EXPOSED: Ex-AGF Malami’s billions Traced To Abacha Loot, Paris Club Refunds, CBN Agric Loans
Investigators have allegedly traced a substantial portion of the wealth of Abubakar Malami, former Attorney-General of the Federation (AGF) and Minister of Justice, to controversial financial dealings linked to Paris Club refunds, unpaid Central Bank of Nigeria (CBN) agricultural loans, and the repatriation of stolen funds traced to the late military ruler, Sani Abacha.
Malami, who served as AGF from 2015 to 2023 under former President Muhammadu Buhari, is currently in the custody of the Economic and Financial Crimes Commission (EFCC) and is expected to be arraigned before a Federal High Court in Abuja.
According to sources familiar with the investigation, properties valued at over ₦200 billion have been linked to Malami. Investigators believe the assets were acquired during his tenure in office. Malami has denied all allegations through his media aides, describing the investigation as politically motivated and insisting he will clear his name in court.
Paris Club Refunds
One major focus of the investigation is the controversial Paris Club refund payments to states. Acting on Malami’s legal advice, the Federal Government approved the deduction of about $418 million from state allocations to pay consultants engaged to calculate refund entitlements.
Nigeria exited the Paris Club of creditors in 2005 after paying $12 billion in exchange for the write-off of $18 billion in debt. Although the debt was largely federal, payments were made from the federation account, prompting states to demand refunds.
While consultants were engaged to reconcile the figures, the Nigeria Governors’ Forum (NGF) strongly opposed the scale of consultancy fees and the decision to deduct payments directly from state allocations. Between 2021 and 2022, the NGF accused Malami of pursuing “selfish interests” and acting on behalf of consultants rather than the states.
Despite the objections, former President Buhari later approved the payments. EFCC sources say investigators have traced alleged kickbacks from the deal to Malami, forming a major part of the probe.
Anchor Borrowers’ Programme
Another strand of the investigation centres on the Anchor Borrowers’ Programme (ABP), launched by the CBN in 2015 to boost food production and reduce imports. Under the scheme, farmers were to receive inputs and financing to support agricultural output.
Investigators allege that Malami secured a ₦4 billion loan under the programme using the name of one of his wives, Hajiya Bashir Asabe. The loan was allegedly never repaid. Both Malami and his wife have now been charged to court in connection with the matter.
The CBN reportedly disbursed over ₦1 trillion under the ABP but has struggled to recover more than ₦600 billion, raising concerns that large portions of the funds may have been diverted.
Abacha Loot Commission
Investigators are also probing Malami’s role in the repatriation of $321 million recovered Abacha loot. Although the funds had been recovered and frozen as early as 2013 under former President Goodluck Jonathan, the repatriation process stalled due to legal challenges by the Abacha family.
Nigeria had already paid Swiss lawyers professional fees for the recovery of the funds from Liechtenstein and Luxembourg. As AGF, Malami was only required to sign a memorandum of understanding with Swiss authorities to ensure proper utilisation of the funds.
However, in December 2017, Malami controversially engaged two Nigerian lawyers, Oladipo Okpeseyi and Temitope Isaac Adebayo, to handle aspects of the repatriation. This resulted in the payment of about $16.9 million in commissions and professional fees, despite the recovery process having been largely completed.
The EFCC has since detained and interrogated the two lawyers. According to investigators, financial trails from the duplicated commissions have allegedly been linked back to Malami.
As investigations continue, the EFCC is expected to consolidate the various allegations ahead of Malami’s formal arraignment. The former AGF maintains his innocence, insisting that the claims against him will not stand the test of the law.
