EFCC Detains Malami Over Alleged Terrorism Financing, N10bn Investments

The Economic and Financial Crimes Commission (EFCC) has detained former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), over allegations of terrorism financing, money laundering, and suspicious financial activities linked to recovered Abacha loot.

According to EFCC investigators, Malami is expected to account for his reported N10 billion investment portfolio in Kebbi State, as well as clarify the whereabouts of $322 million recovered from Switzerland and an additional $22 million repatriated from the Island of Jersey.

A top EFCC source said the allegations against the former Minister are extensive and will require several days of examination. The source added that Malami had yet to meet his bail conditions as of 10pm on Tuesday, keeping him in custody. “We have detained the ex-Minister for terrorism financing and the whereabouts of Abacha loot recovered from Switzerland and the Island of Jersey. His sudden wealth of N10billion investments in Kebbi State is under investigation,” the source said.

The commission is also probing alleged links involving one of Malami’s wives and a reported N4 billion Anchor Borrowers Programme fund issued by the Central Bank of Nigeria (CBN). EFCC officials hinted that some of the assets under scrutiny may be subject to attachment pending investigation outcomes.

Malami, however, has strongly denied any involvement in terrorism financing. In a detailed statement released on X, he insisted that he has never been invited, questioned or investigated by any security or intelligence agency locally or internationally on terrorism-related offences.

“My attention has been drawn to a recent publication linking me to terrorism financing. I state clearly that I have never at any time been accused, interrogated or investigated by any authority for terrorism financing. My public record stands in direct contradiction to such insinuations,” he said.

He argued that the claims were politically motivated and rooted in misinterpretations of professional or institutional relationships. He stressed that terrorism financing is a grave crime that must never be associated with anyone without verifiable evidence and due process.

Malami also highlighted his roles in strengthening Nigeria’s AML/CFT framework, including securing the autonomy of the Nigerian Financial Intelligence Unit (NFIU), supporting the Money Laundering (Prevention and Prohibition) Act 2022, and advancing the Terrorism (Prevention and Prohibition) Act 2022 legislations he said were central to Nigeria’s removal from the FATF grey list and enhancement of global compliance standards.