Malami, who is being investigated for 18 alleged offences, including money laundering, abuse of office, and terrorism financing, has been held by the anti-graft agency under a remand order earlier secured by investigators.
Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has remained in the custody of the Economic and Financial Crimes Commission (EFCC) after failing to meet his bail conditions.
Malami, who is being investigated for 18 alleged offences, including money laundering, abuse of office, and terrorism financing, has been held by the anti-graft agency under a remand order earlier secured by investigators.
The Cable reports that Malami failed to meet his bail conditions as of 11pm on Tuesday, forcing him to spend a second consecutive night in EFCC custody.
Earlier, SaharaReporters reported that Malami (SAN), spent Monday night in the custody of the Economic and Financial Crimes Commission (EFCC) as investigators intensified questioning over a raft of high-profile financial transactions linked to his time in office.
SaharaReporters also reported that Malami was taken into custody on Monday evening and grilled by EFCC officials. By Monday night, Malami was reportedly working to meet bail conditions set by the EFCC.
Sources told SaharaReporters 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.
Meanwhile, Malami had earlier been grilled on November 29.
Following that session, he issued a statement on X describing the interrogation as successful while insisting that the allegations against him were fabricated.
“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 said.
But EFCC sources maintain that the current probe revisits a series of controversial deals that trailed Malami’s tenure under the Muhammadu Buhari administration.
In 2023, reports indicated that he would face questioning over at least five suspicious transactions.
Among the transactions now under renewed scrutiny is the mysterious $496 million payment to Global Steel Holdings Ltd (GSHL), which is the compensation for the termination of the Ajaokuta Steel concession, despite the company previously waiving its rights to any settlement.
Also in focus is Malami’s alleged role in the sale of multi-billion-naira assets forfeited to the EFCC, many of which reportedly ended up mired in opacity and conflicting valuations.
Investigators are also probing his involvement in the $419 million judgment debt awarded to consultants who claimed to have facilitated the Paris Club refund process, as well as the controversial approval of $200 million compensation to Sunrise Power in the disputed Mambilla power project contract.
Another matter being revisited is the alleged duplication of legal fees surrounding the transfer of $321 million of Abacha loot from Switzerland to Nigeria.
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, following his visit to EFCC office on November 29, 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.