EFCC links Malami’s wealth to Paris Club refunds, CBN loans, Abacha loot

Investigators have traced a significant portion of former Attorney-General of the Federation, Abubakar Malami, alleged wealth to multiple sources, including Paris Club refunds to states, unpaid loans under the Central Bank of Nigeria’s (CBN) Anchor Borrowers Programme (ABP), and commissions from the repatriation of Sani Abacha loot.

Malami has been detained by the Economic and Financial Crimes Commission (EFCC) ahead of his arraignment at a federal high court in Abuja.

Properties valued at over N200 billion have been linked to him, believed to have been acquired during his tenure as Attorney-General under former President Muhammadu Buhari from 2015 to 2023.

Malami has denied wrongdoing, claiming political persecution through statements issued by his media team, and has pledged to defend himself in court.

Investigators highlighted Malami’s role in facilitating payments to consultants over the Paris Club refunds.

Acting on his legal advice, the federal government deducted $418 million from state allocations as consultancy fees for calculating refunds due to states following Nigeria’s exit from the Paris Club of creditors.

The refund process arose because Nigeria had paid $12 billion from the federation purse to the Paris Club under former President Olusegun Obasanjo, despite many states not owing any foreign debts.

Consultants were hired to calculate the refunds, charging over $400 million in fees, sparking disputes with the Nigeria Governors’ Forum (NGF).

The NGF accused Malami of pursuing “selfish interests” and alleged that he was acting on behalf of the consultants rather than the nation. Sources indicate EFCC investigators traced kickbacks from this arrangement to Malami.

Malami is also alleged to have used the name of his wife, Hajiya Bashir Asabe, to secure a N4 billion loan under the CBN’s Anchor Borrowers Programme (ABP), which was meant to support local farmers with inputs and capital to boost food production. The loan remains unpaid, and his wife has been charged alongside him.

The ABP has disbursed over N1 trillion, with more than N600 billion unaccounted for, prompting concerns that portions of the programme may have been diverted for political or personal enrichment.

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

In 2016, Malami engaged two Nigerian lawyers—Oladipo Okpeseyi and Temitope Isaac Adebayo—to oversee the repatriation of $321 million in Abacha loot, despite the federal government having already paid Swiss lawyers four percent of the recovered funds and $6.8 million in professional fees for earlier recoveries.

Investigators allege Malami duplicated the arrangement, hiring the Nigerian lawyers at a cost of $16.9 million from the recovered funds. EFCC sources say funds from this duplicated commission were traced to Malami, while the lawyers involved have been detained and provided “useful statements” during investigations.

Legal and anti-corruption experts have weighed in on the matter. Professor Emeka Okafor, a governance analyst, described the revelations as “indicative of systemic lapses in public financial management that allowed political actors to exploit state programmes for personal gain.”

Dr. Aisha Bello, a financial crimes expert, added, “While Malami’s denial is part of his legal strategy, the EFCC’s tracing of funds through multiple complex channels demonstrates the importance of transparency and oversight in public offices, particularly for those handling large-scale national resources.”

Analysts suggest that the case could set a precedent for enhanced scrutiny of public officials’ finances, noting that the combination of unaccounted loans, consultancy fees, and duplicated commissions highlights persistent vulnerabilities in Nigeria’s public financial system.