The Office of the former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, wishes to categorically refute recent allegations circulating in parts of the media regarding terrorism financing, the existence of purported 46 bank accounts linked to Mr. Malami, and other unfounded insinuations, all of which are false, misleading and baseless.
We state without equivocation that there is no allegation, investigation or charge of terrorism financing against Abubakar Malami, SAN by the Economic and Financial Crimes Commission (EFCC) or by any other security, intelligence or law-enforcement agency, whether in Nigeria or abroad.
Similarly, claims suggesting that Mr. Malami operates or controls “46 bank accounts” are entirely fictitious, unsupported by facts, official records or lawful findings, and merely form part of a coordinated media trial aimed at character assassination.
At no time has Mr. Malami been questioned, investigated or confronted with issues relating to terrorism financing or any alleged multiple bank accounts. Even the retired military officer cited in recent reports explicitly clarified that he never accused Mr. Malami of financing terrorism, a crucial clarification that was irresponsibly overshadowed by sensational headlines and mischievous framing.
Mr. Malami’s public service record directly contradicts such insinuations. During his tenure as Attorney-General, he played a leading role in strengthening Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) framework, including:
The establishment of an independent Nigerian Financial Intelligence Unit (NFIU);
The enactment of the Money Laundering (Prevention and Prohibition) Act, 2022;
The passage and implementation of the Terrorism (Prevention and Prohibition) Act, 2022.
These reforms were instrumental to Nigeria’s eventual removal from the FATF grey list, an internationally verified outcome that stands in stark contrast to any suggestion of complicity in terrorism financing.
Clarification on EFCC Inquiry
For the avoidance of doubt, Mr. Malami’s engagement with the EFCC was limited strictly to questions surrounding an alleged duplication in the recovery of the $310 million Abacha loot, which, with accrued interest, amounted to approximately $322.5 million at the time of its eventual recovery and repatriation.
The EFCC raised two issues flowing from that assumption:
- Alleged abuse of office; and
- Alleged money laundering.
As comprehensively explained by Mr. Malami in his response to the Commission, these allegations are baseless, illogical and devoid of any factual foundation.
Recovery of stolen assets is only complete in law upon actual lodgement into the Federation Account. As at 2016, there was no such lodgement, and therefore no completed recovery capable of duplication.
Documented facts further show that in December 2016, even the Swiss lawyer, Mr. Enrico Monfrini, who was being portrayed as having concluded the recovery years earlier, formally applied to be re-engaged to recover the same funds—an obvious contradiction that fatally undermines the duplication narrative.
Mr. Monfrini demanded an upfront payment of $5 million and a success fee of up to 40 percent, later reduced to 20 percent. These demands were rejected in line with the Buhari administration’s clear policy prohibiting advance payments and capping success fees at 5 percent.
The engagement of Nigerian lawyers on an all-inclusive 5 percent success-fee basis, with no advance payment, resulted in Nigeria saving between 15 and 35 percent of the recovered assets, translating to approximately ₦76.8 billion to ₦179.2 billion at prevailing exchange rates—clear, measurable benefits to the Nigerian state.
Distinct Recoveries, Not Duplication
For clarity, there were distinct tranches of Abacha loot recovered at different times:
The $322.5 million repatriated from Switzerland (2017–2018) was deployed through the National Social Investment Programme, particularly Conditional Cash Transfers, under World Bank and civil society monitoring;
A separate tranche of about $321 million repatriated in 2020 from the Island of Jersey, with U.S. and Swiss participation, was earmarked for major infrastructure projects including the Lagos–Ibadan Expressway, Abuja–Kano Road and the Second Niger Bridge, under project-based monitoring arrangements.
Any attempt to conflate these recoveries or label a transparent, cost-saving process as duplication is deliberately misleading.
Call to Nigerians
We urge Nigerians of goodwill to disregard the concocted allegations, sensational reporting and ongoing media trial designed to malign the person and record of Abubakar Malami, SAN.
We sincerely thank all right-thinking Nigerians for their concern, prayers, support and steadfast confidence. Your messages of encouragement reaffirm our belief that truth, law and reason will always prevail.
We remain confident that Abubakar Malami, SAN will emerge stronger and better, and that together, we shall triumph against all forms of political witch-hunt, misinformation and intimidation.
Signed:
Mohammed Bello Doka
Special Assistant on Media
To
Abubakar Malami, SAN
Former Attorney-General of the Federation
Former Minister of Justice
