The Economic and Financial Crimes Commission (EFCC) has filed criminal charges against former Attorney-General of the Federation, Abubakar Malami, over alleged money laundering and unlawful asset acquisition.
The charges, filed at the Federal High Court in Abuja, accuse Mr Malami of concealing and retaining proceeds of illegal activities running into billions of naira.
Mr Malami, who served throughout former President Muhammadu Buhariโs eight-year administration, is listed as the first defendant. He is charged alongside his son, Abubakar Malami, and an employee of Rahamaniyya Properties Ltd, Bashir Asabe.
EFCC Details Alleged Financial Transactions
According to court documents, the EFCC filed 16 counts against the defendants, covering transactions allegedly carried out between 2015 and 2025.
The commission alleged that the defendants used bank accounts, corporate entities, and property purchases to disguise the origin of illicit funds across Abuja, Kano, and Kebbi states.
A source familiar with the case told PREMIUM TIMES that Mr Malami has been served with the charges but is yet to be arraigned.
โThe charges are ready, and service has been effected. Arraignment will follow once a date is fixed,โ the source said.
Breakdown of the Allegations
The EFCC alleged that Mr Malami and his son concealed over โฆ1.01 billion through a Sterling Bank account operated by Metropolitan Auto Tech Limited between 2022 and 2025.
Investigators also accused them of hiding โฆ600 million between 2020 and 2021 using the same corporate structure.
In another count, the commission alleged that โฆ600 million was retained as cash collateral for a bank loan issued to Rayhaan Hotels Ltd, despite knowing the funds were illicit.
The EFCC further claimed that the defendants used over โฆ500 million to acquire a luxury duplex in Maitama, Abuja, in November 2022.
Other counts detailed multiple property acquisitions in Maitama, Asokoro, Jabi, Garki, Gwarimpa, and Amazon Street, Abuja, alongside assets in Kebbi and Kano.
The charges cited violations of the Money Laundering (Prohibition and Prevention) Acts of 2011 and 2022.
Witnesses and Financial Evidence
The EFCC plans to call several witnesses, including its operatives, bank officials, Bureau de Change operators, and financial experts.
Key witnesses include Folarin Dare, Chinedu Eneanya, and Sani Lukeman, who are expected to testify on intelligence reports and petitions alleging large-scale corruption.
Representatives of Zenith Bank Plc and Sterling Bank Plc will also testify on financial transactions linked to the defendants.
Properties Worth Over โฆ212 Billion Linked to Malami
Documents obtained by the media indicated that investigators linked Mr Malami to 41 properties across Abuja, Kano, and Kebbi.
The properties, valued at an estimated โฆ212.89 billion, include hotels, schools, factories, and residential buildings.
EFCC operatives reportedly discovered the assets during searches conducted at Mr Malamiโs homes and offices on 17 December.
Malami Alleges Retaliation
Following the searches, Mr Malami accused the EFCC of intimidation and retaliation.
In a statement issued by his media aide, Mohammed Doka, the former minister described the searches as โcoordinated raidsโ conducted without notice.
Mr Malami claimed the actions were linked to his public reference to the Justice Ayo Salami Judicial Commission of Inquiry report, which he said indicted the EFCC chairman, Ola Olukoyede.
โThese actions amount to intimidation and a threat to the rule of law,โ the statement said.
The EFCC confirmed the searches but denied conducting any illegal raid.
Political Background
Mr Malami served as Attorney-General and Minister of Justice from 2015 to 2023. He is a founding member of the All Progressives Congress (APC).
He recently defected to the African Democratic Congress (ADC) and has declared his intention to contest the 2027 governorship election in Kebbi State.
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