By Rismadarvoice Media
January 1, 2026
Investigators have reportedly linked a substantial portion of the wealth of Abubakar Malami, former Attorney General of the Federation and Minister of Justice, to funds traced to Paris Club refunds, unpaid Central Bank of Nigeria agricultural loans, and the repatriation of Abacha loot.
Malami has already been arraigned before a Federal High Court in Abuja by the Economic and Financial Crimes Commission over multiple allegations bordering on corruption, abuse of office. Properties estimated to be worth over ₦200 billion are said to have been traced to him, with investigators alleging that the assets were acquired during his tenure as Attorney General between 2015 and 2023 under former President Muhammadu Buhari.
The former minister has denied all allegations through statements issued by his media team, insisting that the charges are politically motivated, pledging to defend himself in court.
PARIS CLUB REFUND:
One major focus of the investigation is the controversial Paris Club refund deductions from state allocations. Acting on Malami’s legal advice at the time, the Federal Government approved the deduction of about 418 million dollars from funds due to states as payment to consultants engaged to calculate the refunds.
Nigeria exited the Paris Club of creditors in 2005 after paying 12 billion dollars in exchange for a write off of 18 billion dollars from its total debt of 30 billion dollars. Although the payment was made from the federation account, several states later argued that they were not responsible for most of the debts, demanded refunds.
Consultants were engaged to compute the refunds, charging fees estimated at over 400 million dollars. The Nigeria Governors’ Forum opposed the deductions, accusing Malami of acting in the interest of the consultants rather than the states.
Despite the opposition, the deductions were later approved by former President Buhari. EFCC investigators now allege that kickbacks from the deal form a major part of Malami’s accumulated wealth.
ANCHOR BORROWER’ PROGRAMME LOANS:
Investigators also uncovered alleged irregularities linked to the Central Bank of Nigeria’s Anchor Borrowers’ Programme, launched in 2015 to boost agricultural production and reduce food imports.
According to the EFCC, Malami allegedly obtained a ₦4 billion loan under the programme, using the name of one of his wives, Hajiya Bashir Asabe, with the loan reportedly left unpaid. His wife has also been charged to court in connection with the matter.
The CBN is said to have disbursed over ₦1 trillion under the programme, with more than ₦600 billion yet to be recovered, raising concerns that a large portion of the funds may have been diverted.
ABACHA LOOT REPATRIATION:
Another key aspect of the case involves the repatriation of funds looted by former military ruler, Sani Abacha. Although the funds were recovered, frozen in 2013, Malami allegedly approved the engagement of two Nigerian lawyers in 2017 to facilitate the repatriation, leading to the payment of about 16.9 million dollars in professional fees from the recovered funds.
Investigators allege that the engagement duplicated work already completed by foreign lawyers, who had earlier been paid by the Nigerian government. The two Nigerian lawyers have also been arraigned after being questioned by the EFCC, with investigators claiming that parts of the payments were traced back to Malami.
The trial is expected to continue in the coming weeks as the court determines the merit of the charges against the former Attorney General, other defendants.
