By Ademola Adekusibe
10th December 2025
The Economic and Financial Crimes Commission has detained a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), over allegations bordering on terrorism financing, money laundering and the handling of recovered Abacha loot.
According to EFCC sources, Malami is being questioned on issues including his alleged investment of about ₦10 billion in Kebbi State, the whereabouts of $322 million Abacha loot returned from Switzerland, and an additional $22 million recovered from the Island of Jersey. The former minister is also expected to clarify allegations linked to suspicious accounts and funds connected to the Anchor Borrowers Programme.
As of 10pm on Tuesday, Malami had not met the bail conditions set by the commission. A senior EFCC official told reporters that the “allegations are many” and would require several days of interrogation. The agency is also expected to question one of Malami’s wives over an alleged ₦4 billion Anchor Borrowers-related transaction.
But Malami has strongly denied the allegations. In a detailed statement posted on X, he said he had never been investigated, invited, or interrogated for terrorism financing by any security or intelligence agency in Nigeria or abroad. He described the allegations as “politically manipulated insinuations” that contradict his track record in strengthening Nigeria’s anti-money-laundering and counter-terrorism financing frameworks.
He noted that during his time in office, he championed reforms that enabled the establishment of the Nigerian Financial Intelligence Unit (NFIU) as an independent entity and supported the passage of the Money Laundering (Prevention and Prohibition) Act, 2022 and the Terrorism (Prevention and Prohibition) Act, 2022. He maintained that his actions in office were aimed at reinforcing, not undermining, national and international AML/CFT standards.
