Malami denies terrorism-financing allegations, describes claims as “false, misleading and baseless”

The Office of former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN, has firmly rejected allegations linking him to terrorism financing and claims that he operates 46 bank accounts, calling them unfounded attempts to tarnish his reputation.

In a statement issued on Wednesday, Malami’s media aide, Mohammed Bello Doka, condemned the reports as part of a coordinated “media trial” built on distortions, misinformation, and malicious intent.

According to the statement, “there is no allegation, investigation or charge of terrorism financing against Abubakar Malami, SAN, by the EFCC or by any other security, intelligence or law-enforcement agency, whether in Nigeria or abroad.”
It further dismissed the claim that Malami maintains 46 bank accounts as pure fabrication, unsupported by any official documentation or lawful inquiry.

Retired Military Officer Didn’t Accuse Malami — Office

The Office noted that a retired military officer referenced in recent media reports had already clarified that he never accused Malami of terrorism financing — a critical detail it said was deliberately downplayed in sensational coverage. It added that no security agency has ever invited, questioned, or confronted the former AGF over such claims.

Citing Reforms, Office Says “His Record Speaks for Him”

Malami’s team pointed to reforms he championed during his time in office, including:

• Establishment of an independent Nigerian Financial Intelligence Unit (NFIU)
• Passage of the Money Laundering (Prevention and Prohibition) Act, 2022
• Enactment of the Terrorism (Prevention and Prohibition) Act, 2022

These reforms, the statement said, played a central role in Nigeria’s removal from the Financial Action Task Force (FATF) grey list, contradicting any narrative suggesting involvement in terrorism financing.

Clarification on EFCC Inquiry

Addressing earlier questions raised by the EFCC, Malami’s Office explained that the inquiry focused solely on the alleged duplication of recovered Abacha looted funds — specifically the $310 million (with interest totaling about $322.5 million). According to the statement, the EFCC queried two issues: alleged abuse of office and alleged money laundering. Malami dismissed both as “baseless, illogical and devoid of any factual foundation.”

The Office emphasized that no duplication could have occurred since the recovered funds had not been lodged into the Federation Account by 2016, and therefore remained pending.

It also pointed to a 2016 letter from Swiss lawyer Enrico Monfrini, seeking to be re-engaged to recover the same funds — a move the Office says contradicts claims that the recovery had already been completed.

Monfrini’s request for a $5 million upfront payment and a success fee of up to 40 percent (later negotiated down to 20 percent) was rejected in line with Buhari-era rules prohibiting advance payments and capping fees at 5 percent. Instead, Nigerian lawyers were engaged at an all-inclusive 5 percent fee — a decision the Office says saved Nigeria between ₦76.8 billion and ₦179.2 billion, depending on the exchange rate.

Separate Tranches of Abacha Loot, Not Duplication

The statement explained that the Abacha loot came in separate, unrelated tranches:

• $322.5 million repatriated between 2017–2018 and channeled into Conditional Cash Transfers under monitored implementation.
• About $321 million repatriated from Jersey in 2020 and allocated to major infrastructure projects such as the Lagos–Ibadan Expressway, Abuja–Kano Road, and the Second Niger Bridge.

“Any attempt to conflate these recoveries or label a transparent, cost-saving process as duplication is deliberately misleading,” the Office insisted.

Calls to Ignore “Media Trial”

Urging the public to disregard what it described as sensationalized and concocted allegations, the statement expressed gratitude for public support:
“We sincerely thank all right-thinking Nigerians for their concern, prayers, support and steadfast confidence. 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.”