The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough in a high-profile investigation, allegedly tracing a vast portfolio of 41 properties with a combined value of N212.9 billion to the former Attorney-General of the Federation and Minister of Justice, Abubakar Malami.
Massive Asset Portfolio Uncovered Across Three States
According to reports, the anti-graft agency has identified a sprawling network of assets allegedly linked to Malami and his family. These properties, which include universities, hotels, residential buildings, factories, and schools, are spread across Kebbi State, Kano State, and the Federal Capital Territory (FCT), Abuja.
The breakdown of the staggering valuations is as follows: properties in Kebbi State are estimated at N162.2 billion, those in Kano State at N16.01 billion, and the FCT assets are valued at N34.69 billion.
The Detailed List of Alleged Holdings
The portfolio is dominated by entities under the "Rayhaan" and "Azbir" brands. In Kebbi, the list includes:
- Rayhaan University (Permanent, Temporary, and Third Sites, and VC House): Totalling approximately N96.74 billion.
- Rayhaan Model Academy and Primary/Secondary School: Valued at N19.95 billion.
- Rayhaan Agro Allied Factory & Commercial units, including a mosque and staff quarters: Worth about N18.69 billion.
- Azbir Hotel and related commercial ventures (Pharmacy, Clothing, Gallery): Estimated at over N11.68 billion.
- Several residential properties for Malami and his sons, Abdulaziz and Ahbiru.
In Kano, the major assets are the Zeennoor Hotel (N11.2bn) and Rayhaan Hotel & Gym (N3.47bn). The FCT properties feature high-value assets like a duplex in Maitama (N5.95bn) and the Meethaq Hotel branches in Jabi and Maitama, together valued at N21.35 billion.
Legal Repercussions: Money Laundering Charges Filed
This investigation has escalated into a major legal battle. The federal government, through the EFCC, has filed a 16-count charge bordering on money laundering against Abubakar Malami and his son, Abdulaziz Malami.
The charges allege that the father and son committed offences contrary to Sections 15, 18, and 21 of the Money Laundering (Prevention and Prohibition) Act. This development marks one of the most significant legal actions against a former top judicial officer in recent years, sending shockwaves through Nigeria's political and legal circles.
The case is expected to be closely watched as a test of the nation's anti-corruption institutions in holding powerful figures accountable, regardless of their former positions.
