*Says $322.5m and $321m Abacha’s loot recoveries were never duplicated
The Office of former Attorney-General of the Federation and Minister of Justice (AGF), Abubakar Malami, SAN, has pushed back strongly against what it describes as a wave of “false, misleading and baseless” allegations linking him to terrorism financing and claims that he maintains 46 bank accounts.
In a statement issued on Wednesday, Malami’s media aide, Mohammed Bello Doka, condemned the reports as nothing more than a coordinated attempt to smear the former minister through “media trial” and unfounded narratives.
The statement stressed 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.”
It added that the supposed revelation that Malami controls “46 bank accounts” is entirely fabricated and not supported by any official document or lawful finding.
According to the Office, the claims were crafted purely for character assassination.
The statement also noted that none of the security agencies have ever invited or questioned Malami over any such allegations, even as “the retired military officer cited in recent reports explicitly clarified that he never accused Mr. Malami of financing terrorism,” a detail it says the media recklessly downplayed.
*His record speaks for him
Malami’s team pointed to his tenure in public office, listing several reforms he spearheaded to strengthen the country’s anti-money laundering and counter-terrorism financing systems.
These include the establishment of an independent Nigerian Financial Intelligence Unit (NFIU), the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022, and the passage of the Terrorism (Prevention and Prohibition) Act, 2022.
According to the statement, these efforts were central to Nigeria’s removal from the FATF grey list — an achievement that contradicts any suggestion of aiding terrorism financing.
*EFCC’s inquiry clarified
Malami’s Office also explained the context of his previous interaction with the EFCC, stating that it focused strictly on the alleged duplication in the recovery of the $310 million Abacha loot — which with interest, stood at about $322.5 million.
The EFCC, it noted, raised two issues: alleged abuse of office and alleged money laundering. The former AGF, however, dismissed both claims as “baseless, illogical and devoid of any factual foundation.”
The statement stressed that a recovery is only complete once funds are lodged into the Federation Account.
As of 2016, it said, there was no record of such lodgement, making the claim of duplication impossible.
It further revealed that Swiss lawyer, Enrico Monfrini, who was widely credited with earlier recoveries, had in 2016 written formally to be re-engaged to recover the same funds — a contradiction that, the Office said, “fatally undermines the duplication narrative.”
Monfrini’s request for a $5 million upfront payment and a success fee of up to 40 percent — later lowered to 20 percent — was rejected based on the Buhari administration’s rules prohibiting advance payments and capping fees at 5 percent.
According to the Office, engaging Nigerian lawyers at an all-inclusive 5 percent fee saved the country between 15 and 35 percent of the recovered assets — equivalent to between ₦76.8 billion and ₦179.2 billion, depending on the exchange rate.
*Different recoveries, not duplication
Malami’s Office highlighted that the Abacha loot recoveries were separate tranches handled at different times:
$322.5 million repatriated between 2017 and 2018 and used for Conditional Cash Transfers under monitored implementation.
About $321 million repatriated in 2020 from Jersey, with funds allocated to key infrastructure 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 statement added.
*Ignore the media trial
The Office urged Nigerians to disregard what it described as concocted allegations and sensational reporting.
“We sincerely thank all right-thinking Nigerians for their concern, prayers, support and steadfast confidence,” it stated. “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.”
The statement was signed by Mohammed Bello Doka, Special Assistant on Media to Abubakar Malami, SAN, former Attorney-General of the Federation and Minister of Justice.
