Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), has spent his third consecutive night in the custody of the Economic and Financial Crimes Commission (EFCC) after failing to meet the stringent bail conditions imposed by investigators.
Malami is currently under investigation for 18 alleged offences, including money laundering, abuse of office, terrorism financing, fraudulent asset disposal, controversial legal fees, and questionable financial settlements tied to his years in office under the Buhari administration.
Sources within the EFCC confirmed that the agency had secured a remand order, allowing investigators to intensify questioning around multiple high-profile transactions allegedly linked to the former AGF.
Failure to Meet Bail Conditions
According to a report by The Cable, as of 11pm on Tuesday, Malami had still not fulfilled the bail requirements, a situation that forced him to remain in EFCC custody overnight.
SaharaReporters earlier documented that Malami spent Monday night in detention after being arrested and questioned over a series of transactions, with sources disclosing that he struggled late into the night to locate two serving permanent secretaries required as sureties for his bail.
“EFCC arrested Abubakar Malami again; he was looking for two Permanent Secretaries for bail conditions on Monday night,” a source familiar with the probe said.
Previous Interrogations and Malami’s Response
Malami was earlier grilled by EFCC officials on November 29, after which he issued a public statement on X describing the engagement as “successful” and insisting that the allegations against him were fabricated.
“The engagement was successful, and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continue to unfold,” Malami wrote.
However, EFCC operatives maintain that the current investigative phase is focused on revisiting controversial financial and legal decisions made during his tenure.
High-Profile Transactions Under Investigation
Investigators are reportedly examining several contentious deals, including:
1. The $496 Million Ajaokuta Steel Settlement to Global Steel Holdings Limited (GSHL)
Malami allegedly approved a massive payout to GSHL as compensation for terminating the Ajaokuta Steel concession, despite reports that the company had earlier waived its rights to any settlement.
2. Sale of Forfeited Assets
The EFCC is probing the disposal of multi-billion-naira assets forfeited to the government — many of which were allegedly sold under questionable circumstances, conflicting valuations, and opacity.
3. Paris Club Refund Judgment Debt ($419 Million)
Malami is accused of facilitating the approval of a controversial $419 million judgment debt to consultants who claimed involvement in the Paris Club refund process.
4. Mambilla Power Project Settlement ($200 Million)
Investigators are looking into his role in approving a settlement payment to Sunrise Power, a company entangled in the long-running dispute over the Mambilla hydroelectric power project.
5. Alleged Duplication of Legal Fees in the Recovery of Abacha Loot
EFCC sources claim Malami duplicated recovered funds related to the transfer of $321 million in Abacha loot from Switzerland.
Malami strongly denies this, arguing that no Swiss recovery had been completed before his appointment in 2015.
In a statement issued by his aide, Mohammed Doka, Malami described the EFCC’s allegations as “baseless, illogical, and devoid of substance.”
A Case with National Implications
Malami’s probe is widely regarded as one of the highest-profile anti-corruption cases involving a former Attorney-General of the Federation.
The allegations, if substantiated, could reshape public discourse around accountability in the management of Nigeria’s legal and financial processes.
As the former AGF remains in custody, Nigerians continue to demand transparency, while the EFCC intensifies scrutiny on a series of deals that shaped the Buhari administration’s justice sector.
The situation remains fluid, and more developments are expected in the coming days.
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