EFCC holds Malami overnight as probe Into 46 accounts, major deals deepens. By Abibu Shehu Ibrahim
EFCC holds Malami overnight as probe Into 46 accounts, major deals deepens
Former Attorney General of the Federation, Abubakar Malami, has remained in the custody of the Economic and Financial Crimes Commission (EFCC) late Monday as investigators continued questioning him over a sweeping financial probe linked to his time in office.
Reliable sources disclosed that Malami was invited earlier in the day but arrived late at the EFCC headquarters, leading to his extended stay to allow interrogators complete their session.
He is expected to return to the commission daily as the investigation progresses.
A source close to the former minister confirmed that the EFCC is scrutinising 46 bank accounts allegedly linked to Malami, saying the accounts form a significant part of the inquiry.
Malami had earlier posted on X after his November 29 appearance before the commission that his session with investigators “went well” and that he had been given a fresh appointment to clarify what he described as fabricated allegations.
The ongoing probe centres on several high-profile financial transactions that took place during Malami’s tenure under the Muhammadu Buhari administration.
A 2023 investigative report highlighted at least five major transactions now under review.
Key among them is the payment of $496 million to Global Steel Holdings Limited as compensation for the termination of the Ajaokuta Steel concession, despite the company having previously waived its claims.
Investigators are also examining the management and disposal of assets seized from politically exposed persons and forfeited to the Federal Government through the EFCC.
Another major issue is the controversial $419 million judgment debt awarded to consultants who claimed to have assisted in the computation of the Paris Club refunds.
The EFCC inquiry further covers the agreement to pay $200 million to Sunrise Power in a dispute related to the Mambilla power project, along with alleged multiple legal fees tied to the return of $321 million in Abacha loot from Switzerland.
The commission has not officially commented on the investigation, but officials indicated that questioning and document review will continue in the coming days.
