Investigators have traced a large portion of former Attorney-General Abubakar Malami’s wealth to Paris Club refunds, unpaid Central Bank of Nigeria loans, and Abacha loot restitution.
According to The Cable report on Monday, December 29, 2025, Malami is alleged to have benefited from kickbacks in the Paris Club refund scheme, which involved over $418 million intended for states.
The plan faced strong opposition from the Nigeria Governors’ Forum, which accused him of diverting state funds for personal gain.
The probe also highlights unpaid loans under the CBN’s Anchor Borrowers Programme, reportedly obtained in the names of Malami’s family members.
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Portions of the recovered Abacha funds have also been linked to him, including disputed legal fees and payments tied to the management of the repatriated wealth.
The Economic and Financial Crimes Commission (EFCC) is examining assets and properties traced to Malami from 2015 to 2023.
Malami has denied all allegations, describing the investigations as politically motivated.