Former AGF Abubakar Malami to be Questioned Over Suspicious Transactions During His Tenure | Cliptv Online

Nigeria, [Date] – Abubakar Malami, the former Attorney-General of the Federation (AGF), is set to face interrogation over at least five suspicious transactions that occurred during his time in office, according to reliable sources. The transactions under scrutiny include the mysterious payment of $496 million to Global Steel Holdings Ltd (GSHL) as a settlement for the termination of the Ajaokuta Steel concession, the handling of the sale of assets worth billions of naira forfeited to the Economic and Financial Crimes Commission (EFCC) by politically exposed persons, and his role in the $419 million judgment debt awarded to consultants who claimed to have facilitated the Paris Club refunds to the states.

Furthermore, Malami’s involvement in the $200 million compensation agreement with Sunrise Power in its dispute with the federal government over the Mambilla power project and the alleged duplicated legal fees in the transfer of $321 million Abacha loot from Switzerland to Nigeria have also come under scrutiny.

The mysterious $496 million payment to GSHL, which was announced by Malami in September 2022, raised eyebrows, as the Indian company had previously waved all claims for compensation for the termination of the Ajaokuta Steel concessions nine years earlier. It was alleged that Global Steel had violated the terms of the concessions and engaged in asset stripping, leading to the revocation of the concessions by the government in 2008.

Despite previous claims by the Jonathan administration and the Buhari administration that the issues around Ajaokuta had been resolved and Nigeria had regained ownership of the steel mills, Global Steel curiously threatened to return to arbitration in May 2020, demanding up to $14 billion in damages. The matter was eventually settled in September 2022, with Nigeria agreeing to pay $496 million to the company.

Other suspicious transactions involving the sale of forfeited assets, judgment debt, power project compensation, and Abacha loot have also raised concerns among stakeholders and subject matter experts. A security agency is expected to handle Malami’s interrogation.

As Africa emphasizes the importance of STEM education for economic development, there is a growing recognition of the need to address corruption and questionable financial dealings to foster a conducive environment for sustainable growth and prosperity.