A sweeping asset trail stretching from Kebbi to the Federal Capital Territory has placed former Attorney-General of the Federation, Abubakar Malami, at the centre of one of the most extensive corruption probes in recent years, with properties valued at over ₦212 billion now under scrutiny.
The Economic and Financial Crimes Commission, EFCC, has traced no fewer than 41 assets to Malami, including universities, hotels, factories, residential buildings, schools, and commercial facilities spread across Kebbi and Kano states, as well as Abuja.
Investigators estimate that properties located in Kebbi State alone are worth about ₦162.2 billion, while assets in Kano are valued at ₦16 billion. Those traced to the Federal Capital Territory are put at approximately ₦34.7 billion.
In Kebbi, a significant portion of the assets is linked to Rayhaan University. These include the institution’s permanent site valued at ₦56 billion, a temporary site estimated at ₦37.8 billion, and a third site worth ₦2.45 billion.
Other related assets include the vice-chancellor’s residence valued at ₦490 million, Rayhaan Model Academy at ₦11.2 billion, and Rayhaan Primary and Secondary School estimated at ₦8.75 billion.
The EFCC also traced extensive agro-allied investments to the former minister. These include Rayhaan Agro-Allied Factory buildings valued at ₦4.2 billion, factory machines and plant units worth ₦10.5 billion, a factory mosque estimated at ₦2.45 billion, and staff quarters valued at ₦1.487 billion.
Additional Kebbi-based assets include the Rayhaan Bustan Building worth ₦3.15 billion, a printing press valued at ₦1.05 billion, Al-Afiya Energy Tanker Garage at ₦2.45 billion, Amasdul Oil and Gas Ltd structure worth ₦1.05 billion, and Rayhaan Radio estimated at ₦78.75 million.
Also Read: Malami puts Olukoyede on the spot over Salami report
Hospitality and retail businesses traced to Malami under the Azbir brand in Kebbi include Azbir Hotel valued at ₦10.325 billion, a gallery worth ₦581 million, gardens estimated at ₦392 million, a mosque at ₦252 million, Azbir Clothing at ₦350 million, and Azbir Pharmacy and Supermarket valued at ₦175 million.
His residential portfolio in Kebbi includes Malami House in GRA valued at ₦350 million, a house behind Mobil filling station worth ₦490 million, another residence behind a cemetery valued at ₦350 million, a house belonging to his son, Abdulaziz, estimated at ₦1.659 billion, and another owned by his second son, Ahbiru, worth ₦2.989 billion.
Other properties include the Malami Support Organization Building valued at ₦210 million, Kadi Malami Foundation Building at ₦56 million, Rayhaan Security House worth ₦245.7 million, and an uncompleted three-storey complex valued at ₦665 million.
In Kano State, assets traced to Malami include Zeennoor Hotel valued at ₦11.2 billion, Zeennoor Mosque at ₦84 million, the old Zeennoor Hotel building worth ₦280 million, Rayhaan Hotel Kano valued at ₦2.24 billion, Rayhaan Gym Kano at ₦1.225 billion, and his wife’s residence on Ahmadu Bello Way estimated at ₦982.8 million.
In Abuja, the EFCC listed a duplex on Amazon Street, Maitama, valued at ₦5.95 billion, Meethaq Hotel branches in Jabi and Maitama worth ₦8.4 billion and ₦12.95 billion respectively, 42 bungalow units at Efab Estate estimated at ₦385 million, and Harmonia Hotels in Area 11, Garki, valued at ₦7 billion.
Meanwhile, the Federal Government has filed a 16-count charge bordering on money laundering against Malami and his son, Abdulaziz. The charges allege breaches of Sections 15, 18, and 21 of the Money Laundering (Prevention and Prohibition) Act.
The EFCC’s valuation places the cumulative worth of all assets traced to the former justice minister at ₦212,892,750,000, as legal proceedings move forward.
The Conclave
