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Abubakar Malami, former Minister of Justice
The Economic and Financial Crimes Commission (EFCC) has traced no fewer than 41 high-value properties to Abubakar Malami, a former Attorney-General of the Federation and Minister of Justice, , in an ongoing investigation into alleged money laundering and illicit asset accumulation.
Sources familiar with the investigation said the assets, which include hotels, residential buildings, schools, factories, parcels of land and a printing press, are spread across Kebbi State, Kano State and the Federal Capital Territory (FCT), Abuja.
The combined estimated value of the properties is put at about N212.89 billion.
According to the source, properties traced to Malami in Kebbi State alone are valued at approximately N162.19 billion.
It also noted that assets linked to him in Kano State are estimated at N16.01 billion, while those in the FCT are said to be worth about N34.69 billion.
The asset tracing comes as the Federal Government has filed a 16-count charge bordering on money laundering against Malami and his son, Abdulaziz Malami, before the Federal High Court.
The charges allege that the defendants committed offences contrary to Sections 15, 18 and 21 of the Money Laundering (Prevention and Prohibition) Act.
Investigators said a significant portion of the assets in Kebbi State is tied to educational, commercial and industrial ventures operating under the Rayhaan and Azbir brands.
Among the most valuable properties listed are multiple campuses of Rayhaan University, including a permanent site valued at N56 billion, a temporary site worth N37.8 billion and a third site estimated at N2.45 billion.
Other education-related assets include Rayhaan Model Academy and Rayhaan Primary and Secondary School, collectively valued at nearly N20 billion.
Also listed in Kebbi are extensive agro-allied and industrial facilities, including factory buildings, machinery, staff quarters, a printing press and media assets such as Rayhaan Radio.
Hospitality and commercial properties under the Azbir brand, including a hotel, gallery, gardens, mosque, pharmacy and supermarket, also feature prominently on the list.
The EFCC further traced several residential properties in Kebbi to Malami and members of his family, including houses in GRA areas, residences linked to his sons, and buildings associated with foundations and support organisations bearing his name.
In Kano State, the assets allegedly linked to the former minister include hotels, a mosque, a gym facility and a residential property said to belong to his wife along Ahmadu Bello Way.
The most valuable among them is the Zeennoor Hotel, estimated at N11.2 billion.
In Abuja, investigators listed luxury and commercial properties in prime locations, including a duplex in Maitama valued at N5.95 billion, two branches of Meethaq Hotel in Jabi and Maitama collectively valued at over N21 billion, 42 units of bungalows in Efab Estate, and Harmonia Hotels in Area 11, Garki.
Sources said the EFCC’s findings are part of a broader probe into alleged laundering, concealment and disguising of proceeds of unlawful activities through a network of companies, properties and financial transactions involving Malami and his son.
Neither Malami nor his legal representatives had publicly responded to this development at the time of filing this report.
SEE FULL LIST
Kebbi State Properties
Total valuation: N162,195,950,000.00
Rayhaan University and Education
Rayhaan University Permanent Site: N56,000,000,000.00
Rayhaan University Temporary Site: N37,800,000,000.00
Rayhaan University Third Site: N2,450,000,000.00
Rayhaan University Vice Chancellor House: N490,000,000.00
Rayhaan Model Academy: N11,200,000,000.00
Rayhaan Primary and Secondary School: N8,750,000,000.00
Rayhaan Agro Allied Factory & Commercial
Factory Buildings: N4,200,000,000.00
Factory Machines and Plants Units: N10,500,000,000.00
Factory Mosque: N2,450,000,000.00
Rayhaan Mill Staff Quarters (10 units): N1,487,500,000.00
Rayhaan Bustan Building: N3,150,000,000.00
Printing Press: N1,050,000,000.00
Al-Afiya Energy Tanker Garage: N2,450,000,000.00
Amasdul Oil and Gas Ltd Structure: N1,050,000,000.00
Rayhaan Radio: N78,750,000.00
Azbir Brand Properties
Azbir Hotel: N10,325,000,000.00
Gallery: N581,000,000.00
Gardens: N392,000,000.00
Mosque: N252,000,000.00
Azbir Clothing: N350,000,000.00
Azbir Pharmacy and Supermarket: N175,000,000.00
Residential and Foundations
Malami House GRA: N350,000,000.00
Malami Support Organization Building ADC: N210,000,000.00
Kadi Malami Foundation Building: N56,000,000.00
Rayhaan Security House: N245,700,000.00
Uncompleted 3 Storey Complex: N665,000,000.00
Kano State Properties
Total valuation: N16,011,800,000.00
Zeennoor Hotel: N11,200,000,000.00
Zeennoor Mosque: N84,000,000.00
Zeennoor Old Hotel Building: N280,000,000.00
Rayhaan Hotel Kano: N2,240,000,000.00
Rayhaan Gym Kano: N1,225,000,000.00
Wife’s House (Ahmadu Bello Way, Kano): N982,800,000.00
FCT Abuja Properties
Total valuation: N34,685,000,000.00
Duplex at Amazon Street, Maitama: N5,950,000,000.00
Meethaq Hotel (Jabi Branch): N8,400,000,000.00
Meethaq Hotel (Maitama Branch): N12,950,000,000.00
42 Units of Bungalow at Efab Estate: N385,000,000.00
Harmonia Hotels, Area 11 Garki N7,000,000,000.00
Malami House Behind Mobil: N490,000,000.00
Malami Residence Behind Cemetery: N350,000,000.00
Abdulaziz (First Son House): N1,659,000,000.00
Ahbiru (Second Son House): N2,989,000,000.00
Grand total valuation: N212,892,750,000
(BusinessDay)
