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Investigators trace Malami’s billions to Abacha loot, Paris Club refunds, CBN agric loans

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Investigators have reportedly linked a bulk of the wealth of former attorney-general of the federation, Abubakar Malami, to a number of sources.

According to a report by TheCable, at the top of the list of Malami’s sources of wealth are Paris Club refunds made to states, unpaid loans taken from the Central Bank of Nigeria (CBN) under the anchor borrowers programme, and the restitution of Abacha loot to Nigeria.

Malami has been detained by the Economic and Financial Crimes Commission (EFCC) ahead of his arraignment before a federal high court in Abuja.

The anti-graft agency has also reportedly traced Properties estimated at over N200 billion to Malami. The assets are believed to have been acquired when he was attorney-general under former President Muhammadu Buhari from 2015 to 2023.

He has, however, denied all allegations in statements by his media team, alleging political persecution and promising to defend himself in court.

PARIS CLUB REFUNDS

Based on the legal advice of Malami, the Federal Government had decided to deduct $418 million from state allocations as payment to consultants over the Paris Club refund.

Nigeria had exited the Paris Club of creditors in 2005 after paying $12 billion in exchange for a write-off of $18 billion of its $30 billion debts accumulated from the early 1980s.

However, the Federal Government, under former President Obasanjo, paid the $12 billion from the federation purse regardless of how much was owed by the federal, state and local governments to the creditors.

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After the states protested, it was decided that they should be refunded since most of the debts were taken by the Federal Government — with most states not owing foreign creditors.

Consultants were engaged by the Federal Government to calculate how much was to be refunded to the states, and they charged a commission in excess of $400 million.

The Nigeria Governors’ Forum (NGF) opposed the arrangement, but Malami insisted that the consultants must be paid from state allocations, to be deducted at source.

In a media spat between 2021 and 2022, the NGF accused Malami of pursuing “selfish interest” and alleged that he was working for the consultants rather than in the national interest.

“We’re constrained by the manner in which the honorable attorney-general has been going around various media houses and purporting to create the impression that this is a liability to which governors had committed themselves to and agreed to, even though he is very much aware that that’s not the case,” the NGF said.

“And we reject all of the claims that he has made on this issue. And we also insist that states will not give up on insisting that these purported claims are fraudulent and will not stand as far as governors are concerned and we would take every constitutional and legal means to ensure that these purported consultancy are fully litigated upon by the highest court in the land.”

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After initially stopping payment, Buhari later gave his approval, much to the disappointment of the governors.

According to TheCable,
EFCC investigators have traced the bulk of Malami’s alleged sudden wealth to kickbacks from the deal.

ANCHOR BORROWERS’ PROGRAMME

In 2015, the CBN launched the anchor borrowers programme (ABP) — a development finance initiative to boost local food production, create jobs, and reduce food imports.

The ABP was to provide farmers with farm inputs such as seeds, fertiliser and cash for labour, to enable them to increase yields and supply processors.

This was to create a value chain linkage from farm to market and supporting food.

Investigators discovered that Malami used the name of one of his wives, Hajiya Bashir Asabe, to get a N4 billion loan, which was never repaid.

The wife has now been charged to court along with him.

The CBN dispensed over N1 trillion on the ABP and is yet to recover over N600 billion, fuelling speculation that a significant portion of the disbursements might have been slush fund for politicians.

ABACHA LOOT COMMISSION

In 2016, Malami hired the services of two Nigerian lawyers — Oladipo Okpeseyi and Temitope Isaac Adebayo — for the repatriation of $321 million stolen by Sani Abacha, the former military head of state.

The repatriation of the stolen funds started before the administration of former President Muhammadu Buhari in 2015.

See also  Again, US returns fresh $20.6m Abacha loot to Nigeria

The monies had been recovered and frozen in 2013 under former President Goodluck Jonathan, but the repatriation process was stalled in 2015 following a lawsuit filed by the Abachas.

From 2013 to 2014, the federal government had engaged the services of Swiss lawyers, Enrico Monfrini and Christian Luscher, to recover the stolen funds from Liechtenstein and Luxembourg — and domiciled the monies with the attorney-general of Switzerland.

Nigeria had paid four percent of the recovered Luxembourg assets as professional fees and expenses to the foreign lawyers, in addition to roughly $6.8 million in fees paid to Monfrini for the Liechtenstein recoveries.

Since all the fees had been paid by Nigeria, it was only required that Malami, who was the then AGF, would sign a memorandum of understanding (MoU) with the Swiss authorities and commit to an undertaking that the funds would be properly utilised.

However, in December 2017, Malami, in a suspicious move, engaged the services of the two Nigerian lawyers, which cost the country $16.9 million as commission and professional fees from the recovered funds.

Malami engaged the two lawyers to duplicate the job of the Swiss lawyers and get their own cut from the already done deal.

Okpeseyi and Adebayo have reportedly been detained and interrogated by the EFCC.

After the disbursement of the duplicated commission, payments were said to have been traced to Malami by investigators at the anti-graft agency.

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2027: Opposition parties plan to field single presidential candidate

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Ahead of the 2027 general election, opposition political parties are making moves to present a single presidential candidate

The resolution was adopted on Saturday at the national summit of opposition political party leaders held in Ibadan, the capital of Oyo state.

The parties at the summit include the African Democratic Congress (ADC) faction led by David Mark, the Peoples Democratic Party (PDP), chaired by Kabiru Turaki, and the New Nigeria People’s Party (NNPP).

In a communiqué issued at the end of the summit, the parties said they will resist all “machinations by the All Progressives Congress (APC) to foist a one-party state on Nigeria”.

“That despite the onslaughts and manoeuvrings of the ruling party, the APC, to impose President Bola Tinubu as the sole Presidential candidate in 2027, we shall field candidates and contest the 2027 Presidential and other elections,” the communiqué reads.

