Former Attorney-General of the Federation Abubakar Malami has accused the Economic and Financial Crimes Commission (EFCC) of deliberately inflating the value of his assets to mislead a Federal High Court in Abuja in an ongoing forfeiture case. The dispute stems from a January 6 ruling by Justice Emeka Nwite, which ordered the interim forfeiture of 57 properties linked to Malami. The EFCC had valued the assets at over N213 billion, claiming they were proceeds of unlawful activities.
Malami's Response to the Forfeiture Order
In response, Malami filed an affidavit contesting both the valuation and the basis of the forfeiture. He alleged that the figures presented by the EFCC were “manifestly exaggerated” and “maliciously inflated” to secure the court’s order. He cited specific examples, including a duplex in Maitama, Abuja, which he claimed was purchased for N500 million but valued by the commission at nearly N6 billion. Similarly, properties linked to Rayhaan University were allegedly overstated by tens of billions of naira.
Independent Assessments Show Lower Values
The former minister maintained that independent assessments, including those by estate firm Jide Taiwo & Co, placed significantly lower values on the assets. He argued that the EFCC failed to establish any link between the properties and criminal activity. According to his affidavit, all assets had been declared in filings with the Code of Conduct Bureau during his time in office and were acquired through legitimate sources, including legal practice, business ventures, asset sales, and gifts.
Legitimate Sources of Income
Malami stated that his businesses generated over N10 billion between 2015 and 2023, with additional income from asset disposals, book launches, and other lawful earnings. He insisted that all funds used to acquire the properties are traceable and that the forfeiture order was based on speculation rather than concrete evidence.
Court Proceedings and Separate Charges
Malami is asking the court to set aside the interim forfeiture order. Under the earlier ruling, the EFCC was directed to publish the forfeiture notice and invite interested parties to contest it before a final decision is made. The case is ongoing and is expected to return to court. Meanwhile, Malami also faces separate charges before another Federal High Court in Abuja relating to alleged money laundering and illegal possession of firearms.
