Money Laundering: How EFCC uncovers ex-Minister Malami’s 41 properties worth N212bn –Official

*The Economic and Financial Crimes Commission discloses how its operatives traced 41 properties worth whopping N212 billion to Abubakar Malami, immediate past Attorney-General of the Federation and Minister of Justice

Isola Moses | ConsumerConnect

In a landmark case of another gargantuan official corruption in Nigeria, the Economic and Financial Crimes Commission (EFCC) has explained how the anti-graft agency traced 41 properties to Mr. Abubakar Malami, former Attorney-General of the Federation (AGF) and Minister of Justice misappropriated public funds to the time of N212 billion.

ConsumerConnect learnt close sources at the EFCC disclosed Malami’s corruption proceeds cum properties include hotels, residential buildings, lands, schools, and printing press among other categories of properties located Kebbi, Kano states, and Abuja, FCT.

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The EFCC, in a document available to the media, stated the properties in Kebbi State are valued at N162,195,950,000 (One Hundred and Sixty-Two Point One Billion Naira), while the assets in Kano state are said to be worth N16,011,800,000 (Sixteen Billion Naira).

The value of the FCT properties also estimated at N34,685,000,000 (Thirty-Four Billion Naira).

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Besides, the Nigerian Government has also filed a 16-count charge bordering on money laundering against the former minister Malami, and his son, Abdulaziz.

The government noted that father and son are accused of committing offences contrary to Sections 15, 18 and 21 of the Money Laundering (Prevention and Prohibition) Act.

The 16-count charges showed the Federal Government accused Malami, his son, and others of involvement in the laundering and concealment of N1,140,848,500 (One Billion, Fourteen Million, Eight Hundred and Forty-Eight Thousand, Five Hundred Naira) allegedly traced to a Sterling Bank Plc account (No. 0079182387).

The public prosecution also alleged that the money stashed in the said account is of unlawful origin, and that the defendants “reasonably ought to have known” that the funds represented proceeds of illegal activities.

In the 16 charges, the Nigerian Government further purported that between July 2022 and June 2025, within Abuja and the jurisdiction of the court, Malami and other defendants procured Metropolitan Auto Tech Limited to conceal the unlawful origin of the stolen funds.

The document, therefore, itemised the full list of the properties linked to Malami as follows:

Kebbi State Properties – Total valuation: N162,195,950,000.00.

Rayhaan University and Education

Rayhaan University Permanent Site: N56,000,000,000.00

Rayhaan University Temporary Site: N37,800,000,000.00

Rayhaan University Third Site: N2,450,000,000.00

Rayhaan University Vice Chancellor House: N490,000,000.00

Rayhaan Model Academy: N11,200,000,000.00

Rayhaan Primary and Secondary School: N8,750,000,000.00

Rayhaan Agro Allied Factory & Commercial

Factory Buildings: N4,200,000,000.00.

Factory Machines and Plants Units: N10,500,000,000.00

Factory Mosque: N2,450,000,000.00

Rayhaan Mill Staff Quarters (10 units): N1,487,500,000.00

Rayhaan Bustan Building: N3,150,000,000.00.

Printing Press: N1,050,000,000.00

Al-Afiya Energy Tanker Garage: N2,450,000,000.00.

Amasdul Oil and Gas Ltd Structure: N1,050,000,000.00

Rayhaan Radio: N78,750,000.00

Azbir Brand Properties

Azbir Hotel: N10,325,000,000.00

Gallery: N581,000,000.00

Gardens: N392,000,000.00

Mosque: N252,000,000.00

Azbir Clothing: N350,000,000.00

Azbir Pharmacy and Supermarket: N175,000,000.00

Residential and Foundations

Malami House GRA: N350,000,000.00

Malami House Behind Mobil: N490,000,000.00

Malami Residence Behind Cemetery: N350,000,000.00

Abdulaziz (First Son House): N1,659,000,000.00

Ahbiru (Second Son House): N2,989,000,000.00

Malami Support Organisation Building ADC: N210,000,000.00

Kadi Malami Foundation Building: N56,000,000.00

Rayhaan Security House: N245,700,000.00

Uncompleted 3 Storey Complex: N665,000,000.00

Kano State Properties

Total valuation: N16,011,800,000.00

Zeennoor Hotel: N11,200,000,000.00

Zeennoor Mosque: N84,000,000.00

Zeennoor Old Hotel Building: N280,000,000.00

Rayhaan Hotel Kano: N2,240,000,000.00

Rayhaan Gym Kano: N1,225,000,000.00

Wife’s House (Ahmadu Bello Way, Kano): N982,800,000.00.

FCT Abuja Properties

Total valuation: N34,685,000,000.00

Duplex at Amazon Street, Maitama: N5,950,000,000.00

Meethaq Hotel (Jabi Branch): N8,400,000,000.00

42 Units of Bungalow at Efab Estate: N385,000,000.00

Harmonia Hotels, Area 11 Garki: N7,000,000,000.00.

*Grand total valuation: N212,892,750,000.

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