EFCC links 41 properties to ex-AGF Malami, files money laundering charges

The Economic and Financial Crimes Commission (EFCC) has traced a total of 41 properties to Abubakar Malami, former Attorney-General of the Federation and Minister of Justice, as part of an ongoing investigation into alleged financial crimes.

According to findings by investigators, the properties—comprising hotels, residential buildings, educational institutions, industrial facilities, lands and a printing press—are spread across Kebbi State, Kano State and the Federal Capital Territory (FCT), Abuja. The combined estimated value of the assets stands at about N212.89 billion.

A breakdown of the valuations shows that properties located in Kebbi State are valued at N162.19 billion, assets in Kano State at N16.01 billion, while those in the FCT are estimated at N34.69 billion.

In addition to tracing the assets, the Federal Government has filed a 16-count charge of money laundering against Malami and his son, Abdulaziz Malami.

The charges are said to be brought under Sections 15, 18 and 21 of the Money Laundering (Prevention and Prohibition) Act. Both defendants are accused of engaging in financial transactions alleged to be inconsistent with lawful income, although no conviction has been secured as of the time of this report.

Investigators listed several high-value educational and commercial assets under the Rayhaan brand, including multiple university sites, schools and staff residences.

Among the most valuable are Rayhaan University’s permanent site, valued at N56 billion, and its temporary site, valued at N37.8 billion.

Other assets include Rayhaan Model Academy, Rayhaan Primary and Secondary School, agro-allied factories, factory equipment, a printing press, radio station, hotels, shopping outlets and several residential properties linked to Malami and members of his family.

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Notable hospitality and commercial assets include Azbir Hotel, valued at over N10.3 billion, alongside galleries, gardens, a mosque, a pharmacy and clothing outlets. Investigators also listed several private residences, political and charitable foundation buildings, and uncompleted commercial complexes within the state.

In Kano State, EFCC traced properties valued at N16.01 billion, including Zeennoor Hotel, estimated at N11.2 billion, Rayhaan Hotel Kano, a gym facility, mosque, and a residential property reportedly belonging to Malami’s wife along Ahmadu Bello Way.

In the Federal Capital Territory, assets valued at N34.69 billion were identified. These include luxury duplexes in Maitama, two branches of Meethaq Hotel in Jabi and Maitama, Harmonia Hotels in Area 11, Garki, and 42 bungalow units located in Efab Estate.

The EFCC is expected to rely on documentary evidence, asset valuation reports and financial records to establish its case in court. Malami, who served as Attorney-General from 2015 to 2023, has not publicly responded to the latest developments at the time of filing this report.

Legal analysts note that asset tracing does not amount to a conviction and stress that the defendants are presumed innocent until proven guilty by a court of competent jurisdiction.

The case is expected to attract significant public attention given Malami’s former position as the nation’s chief law officer.