Malami Denies Terrorism Financing Allegations, Rejects Claims of 46 Bank Accounts as “Baseless Media Fabrications”

Former Attorney-General Abubakar Malami says recent allegations linking him to terrorism financing and multiple bank accounts are false, politically motivated and unsupported by any investigation.

 The office of the former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, has dismissed allegations circulating in parts of the media alleging terrorism financing, the ownership of 46 bank accounts, and other claims described as “false, misleading and baseless.”

In a statement issued on Tuesday, the former minister’s office said there is no allegation, investigation or charge of terrorism financing against Malami by the Economic and Financial Crimes Commission (EFCC) or by any other security or intelligence agency in Nigeria or abroad. It described reports suggesting that he operates dozens of bank accounts as fictitious and part of a coordinated campaign aimed at character assassination.

According to the statement, at no point has Malami been questioned or confronted with issues relating to terrorism financing or multiple bank accounts. It added that even a retired military officer cited in recent reports clarified that he never accused the former minister of funding terrorism, a clarification the office said was overshadowed by “sensational headlines and mischievous framing.”

The former Attorney-General’s office argued that Malami’s record in public service contradicts the allegations being circulated. It highlighted his contribution to strengthening Nigeria’s anti-money laundering and counter-terrorism financing framework during his tenure, including 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. These reforms, it said, contributed significantly to Nigeria’s removal from the Financial Action Task Force (FATF) grey list.

Addressing reports linking Malami to an EFCC inquiry, the statement said his engagement with the agency was limited strictly to questions regarding an alleged duplication in the recovery of the $310 million Abacha loot, which with accrued interest amounted to about $322.5 million at the time of repatriation. The EFCC had raised two issues arising from that assumption: alleged abuse of office and alleged money laundering.

Malami’s office stated that both allegations were “baseless, illogical and devoid of foundation,” explaining that asset recovery is only completed in law when lodgement is made into the Federation Account. As at 2016, the statement said, no such lodgement had been made, meaning there was no completed recovery capable of duplication. It added that in December 2016, Swiss lawyer Enrico Monfrini, who was publicly associated with earlier recovery efforts, formally applied to be re-engaged to recover the same funds—an action that contradicted claims that the recovery had previously been concluded.

The former minister’s office said Monfrini demanded an upfront payment of $5 million and up to 40 percent of the recovered sum as a success fee, later reduced to 20 percent. These demands were rejected due to the Buhari administration’s policy against advance payments and its cap on success fees at 5 percent. Instead, Nigerian lawyers were engaged at a flat 5 percent success fee with no upfront payment, a decision the office said saved the country between 15 and 35 percent of the recovered assets—amounting to an estimated ₦76.8 billion to ₦179.2 billion at prevailing exchange rates.

The statement further clarified that the various tranches of the Abacha loot recovered over the years were distinct and not duplications. It cited the $322.5 million repatriated from Switzerland between 2017 and 2018, which was deployed through the National Social Investment Programme, particularly Conditional Cash Transfers under World Bank-supervised monitoring. It also referenced a separate tranche of about $321 million repatriated in 2020 from Jersey, with U.S. and Swiss involvement, earmarked for major infrastructure projects including the Lagos–Ibadan Expressway, the Abuja–Kano Road and the Second Niger Bridge.

Malami’s office said any attempt to conflate these recoveries or to portray a transparent, cost-saving process as duplication was misleading and aimed at distorting public perception.

The statement urged Nigerians to disregard what it described as concocted allegations and ongoing media trials intended to tarnish Malami’s reputation. It expressed gratitude to supporters who have shown concern and confidence in the former Attorney-General, adding that “truth, law and reason will always prevail.”