Investigations into the financial dealings of Abubakar Malami, former Attorney-General of the Federation, have revealed that a substantial portion of his wealth may be linked to multiple government-related funds and programmes, TheCable can report.
Sources close to the investigation indicate that the major streams contributing to Malami’s wealth include Paris Club refunds allocated to Nigerian states, unpaid loans obtained through the Central Bank of Nigeria’s (CBN) Anchor Borrowers Programme, and the restitution of Abacha loot returned to Nigeria. These funds, intended for public use or to support economic and social initiatives, are now under scrutiny in connection with Malami’s personal finances.
The former AGF has been detained by the Economic and Financial Crimes Commission (EFCC) as part of a broader investigation into alleged mismanagement and misappropriation of public funds. He is expected to be arraigned before a Federal High Court in Abuja in the coming days.
The revelations raise serious questions about accountability and oversight in the management of government resources, particularly funds meant to support states, agriculture, and the repatriation of stolen public wealth.
As the legal process unfolds, the EFCC has signaled that it will continue tracing the origins and movement of the assets in question, emphasizing that those implicated in diverting or mismanaging public funds will face prosecution.
This case underscores ongoing concerns about transparency and the protection of public resources in Nigeria, and its outcome is being closely watched by both civil society groups and the wider public.
