Ex-AGF Abubakar Malami’s Wealth Traced to Paris Club Refunds, CBN Loans, and Abacha Loot – EFCC Investigation Underway
By Erewunmi Peace
Investigators have traced a substantial portion of former Attorney-General of the Federation (AGF), Abubakar Malami’s, wealth to multiple controversial sources, according to reports from TheCable.
Among the key areas under scrutiny are:
Paris Club refunds made to states
Unpaid loans from the Central Bank of Nigeria (CBN) under the Anchors Borrowers Programme
Recovered Abacha loot repatriated to Nigeria
The Economic and Financial Crimes Commission (EFCC) has reportedly detained Malami ahead of his arraignment at a federal high court in Abuja.
This investigation forms part of an ongoing probe into Malami’s financial dealings during his tenure as AGF. While EFCC claims the funds are linked to irregularities, Malami’s team has consistently denied any wrongdoing, describing the probe as politically motivated.
What This Means
If proven, the allegations could constitute serious financial misconduct, including money laundering and mismanagement of recovered public funds. Legal proceedings are expected to provide clarity on the matter in the coming weeks.
The EFCC continues to investigate multiple accounts and transactions linked to Malami, and the case remains one of the most high-profile corruption probes in Nigeria this year.
