Abubakar Malami has challenged the actions of the Economic and Financial Crimes Commission (EFCC), accusing the commission of deliberately inflating the value of his assets to mislead the court in an ongoing forfeiture case.
The dispute follows a January 6 ruling by Emeka Nwite of the Federal High Court in Abuja, which ordered the interim forfeiture of 57 properties linked to Malami. The EFCC had valued the assets at over N213 billion, arguing they were suspected proceeds of unlawful activities.
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 examples including a duplex in Maitama, Abuja, which he said was purchased for N500 million but valued by the commission at nearly N6 billion, and properties linked to Rayhaan University, which he claimed were similarly overstated by tens of billions of naira.
The former minister maintained that independent assessments, including those by estate firm Jide Taiwo & Co, placed significantly lower values on the assets.
Beyond valuation disputes, Malami argued that the EFCC failed to establish any link between the properties and criminal activity. He stated that 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.
According to his affidavit, 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.
Malami is asking the court to set aside the interim forfeiture order, arguing that it was based on speculation rather than concrete evidence. 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, while Malami also faces separate charges before another Federal High Court in Abuja relating to alleged money laundering and illegal possession of firearms.