The Economic and Financial Crimes Commission (EFCC), has began an in-depth investigation into 46 bank accounts allegedly linked to former Attorney-General of the Federation (AGF) Abubakar Malami,
According to a source close to the former minister, he was invited for interrogation earlier on Monday but arrived later in the evening, prompting investigators to continue the session overnight to allow him address pending inquiries.
The associate also disclosed that 46 bank accounts allegedly linked to Malami are currently under investigation, forming a major part of the EFCC’s line of inquiry.
He had initially been detained by the EFCC for failing to meet his bail conditions as the investigation continues.
While the specific total amounts in these accounts have not been officially itemized publicly by the EFCC, the investigations are said to involve billions of naira and millions in foreign currency.
Malami is also being questioned about his alleged ₦10 billion investments in Kebbi State.
He has been asked to report daily throughout December as part of the ongoing probe.
Investigation stems from his tenure as AGF from 2015 to 2023 and covers several controversial transactions, including the $496 million payment to Global Steel Holdings Ltd (GSHL) for the Ajaokuta Steel concession settlement; handling of the sale of billions of Naira worth of forfeited assets; involvement in the $419 million judgment debt for Paris Club refund consultants; the $200 million compensation agreement to Sunrise Power in the Mambilla power project dispute; and allegations of duplicated legal fees in the repatriation of the $321 million Abacha loot from Switzerland.
Malami has however vehemently denied all allegations, describing them as “baseless, illogical, and devoid of substance” and politically motivated.
He has asserted his innocence, highlighted his cooperation with investigators, and stated he is confident the truth will vindicate him.
The EFCC spokesperson has declined to comment officially on the specifics of the ongoing investigation.
Malami recently declared his intention to contest the 2027 governorship election in Kebbi State, having resigned from the All Progressives Congress (APC) in July 2025 to join the African Democratic Congress (ADC).
The EFCC is also investigating Malami’s alleged ₦10 billion investments in Kebbi State and may interrogate one of his wives regarding a ₦4 billion Anchor Borrowers’ Programme fund disbursement.
