Former attorney-general of the federation, Abubakar Malami, has been detained by the Economic and Financial Crimes Commission in a move that many observers did not expect.
The development has raised fresh questions about his financial dealings during his time in office.
It has also renewed public interest in previous allegations linked to him.
Sources familiar with the investigation said the Malami EFCC probe now covers at least 18 suspected offences.
These include money laundering, abuse of office, and terrorism financing.
Moreover, the agency is said to have secured a court-approved remand order that allows him to remain in custody while the investigation continues.
TheCable reported that investigators are focusing on the recovery of $346.2 million in Abacha loot from Switzerland.
They are also examining funds traced to the Island of Jersey. According to one source, Malami has been unable to clearly explain how the recovered money was handled.
Furthermore, questions are being asked about the disbursement of N4 billion from the CBN’s Anchor Borrowers’ Programme.
In addition, Malami is being grilled over an alleged N10 billion investment in schools, hotels, and rice mills across Kebbi State.
Meanwhile, his failure to meet bail terms as of 11pm on Tuesday forced him to spend a second night in EFCC custody.
“He arrived late for questioning and had to stay overnight to continue responding to investigators’ queries,” an associate was quoted as saying.
Another major line of inquiry involves 46 bank accounts allegedly linked to the former minister.
These accounts are now being checked to determine the source of their inflows.
When contacted by TheCable, EFCC spokesperson Dele Oyewale declined comments.
The case has also reopened many earlier allegations involving Malami.
In 2023, TheCable had reported that he would be questioned over “at least five suspicious transactions” tied to deals under the Buhari administration.
One of the cases involves the mysterious $496 million paid to Global Steel Holdings Ltd for the Ajaokuta Steel settlement despite earlier waivers.
Also drawing attention is his role in managing assets forfeited to the EFCC, said to be worth billions of naira.
Another contentious issue is the $419 million judgment debt awarded to consultants who claimed to have helped states secure Paris Club refunds.
Furthermore, the agreement to pay Sunrise Power $200 million in the Mambilla power dispute is now back under scrutiny.
There are also concerns about duplicated legal fees in the transfer of $321 million in Abacha loot from Switzerland.
