Former Attorney General of the Federation, Abubakar Malami, has accused the Economic and Financial Crimes Commission of inflating the value of his assets to secure an interim forfeiture order. The allegation follows a ruling by Justice Emema Nwite of the Federal High Court in Abuja, ordering the temporary forfeiture of 57 properties said to be proceeds of unlawful activities and valued by the commission at over 213 billion naira.
The court had directed the anti-graft agency to publish the forfeiture order in a national newspaper, inviting interested parties to appear within 14 days and show cause why a final order should not be granted. The judge held that the assets were reasonably suspected to have been acquired through unlawful means and should be forfeited to the federal government pending further proceedings.
In a counter affidavit filed before the court, Malami described the valuation by the commission as exaggerated and misleading. He cited instances where properties he claimed were acquired for hundreds of millions of naira were allegedly valued in the tens of billions. Among them are a duplex in Maitama and properties linked to Rayhaan University, which he said were significantly overvalued compared to their actual purchase prices and independent assessments.
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Malami also argued that there is no evidence linking the assets to any criminal activity, maintaining that all properties were declared in his filings with the Code of Conduct Bureau and funded through legitimate sources. He listed income from legal practice, business ventures, asset sales and other earnings as sources of funding. The former minister is asking the court to set aside the forfeiture order, while related cases involving allegations of money laundering and illegal possession of firearms continue before the Federal High Court in Abuja.
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