BREAKING: EFCC Arrests Malami Again
The Economic and Financial Crimes Commission (EFCC) has once more taken into custody Nigeria’s former Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN).
Sources confirmed that Nigeria’s former Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN), was arrested late Monday. By Monday night, Malami was reportedly working to meet bail conditions set by the Economic and Financial Crimes Commission (EFCC).
Investigations revealed that Malami was searching for two permanent secretaries on Monday night to serve as sureties in order to fulfill the bail requirements for his release.
“EFCC arrested Abubakar Malami again; he was looking for two Permanent Secretaries for bail conditions on Monday night,” a source privy to the probe said.
This development comes just days after Malamiannounced, on Friday, November 28, that he had been invited by the EFCC to provide clarifications on certain issues.
In a statement posted on his official Facebook page, Malami assured Nigerians that he remained a law-abiding citizen and was prepared to honor the commission’s invitation without hesitation.
“I am informing my family and friends that EFCC has invited me to clarify on some issues, and as a citizen of law and order and patriot, I am willing to honor this invitation without any hesitation,” he stated.
Following the invitation, the EFCC grilled the former justice minister over sundry issues after which he was granted bail.
Top sources later revealed that Malami was in the EFCC custody on Friday, November 28 and was almost going to spend the night because of the bail conditions given to him.
Malami later released a statement, saying that he had further visits to the EFCC office.
In a post on his official X handle, he alleged that the allegations against him were fabricated.
“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for His divine intervention,” he wrote.
“The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continue to unfold,” he wrote in a post on Saturday.
Malami dismissed allegations by the EFCC that he duplicated the recovery process for the $310 million Sani Abacha loot, which later accrued to $322.5 million with interest.
In a statement issued by his media aide, Mohammed Doka, Malami described the EFCC’s claims as “baseless, illogical, and devoid of substance,” insisting that the accusations collapse under factual scrutiny.
He explained that the EFCC alleged he repeated a recovery process supposedly completed by Swiss lawyer Enrico Monfrini before he assumed office. Malami countered that the claim was unfounded, noting that no such recovery had been finalized prior to his appointment in 2015.
According to him, a recovery can only be deemed complete when funds are lodged into the Federation Account, adding that no such lodgement existed as of 2016.
Malami further disclosed that Monfrini himself applied in December 2016 to be re-engaged for the same recovery effort, which he argued was clear evidence that the EFCC’s narrative contradicts itself.
He said, “In his application, Mr. Monfrini demanded for upfront on account deposit of $5 million and a success fee of 40percent of the recovered sum, which reconsideration was unilaterally reduced to 20% upon realizing the impossibility of the 40% demand flying.
“These terms were rightly rejected in line with the clear policy of the Buhari administration that no “on account” deposits would be paid to recovery agents and that success fees must not exceed 5 percent of recovered assets.
“Consequently, Nigerian Law firm was engaged on a transparent, all-inclusive 5 percent success fee basis, with no advance on account deposit. By this decision, Nigeria was saved at least 15 percent of the recovered assets when compared to Mr. Monfrini’s 20 percent demand, and as much as 35 percent when placed against his earlier proposals.
“Nigeria was also saved the upfront and unjustifiable $5 million deposit demanded by Mr. Monfrini.
“At an average exchange rate of ₦1,600 to the dollar, a 15 percent saving on $320 million amounts to approximately ₦76.8 billion, while a 35 percent saving translates to about ₦179.2 billion. These are concrete, measurable benefits to the Nigerian state.”
“Accordingly, any claim or investigation suggesting abuse of office or money laundering in relation to the $322.5million is not rooted in any reasonable ground for suspicion. It is neither supported by facts nor by logic,” he added.
