Table of Contents
- Allegations Dismissed
- EFCC Invitation
- Recovery Process
- Lawyers Involved
- Funds Repatriated
- Transparency in Actions
The former Attorney General of the Federation and Minister of Justice, Abubakar Malami, has rejected the allegations made by the Economic and Financial Crimes Commission (EFCC) concerning the recovery of the $322.5 million Abacha loot, labeling them as “baseless, illogical, and unsupported by facts.”
According to DAILY POST, Malami was summoned by the EFCC on Friday, November 28, and was subsequently released with new dates scheduled for further questioning. The EFCC is investigating claims of alleged duplication in the recovery of the Abacha loot, along with accusations of abuse of office and money laundering.
In a statement issued on Sunday, Malami asserted that the EFCC’s investigation was based on the assertion that a Swiss lawyer, Enrico Monfrini, had finalized the recovery before he took office in 2015.
He contended that the allegation falls apart when compared to documented evidence.
Malami stated that the recovery of illicit funds can only be considered complete when the money is deposited into the Federation Account. He pointed out that as of 2016, when the Buhari administration revisited the issue, no such deposit had been made.
He further noted that several lawyers, including Monfrini, applied in December 2016 to be contracted for the same recovery, which he argued contradicts the claim that the process had been finalized years prior.
Malami explained that Monfrini had requested a $5 million upfront payment and a 40 percent success fee, which was later reduced to 20 percent. The government rejected these terms in accordance with its policy that prohibits advance payments and limits fees to a maximum of 5 percent.
He mentioned that a Nigerian law firm was ultimately appointed on a 5 percent success fee, resulting in savings for the country ranging from 15 to 35 percent of the recovered funds, which amounts to tens of billions of naira at current exchange rates.
Malami also clarified that the Abacha recoveries during his tenure were executed in separate tranches:
$322.5 million repatriated from Switzerland between 2017 and 2018, allocated to Conditional Cash Transfers under the National Social Investment Programme, with oversight from the World Bank and civil society organizations;
$321 million repatriated from Jersey in 2020, designated for significant infrastructure projects, including the Lagos–Ibadan Expressway, Abuja–Kano Road, and the Second Niger Bridge.
Malami asserted that attempts to conflate the tranches or suggest duplication are not reflective of the actual facts.
He maintained that his actions as Attorney General were conducted “transparently and in the public interest,” insisting that the allegations against him lack any credible foundation.
Frequently Asked Questions
What were the allegations made by the EFCC against Abubakar Malami?
The EFCC alleged that there was duplication in the recovery of the Abacha loot and accused Malami of abuse of office and money laundering.
How did Malami respond to the EFCC's allegations?
Malami dismissed the allegations as baseless and unsupported by facts, arguing that the recovery process had not been completed prior to his tenure.
What is the status of the recovered Abacha funds?
The recovered funds were repatriated in separate tranches and allocated for various public projects, including social investment programs and infrastructure development.
Eze Chidiebere Paul
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