“That we shall work towards fielding one Presidential Candidate for the 2027 elections, which shall be agreed and supported by all participating opposition parties to rescue our nation and her long-suffering masses.”

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The parties alleged that Joash Amupitan, chairman of the Independent National Electoral Commission (INEC), has “shown bias and partisanship in favour of the APC” and should be removed from office.

“Nigerians across board have lost confidence in him and his capacity to guarantee the required neutrality to deliver free, fair, transparent and credible elections. His continuous stay in office is vexatious and capable of triggering widespread crisis in our nation,” the parties said.

The opposition parties called on the national assembly to immediately review the Electoral Act 2026, to “remove all sections that threaten the sanctity and integrity of elections”.

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Ex- Ondo Dep Gov Agboola urges preservation of Ese-Odo political power rotation arrangement

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Former Deputy Governor of Ondo State, Ajayi Agboola Alfred, has called on political leaders and stakeholders in Ese Odo Local Government to uphold the longstanding political power rotation arrangement between the Apoi and Arogbo communities, describing it as a vital foundation for peace, unity, and political stability in the area.

In a statement released amid growing political realignments ahead of the next political season, the former deputy governor emphasized that the existing arrangement, which has been in place since 1999, was established to ensure fairness, mutual trust, and peaceful coexistence among the people of Ese-Odo Local Government.

According to him, the rotational understanding has over the years helped to prevent political tension and promote inclusiveness across the two blocs. He noted that the arrangement has remained respected by political actors and leaders across party lines and should not be altered for personal or selfish interests.

Agboola, who stated that he was among the leaders involved in initiating the agreement, recalled how political stakeholders in the past resisted attempts to disrupt the arrangement, particularly during the period when late Dr. Francis Ajih served as Chairman of Ese-Odo Local Government Council.

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He explained that despite efforts by some political interests at the time to alter the zoning structure, leaders and residents across party affiliations stood firmly in support of maintaining the agreed political balance, leading to the emergence of Late Hon. Earnest Anifowose from Apoi as a member of the Ondo State House of Assembly.

The former deputy governor warned against any move capable of creating division or mistrust between the Apoi and Arogbo communities, stressing that the House of Assembly seat should, according to the established understanding, remain the turn of Arogbo to produce the next representative.

He also appealed to political figures, including Hon. Toyin Allen, not to allow themselves to be drawn into actions that could threaten the existing harmony within the local government.

While reaffirming his commitment to protecting the arrangement alongside other leaders, Agboola urged all political stakeholders in Ese-Odo to place peace, unity, and collective interest above personal ambition.

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He further cautioned that any attempt to undermine the established political understanding could trigger avoidable tension and disrupt the longstanding brotherhood between both communities.

The former deputy governor concluded by calling on politicians and community leaders to continue to play politics with fairness, respect for agreements, and commitment to peaceful coexistence for the progress and stability of Ese-Odo Local Government and future generations.

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Army recovers suspected remains of soldier couple killed by IPOB/ESN

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The Nigerian Army says it has located the suspected remains of two soldiers who were “brutally abducted and murdered” by suspected members of the proscribed Indigenous People of Biafra and the Eastern Security Network in May 2022 while en route to their traditional wedding.

According to the army, the remains of the couple, identified as Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, were discovered when its troops dismantled a notorious camp belonging to the IPOB and the ESN in Imo State.

“The Nigerian Army has recorded another significant operational success in its sustained efforts to rid the South East of criminal elements, as troops of 82 Division, in conjunction with sister services and other security agencies, successfully dismantled a notorious camp belonging to the proscribed Indigenous People of Biafra (IPOB) and its armed affiliate, the Eastern Security Network (ESN), in Imo State.

“Acting on intelligence information, the operation, conducted on 24 April 2026 along the Ubaha Orsu axis of Orsu Local Government Area, was part of a deliberate clearance and search mission aimed at dismantling IPOB/ESN hideout within the region and locating the remains of two personnel of the Nigerian Army, Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, who were brutally abducted and murdered by IPOB/ESN terrorists in May 2022 while en route for their traditional wedding,” the army said in a statement on its X handle.

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The army explained that the troops, acting on credible intelligence, advanced towards a suspected IPOB/ESN hideout when they came under heavy attack by armed criminals.

It, however, said that the troops demonstrated resilience and decisively engaged the terrorists, successfully repelling multiple ambushes and forcing the criminals to flee in disarray.

“The encounter further exposed the desperation and criminal nature of the group, which continues to target innocent citizens and security personnel alike.

“Following the successful clearance of the camp, troops conducted a thorough search of the area and made a grim but important discovery: shallow graves suspected to contain the remains of the slain personnel. The graves were carefully excavated and suspected remains were recovered,” it stated.

The military authorities further disclosed that the recovered remains had since been secured for detailed forensic analysis, including DNA testing, to conclusively establish their identities.

It also said that efforts were also ongoing to liaise with the families of the fallen soldiers to ensure proper identification and facilitate befitting burial arrangements in honour of their sacrifice.

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The army further noted that the operation not only underscored its unwavering commitment to ensuring justice for fallen heroes but also highlighted the continued degradation of IPOB/ESN criminal networks and infrastructure across the South East.

“The discovery of shallow graves within their camp further exposes the group’s heinous atrocities and disregard for human life.

“The Nigerian Army reassures the general public that ongoing operations will continue until all criminal elements are neutralised and lasting peace is restored across the region. We appreciate the Law-abiding citizens for the information and urge you to remain vigilant and continue to support security agencies with timely and credible information.

“The Nigerian Army remains resolute, professional, and committed to defending the sovereignty and territorial integrity of Nigeria,” the statement added.

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