BREAKING: EFCC Invites Former AGF Malami Over $496 million Ajaokuta Steel Concession Scandal, 4 Others
The Economic and Financial Crimes Commission has formally invited former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, to answer questions over alleged corruption involving five multi-billion-naira transactions that took place during his tenure in President Muhammadu Buhari’s administration.
Reliable sources within the anti-graft agency confirmed on Friday that the invitation letter was delivered to the former minister earlier this week, with Malami expected to honour the summons in the coming days.
The invitation marks a significant escalation in a probe that began in 2023, when the EFCC flagged five suspicious financial dealings directly linked to decisions taken while Malami served as Nigeria’s chief law officer.
At the heart of the investigation is the controversial payment of $496 million to Global Steel Holdings Limited, an Indian company, as settlement for the termination of the long-troubled Ajaokuta Steel Company concession. The payment is particularly contentious because Global Steel had, nine years earlier, voluntarily and in writing waived all claims to compensation from the Federal Government.
Investigators are also examining Malami’s role in the disposal of billions of naira worth of assets that had been permanently forfeited to the Federal Government by politically exposed persons. Sources allege that the sale process was shrouded in secrecy and that the assets may have been grossly undervalued to the detriment of the public treasury.
Another transaction under scrutiny is the $419 million judgment debt awarded to consultants who claimed to have facilitated the Paris Club loan refunds to state governments, a deal that has long been criticised as inflated and unnecessary.
The EFCC is equally probing a settlement agreement brokered under Malami’s watch that committed Nigeria to paying Sunrise Power and Transmission Company Limited $200 million in compensation over the protracted dispute surrounding the 3,050-megawatt Mambilla hydroelectric power project.
Finally, the former Attorney-General is expected to explain allegations of duplicated legal fees in the repatriation of $321 million in looted funds from Switzerland under the Abacha family recovery arrangement.
“These five cases have been active on our docket for over two years,” a senior EFCC official told journalists on condition of anonymity. “Inviting the former Honourable Attorney-General is the logical next step to establish exactly what happened and who authorised these payments.”
As of the time of this report, Abubakar Malami had not issued any public statement in response to the invitation. The EFCC also declined official comment, saying only that investigations are ongoing.
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