EFCC traces 41 properties worth N212bn to Malami
The Economic and Financial Crimes Commission (EFCC) has traced 41 properties valued at over N212 billion to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, in a major investigation into alleged illicit asset accumulation. The detailed list of assets shows a wide range of properties linked to Malami and his immediate family and business interests across Kebbi State, Kano State and the Federal Capital Territory (FCT), underscoring the scale and diversity of the holdings under scrutiny. The federal government has also filed 16-count money laundering charges against Malami and his son, Abdulaziz, as part of the legal actions connected to the findings.
In Kebbi State, where the lion’s share of the assets was located, the properties are collectively valued at about N162.2 billion and include multiple sites of Rayhaan University such as the permanent site, temporary site and third site, alongside the vice-chancellor’s residence. The list also shows Rayhaan Model Academy, Rayhaan Primary and Secondary School, and Rayhaan Agro Allied Factory buildings, including factory machines and mosque facilities. Additional notable assets include staff quarters, a printing press, an energy tanker garage, oil and gas structures, and Rayhaan Radio, as well as Azbir brand properties such as Azbir Hotel and related commercial facilities. Residential buildings associated with Malami and his sons, support organisation buildings, and an uncompleted three-storey complex were also documented.
The Kano State segment of the list is valued at approximately N16 billion and features prominent assets such as Zeennoor Hotel, Zeennoor Mosque, and an old hotel building. It also includes Rayhaan Hotel and Rayhaan Gym, alongside a residential property belonging to Malami’s wife on Ahmadu Bello Way in Kano.
In the Federal Capital Territory (FCT), properties worth around N34.7 billion are recorded. These include high-value assets such as a duplex on Amazon Street in Maitama, Meethaq Hotel branches in Jabi and Maitama, 42 housing units at Efab Estate, and Harmonia Hotels in Area 11, Garki. The combined valuation of all traced assets brought the total to an estimated N212.89 billion.
The EFCC has maintained that the tracing of these properties is part of a broader effort to recover assets believed to be linked to unlawful activities and concealment of proceeds of crime. The money laundering charges against Malami and his son include alleged violations under the Money Laundering (Prevention and Prohibition) Act, setting the stage for a high-profile legal battle as authorities pursue accountability and transparency.
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