Abubakar Malami, former Attorney General of the Federation and Minister of Justice, has dismissed allegations by the Economic and Financial Crimes Commission (EFCC) regarding the recovery of the $322.5 million Abacha loot, describing them as “baseless, illogical and unsupported by facts.”
Malami, who was summoned by the EFCC on Friday, November 28, was later released and given new dates for further interrogation.
The anti-graft agency is investigating alleged duplication in the recovery of the Abacha funds, as well as accusations of abuse of office and money laundering.
In a statement released, Malami argued that the EFCC’s probe was based on claims that a Swiss lawyer, Enrico Monfrini, had completed the recovery before Malami assumed office in 2015. He said this allegation “collapses when compared with documented facts.”
According to Malami, the recovery of illicit funds can only be considered complete once the money is lodged into the Federation Account.
He noted that by 2016, when the Buhari administration revisited the matter, no such lodgement had been made.
He further stated that several lawyers, including Monfrini, applied in December 2016 to be engaged for the same recovery, contradicting the notion that the process had been concluded years earlier.
Malami explained that Monfrini had demanded a $5 million upfront payment and a 40 per cent success fee, later reduced to 20 per cent, terms the government rejected because they violated official policy, which prohibits advance deposits and caps legal fees at five per cent.
A Nigerian law firm was subsequently appointed on a five per cent success fee, reportedly saving the country tens of billions of naira at current exchange rates.
He also clarified that Abacha loot recoveries under his tenure were handled in separate tranches.
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“The $322.5 million repatriated from Switzerland between 2017 and 2018 was deployed to Conditional Cash Transfers under the National Social Investment Programme, monitored by the World Bank and civil society groups.
“Another $321 million repatriated from Jersey in 2020 was earmarked for major infrastructure projects including the Lagos–Ibadan Expressway, Abuja–Kano Road, and the Second Niger Bridge. Malami argued that attempts to conflate these tranches or suggest duplication “do not reflect the facts”, he added.
The former minister maintained that all actions taken as Attorney General were conducted “transparently and in the public interest,” insisting that the allegations against him are without merit.
