A major storm has hit the political space as the immediate-past Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), is now in EFCC custody over serious allegations tied to terrorism financing and the handling of recovered Abacha loot.
As at 10pm last night, Malami was still detained after failing to meet his bail conditions.
According to EFCC insiders, investigators are questioning him on multiple fronts — including alleged money laundering, operation of suspicious accounts, a sudden N10 billion investment in Kebbi State, and the whereabouts of about $322 million Abacha loot recovered from Switzerland, as well as another $22 million from the Island of Jersey.
The anti-graft agency is also said to be preparing to question one of his wives over her alleged involvement in N4 billion Anchor Borrowers Programme funds, The Nation reported.
“He has a lot to clarify,” one source told reporters, adding that the allegations are “many” and will take days for the EFCC to work through.
But Malami has strongly rejected every claim.
In a lengthy statement posted on X, the former AGF insisted he has never been accused, invited, interrogated, or investigated by any law-enforcement body — locally or internationally — for terrorism financing.
He described the stories linking him to terror suspects or alleged financiers as politically motivated attempts to smear his record.
Malami argued that even the retired military officer cited in the original report admitted he never accused him of financing terrorism, only mentioning vague “business” or “institutional” interactions involving other individuals.
He warned that linking lawful professional dealings to terrorism financing without evidence is dangerous, misleading, and unjust.
The former minister highlighted his role in Nigeria’s efforts to improve anti-money laundering laws and exit the FATF Grey List, insisting that his public service record contradicts any attempt to associate him with terrorism.