News
Court Orders Final Forfeiture of 48 Properties Linked to Former AGF Abubakar Malami
The Federal High Court in Abuja on Wednesday, July 15, ordered the final forfeiture of 48 properties linked to the immediate past Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, who is facing money laundering charges.
Abubakar Malami
The court, in a judgment delivered by Justice Joyce Abdulmalik, held that the properties, allegedly acquired with proceeds of crime, should be permanently seized by the federal government.
It held that Malami, who served as Justice Minister from November 11, 2015, to May 29, 2023, under former President Muhammadu Buhari’s administration, failed to rebut the reasonable suspicion that the properties were acquired through unlawful activities. The court dismissed contentions that some of the affected properties belonged to the larger Malami family in Kebbi State. According to the court, the legal issue was not “who owns the property, but how legitimate were the funds used to acquire them”.
Justice Abdulmalik held that Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act empowered the court to order the final forfeiture of illicitly acquired assets to the government. The judgment followed an application filed by the Economic and Financial Crimes Commission (EFCC).
Although the anti-graft agency sought the forfeiture of 57 choice properties it said were traced to the former minister, the court held that there was credible evidence establishing the genuine ownership of nine of the listed properties. The EFCC and Malami had adopted their final written addresses in the matter on May 26.
It will be recalled that the anti-graft agency had earlier secured an interim forfeiture order for the assets, valued at over N212 billion. According to the anti-graft agency, the properties, spread across three states (Kebbi, Kano, and Kaduna) as well as the Federal Capital Territory, Abuja—were believed to have been acquired with proceeds of crime. In an ex parte motion brought before the court, the agency said the interim order was needed as a precursor to the final forfeiture of the properties to the federal government.
Malami is currently facing a 16-count money laundering charge. He was arraigned before the court alongside his son, Abdulaziz, and one of his wives, Hajia Bashir Asabe. The defendants were alleged to have laundered public funds totalling about N9 billion.
According to the EFCC, the former Justice Minister, in a bid to hide his proceeds of crime, resorted to acquiring choice properties in various cities and states. Having granted the interim forfeiture order, the court directed the agency to publish, within 14 days, a notice inviting anyone with an interest in any of the properties to appear before it and show cause why they should not be forfeited to the government.
Dissatisfied with the EFCC’s application, Malami’s legal team approached the court to have it set aside, insisting the properties were legitimately acquired. He told the court that the properties were appropriately listed in various asset declaration forms he filed with the Code of Conduct Bureau (CCB), insisting the EFCC had failed to adduce any prima facie evidence that they were acquired through proceeds of crime.
Accusing the EFCC of suppressing material facts, Malami maintained that the agency moved against him over properties that “were lawfully acquired post-appointment of the respondent/applicant and declared with the Code of Conduct Bureau as legitimate assets of the respondent/applicant, in compliance with the 5th Schedule to the Constitution of the Federal Republic of Nigeria, in 2019 and 2023”.
He argued that the interim forfeiture order was obtained through “manifest exaggeration, malicious inflation of the value of the assets, and unreasonable and incompetent valuation deliberately manipulated to mislead the court, negatively affecting its discretion in granting an order based on manipulated facts and conclusions deliberately cooked up by the applicant/respondent (EFCC)”.
While adopting his final brief of argument, counsel to the EFCC prayed the court to grant the final forfeiture order, relying on a 47-paragraph affidavit and 46 exhibits filed in support of the motion. The EFCC counsel argued that Malami had failed to satisfactorily explain the legitimate sources of the assets and urged the court to order their permanent forfeiture.
In response, the counsel representing the former AGF urged the court to dismiss the application and set aside the interim forfeiture order earlier granted. The defense counsel relied on a counter-affidavit deposed to by Malami to argue that the EFCC’s case was founded on suspicion rather than credible evidence.
The court-ordered list of confiscated properties includes:
A luxury duplex at Amazon Street within Cadastral Zone A06, Maitama, purchased in December 2022 at N500,000,000.00 (value after enhancement, N5,950,000,000).
A two-wing, large storey building situated at No. 3, Onitsha Crescent, Area 11, Garki, Cadastral Zone A03, Abuja (formerly Harmonia Hotels Limited), FCT, purchased in December 2018 at N7,000,000,000.00.
Plot 683, Jabi District, Cadastral Zone B04, comprising a five-storey building (now Luxurious Meethaq Hotels Ltd, Jabi, with 53 rooms/suites), purchased in September 2020 at carcass level at N850,000,000.00, with an additional N300,000,000 to take possession (value after completion, N8,400,000,000).
Property No. 3130, within Cadastral Zone A04, Asokoro District, FCT, Abuja, comprising terraces, purchased in January 2021 at N360,000,000.00.
Property No. 3, Rhine Street, Maitama, Abuja (Meethaq Hotels Ltd, Maitama, with 15 rooms), purchased in February 2018 at N430,000,000.00 (current value after rehabilitation, N12,950,000,000).
