Malami reportedly faced questioning over several issues, including his alleged N10 billion investments in Kebbi State, the whereabouts of $322 million Abacha loot recovered from Switzerland, and another $22 million repatriated from the Island of Jersey, United Kingdom.
Sources within the EFCC disclosed that the former minister remained in custody as of 10 p.m. on Tuesday after failing to meet his bail conditions. According to the source, the agency is also investigating accounts linked to Malami and may confiscate some of his assets pending the outcome of the probe.
The EFCC is additionally expected to interrogate one of Malami’s wives over her reported connection to a N4 billion Anchor Borrowers’ Programme fund allegedly traced to her.
Despite the allegations, Malami strongly rejected any claim linking him to terrorism financing. In a lengthy statement shared on X, the former minister said he had never been investigated or questioned by any local or international agency regarding terrorism financing.
He insisted that his record in office contradicts any insinuation of wrongdoing, noting that he led key reforms in Anti–Money Laundering (AML) and Countering the Financing of Terrorism (CFT), including Nigeria’s eventual removal from the Financial Action Task Force (FATF) Grey List.
Malami highlighted several achievements under his tenure, including the establishment of an independent Nigerian Financial Intelligence Unit (NFIU) and the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as the Terrorism (Prevention and Prohibition) Act, 2022.
The EFCC investigation is ongoing.
