Abubakar Malami, the former attorney-general of the federation (AGF), will face questioning over at least five suspicious transactions that occurred during his time in office, according to reliable sources. These transactions include the mysterious payment of $496 million to Global Steel Holdings Ltd (GSHL) as settlement for the termination of the Ajaokuta Steel concession, the handling of the sale of assets worth billions forfeited to the EFCC by politically exposed individuals, his role in the $419 million judgment debt awarded to consultants for Paris Club refunds, the agreement to pay Sunrise Power $200 million compensation over the Mambilla power project dispute, and the duplicated legal fees in the transfer of $321 million Abacha loot from Switzerland to Nigeria.
One of the transactions under scrutiny is the payment of $496 million to Global Steel Holdings Ltd. Despite the company having withdrawn claims for compensation in 2013, Malami announced that the federal government had resolved the dispute with Global Steel over the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO). The settlement came nine years after the company’s concessions were terminated. In 2010, a committee recommended that the government pay a compensation of $525 million to Global Steel for the revocations. However, the promoters of Global Steel later gave up their claims to Ajaokuta without any payment by the Nigerian government. The unresolved allegations of asset stripping, tax evasion, and violation of the terms of agreement raise questions about the settlement.
Malami’s involvement in the sale of recovered assets also came under scrutiny, with allegations of fraud surrounding the sale of assets worth billions forfeited to the EFCC by politically exposed persons. Ladidi Mohammed, Malami’s aide, was detained by the EFCC over these allegations.
Another controversial case was the handling of the Paris Club refunds to the states, where consultants demanded payment for their services in helping the states calculate their share of the refunds. Malami opted for an out-of-court settlement, agreeing that the states would pay $418 million to the consultants. However, this generated a public spat between Malami and the governors, with the Nigeria Governors’ Forum accusing him of colluding with the consultants.
Additionally, Malami inexplicably committed the federal government to pay Sunrise Power $200 million as “final settlement” of the Mambilla power project dispute without proper documentation or approval from President Buhari.
Lastly, Malami engaged Nigerian lawyers to write a letter to the Swiss authorities to return the $321 million Abacha loot to Nigeria. These lawyers were paid $17 million as “professional fees,” raising questions about the need for their involvement and the disproportionate payment compared to the Swiss lawyer who traced and recovered the funds.
The investigation into these transactions will be handled by a security agency, adding further weight to the seriousness of the matter. As the probe unfolds, it could potentially shed light on questionable practices and raise further concerns about financial transparency during Malami’s tenure as AGF.