Plot No. 1241B, Asokoro District Zone (No. 11A Yakubu Gowon Crescent), Asokoro District, purchased in July 2021 at N325,000,000.00.
Shop No. C82, Citiscape — Shariff Plaza, Plot 739, Cadastral Zone A07, Aminu Kano Crescent, Wuse II, FCT, Abuja, purchased in March 2024 at N120,000,000.00.
No. 4, Ahmadu Bello Way, Nasarawa GRA, Kano, purchased in December 2022 at N300,000,000.00.
Plot 157, Lamido Crescent, Nasarawa GRA, Kano, purchased in July 2019.
A plaza, commercial toilets, laundry facility, and warehouse tanks adjacent to Birnin Kebbi Market, purchased in 2021 at N100,000,000.00.
100 hectares of land along Birnin Kebbi–Jega Road, purchased in 2020 at N100,000,000.00.
A four-bedroom bungalow, Gesse Phase, Birnin Kebbi, purchased in 2023 at N101,000,000.00.
Shops Nos. A36 and B3, Vegas Mall, Wuse 2, Abuja, purchased in July 2023 at N158,000,000.00.
No. 26, Babbi Drive, BUA Estate, Abuja, purchased in 2022 at N136,000,000.00.
No. 27, Efab Estates Avenue, 59th Crescent, Gwarimpa, Abuja, purchased in January 2016 at N120,000,000.00.
A four-bedroom house with two-room boys’ quarters at No. 10B, Doka Crescent, Abakpa GRA, Kaduna, purchased in January 2018 at N40,000,000.00.
Plot No. 13, Ipent 7 Estate, Karsana District, Abuja, purchased in June 2018 at N85,000,000.00.
A four-bedroom duplex with boys’ quarters at No. 12, Yalinga Street, off Adetokunbo Ademola Crescent, Wuse II, Abuja, purchased in October 2018 at N150,000,000.00.
Two warehouse shops, B40 and B46, Wuse Market, Abuja, purchased in July 2020 at N50,000,000.00.
Twin houses at Zone E, Apo Legislative Quarters, Cadastral Zone B01, Plot 14014, Gudu District, Abuja, purchased between February and May 2017 at N250,000,000.00.
Properties acquired by the Khadimiyya for Justice & Development Initiative at Academic Garden City, Birnin Kebbi, sold by the Federal Housing Authority Mortgage.
Nine units of three-bedroom bungalows, three units of two-bedroom bungalows, and 5.4 hectares of land, purchased between February and September 2023 at N187 million.
Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce a biometric identity verification system, known as V-Pass, to speed up passenger processing and enhance security at domestic airports nationwide.
This initiative is aimed at strengthening aviation security, reducing passenger processing time and eliminating dependence on physical identity documents.
A statement issued yesterday by Henry Agbebire, director of Public Affairs and Consumer Protection, FAAN, said the new facial recognition platform, developed in partnership with Verxid Technologies Limited, would enable passengers to verify their identities through biometric authentication, allowing them seamless access through airport security checkpoints and boarding gates.
According to him, the initiative formed the focus of a strategic meeting between FAAN and Verxid Technologies Limited, where both organisations reviewed deployment plans, security safeguards and measures to improve passenger experience.
The statement hinted that the authority centred on ensuring the successful rollout of the digital platform while maintaining high security standards.
The statement quoted, Adebola Agunbiade, director of Commercial and Business Development, FAAN, as describing the V-Pass as another milestone in the authority’s ongoing digital transformation programme.
According to her, the platform indicated FAAN’s commitment to deploying innovative technology that enhances passenger facilitation while reinforcing aviation security across domestic airports.
She assured that the system would provide every traveller with a secure digital identity through a one-time enrolment process.
Under the arrangement, Nigerian passengers would register using their National Identification Number (NIN) alongside facial biometric capture, while foreign travellers would enroll with their passports through Optical Character Recognition (OCR) supported by biometric authentication, the statement added.
FAAN said the system would verify passenger identities before they gain access to restricted airport areas and once again before boarding their flights.
The agency noted that the dual-verification process was designed to prevent identity fraud, impersonation and unauthorised access to airport facilities, while giving security agencies greater confidence in passenger authentication.
Passengers would be able to complete the verification process either through self-service kiosks or with assistance from trained FAAN personnel.
The deployment would also include electronic gates to automate access into controlled areas, reduce queues and improve passenger movement across airport terminals.
According to the developers, first-time registration is expected to take about one minute, while subsequent biometric verification would take less than 30 seconds.
Apart from passenger processing, the V-Pass platform would also provide airlines with secure digital access to flight schedules, passenger manifests and boarding statistics.
FAAN assured travellers that data protection remained a critical component of the project, stressing that the platform fully complies with the Nigeria Data Protection Regulation (NDPR).
