 2023, was still in EFCC custody as of 10 p.m. on Tuesday after reportedly failing to meet his bail conditions.

Terrorism Financing, Missing Abacha Loot, N10bn Kebbi Investments

A senior EFCC official confirmed that investigators are probing several high-profile allegations tied to the former minister.

According to the source, Malami is expected to account for:

• About N10 billion in private investments traced to him in Kebbi State;
• The whereabouts of $322 million Abacha loot repatriated from Switzerland;
• Another $22 million returned from the Island of Jersey;
• Suspicious bank accounts and money-laundering concerns;
• Possible links to terrorism financing, which investigators say require extensive interrogation.

“We have detained the ex-Minister for terrorism financing and the whereabouts of Abacha loot recovered from Switzerland and Island of Jersey in the UK,” the EFCC source said.

His wife may also be summoned in relation to an alleged N4 billion Anchor Borrowers Programme fund reportedly linked to her activities.

The source added that the number and complexity of the allegations mean the interrogation will take several days.

Malami Fires Back: ‘My record contradicts any insinuation of terrorism financing’

Malami, however, has strongly rejected the allegations—particularly the claim of terrorism financing—which he described as politically motivated, misleading, and contrary to his public service record.

In a detailed statement released on X, the former minister insisted he had never been investigated or accused by any Nigerian or foreign agency for terrorism financing, describing the reports as “mischievous insinuations” pushed by opponents.

He argued that the retired military officer cited in earlier media reports even admitted he was not accusing Malami directly, but merely referenced business or institutional links involving unnamed suspects.

“To suggest that lawful professional or institutional engagements can, without more, be read as evidence of terrorism financing is both mischievous and unjust,” he said.

‘I strengthened Nigeria’s anti-money-laundering and anti-terrorism frameworks’

Malami also highlighted his central role in the reforms that helped Nigeria exit the Financial Action Task Force (FATF) grey list.

Among the reforms he listed are:

• The establishment of an independent Nigerian Financial Intelligence Unit (NFIU);
• Passage of the Money Laundering (Prevention and Prohibition) Act, 2022;
• Passage of the Terrorism (Prevention and Prohibition) Act, 2022;
• Strengthened collaboration between the Ministry of Justice, CBN, NFIU, and international partners on AML/CFT compliance.

He maintained that these reforms show he worked to combat, not facilitate, terrorism financing.

EFCC Yet to Release Him

Despite his rebuttal, EFCC sources say Malami remains in custody due to his inability to meet the stipulated bail terms. Officials suggest he may remain detained until all conditions are fulfilled.

Meanwhile, the investigations—spanning alleged terrorism financing, missing public funds, and unexplained wealth—are expected to continue in the coming days.

This marks one of the most significant anti-corruption cases involving a former Attorney-General in Nigeria’s history, and one that is already generating intense political and public interest nationwide.