The Central Bank of Nigeria (CBN) has launched a new system to monitor how Bureau De Change (BDC) operators buy foreign exchange in the country.
Under the new arrangement, all licensed BDCs must report their foreign exchange purchases through a platform called the FX BDC Purchase Tracker (FXBT). The portal will allow the CBN to monitor transactions in real time or on the same day they take place.
The directive was announced in a circular dated July 15, 2026, and signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan.
According to the apex bank, the new framework is designed to support its February 2026 policy that allows licensed BDCs to buy foreign exchange directly from authorised dealer banks in the Nigerian Foreign Exchange Market (NFEM).
The CBN said the initiative will improve transparency, strengthen compliance, increase liquidity in the retail forex market, and ensure proper participation by market operators.
A major feature of the framework is the FXBT portal, which will serve as a central database for tracking all foreign exchange purchases made by BDCs from banks.
Under the guidelines, every licensed BDC must register on the platform and submit transaction details either in real time or on the same day the transactions occur.
The CBN stated that the system will help regulators identify violations, detect suspicious transactions, monitor compliance with market rules, and improve confidence in the foreign exchange market.
The framework builds on the CBN’s February 2026 decision to allow licensed BDCs back into the official foreign exchange market. Under that policy, each eligible BDC can purchase up to $150,000 weekly from authorised dealer banks at market rates.
The apex bank said only BDCs with valid licences will be allowed to access foreign exchange through the framework. Operators whose licences have been suspended or restricted due to regulatory issues will not be eligible until those restrictions are lifted.
The CBN also directed banks to carry out thorough Know Your Customer (KYC) and customer due diligence checks before onboarding any BDC. Required documents include valid operating licences, Tax Identification Numbers (TIN), Corporate Affairs Commission (CAC) registration documents, and information on beneficial ownership.
Banks have also been warned not to sell foreign exchange to BDCs that fail to meet the required compliance standards.
To encourage fair competition, the CBN said BDCs can buy foreign exchange from any authorized dealer bank of their choice. Banks are prohibited from forcing BDCs into exclusive arrangements or charging referral fees that limit their ability to transact with other banks.
Under the new process, BDCs must submit electronic requests for foreign exchange through a bank’s designated portal. Banks are required to acknowledge requests within two business hours and communicate approvals or rejections immediately after processing.
Requests can only be rejected for valid reasons, such as incomplete documentation, exceeding weekly purchase limits, unresolved compliance concerns, or internal risk management issues.
The CBN also introduced stricter rules on how purchased foreign exchange can be used. All transactions between banks and BDCs, as well as between BDCs and customers, must be conducted through accounts held with licensed financial institutions. Third-party transactions remain prohibited.
In addition, BDCs are not allowed to keep unused foreign exchange purchased through the official market. Any unused funds must be sold back into the market within 24 hours after the permitted usage period expires.
The apex bank warned that failure to comply could lead to forfeiture of funds and suspension from the market.
BDC operators must also disclose any unused balances from previous allocations when applying for new purchases, while banks are expected to consider those balances when calculating weekly allocations.
Beyond reporting through the FXBT portal, BDCs must continue submitting weekly reports to the CBN. These reports must include details of foreign exchange purchased from banks, sales to end users, unused balances, and settlement records.
The CBN said the reporting requirements will improve transparency and help regulators better monitor foreign exchange flows in the retail market.
The bank warned that violations of the framework could attract penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Foreign Exchange Act. Sanctions may include fines, suspension from the foreign exchange market, withdrawal of BDC licences, revocation of banks’ authorised dealer status, and referrals to law enforcement agencies where necessary.
The CBN’s Trade and Exchange Department will oversee compliance through regular and surprise inspections carried out in collaboration with other departments.
The apex bank said the new directive is part of its wider efforts to reform the foreign exchange market, improve transparency, boost liquidity, and restore confidence in the system.
Concerns over compliance breaches, speculative trading, and abuse of foreign exchange allocations had continued even after BDCs were reintroduced into the official market earlier this year.
The Corporate Affairs Commission (CAC) has announced the commencement of another exercise to remove 100,000 companies from Nigeria’s register of companies for failing to comply with statutory requirements under the Companies and Allied Matters Act (CAMA), 2020.
In a public notice issued on Thursday, and dated July 15, 2026, the commission said the exercise was being carried out pursuant to Sections 692(3) and 692(4) of the Companies and Allied Matters Act, 2020.
The notice stated: “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.”
According to the commission, the affected companies are listed on its official website.
“The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website,” the notice said.
The CAC directed all affected companies to update their records by filing outstanding annual returns and beneficial ownership information within 90 days.
“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice,” the commission said.
It added that companies must send proof of compliance to the designated email address, [email protected], within the stipulated period.
The commission warned that failure to comply would result in the affected companies being removed from the register without any further notice.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” the notice stated.
The CAC reiterated its commitment to improving service delivery, saying, “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”
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