By Seun Ayeni
Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, and former Central Bank of Nigeria Governor, Godwin Emefiele, have come under renewed public scrutiny over financial transactions and corruption allegations linked to the administration of former President Muhammadu Buhari.
The renewed debate followed social media comments by some Nigerians, including Bolaji Fesomade, who accused Malami and Emefiele of undermining financial accountability under Buhari and questioned the scale of resources involved in controversies surrounding their tenure.
Those comments have coincided with renewed attention to several transactions associated with Malami's tenure as Attorney-General, including the Ajaokuta steel settlement, recovered assets, Paris Club consultants' fees, the Mambilla power dispute and the transfer of recovered Abacha funds.
A 2023 investigation by TheCable reported that Malami was expected to face questioning over five transactions conducted during his tenure. The issues included a $496 million settlement with Global Steel Holdings, the handling of forfeited assets, a disputed $418 million Paris Club consultants' claim, a proposed $200 million settlement involving Sunrise Power, and $17 million in legal fees connected to the transfer of $321 million in recovered Abacha funds.
The allegations have not all resulted in criminal convictions against Malami, and the circumstances and legal status of individual transactions differ.
The controversy intensified following a recent decision by an International Chamber of Commerce arbitration tribunal concerning the long-running Mambilla hydropower dispute.
According to TheCable, the tribunal criticised Malami's handling of the matter and alleged that he acted against Nigeria's interests. The report said the tribunal also described his relationship with Sunrise Power promoter Leno Adesanya in highly critical terms.
The tribunal reportedly rejected Sunrise Power's claims against Nigeria.
The matter dates back to a proposed settlement under which Nigeria was to pay Sunrise Power $200 million. Earlier reporting showed that then-President Buhari had responded to a request for approval by saying the Federal Government did not have the $200 million to make the payment.
Malami has also faced separate legal scrutiny over assets allegedly linked to unlawful proceeds.
In July 2026, the Federal High Court in Abuja ordered the final forfeiture of more than 40 properties linked to the former AGF after the EFCC argued that they were reasonably suspected to have been acquired through unlawful activities.
The court held that the respondents had failed to rebut the reasonable suspicion concerning the properties.
The forfeiture proceeding is distinct from the individual financial transactions that generated controversy during Malami's tenure.
Meanwhile, Emefiele remains one of the former Buhari-era officials facing major corruption-related legal scrutiny.
A July 2026 review by TheCable placed alleged financial misconduct involving Emefiele among several high-profile corruption cases under investigation or prosecution, alongside cases involving Malami and other former senior officials.
The cases involving the former CBN governor concern separate allegations and should not automatically be treated as evidence of wrongdoing by Malami or of a coordinated scheme between the two former officials.
Reacting to the renewed attention, Fesomade wrote that Malami and Emefiele had “dealt a blow” to Buhari's government and questioned why the officials allegedly became involved in controversies involving large sums of money.
Another social media user, posting under the name Santorini, similarly accused Malami and Emefiele of damaging Nigeria's financial accountability.
Those comments represent the views of the individual posters and are not established findings of a court.
The renewed scrutiny comes as several major financial cases from the Buhari administration continue to move through Nigerian courts and other legal proceedings.
For Malami, the issues now span disputed government settlements, forfeited assets and fresh findings concerning the Mambilla dispute.
For Emefiele, corruption-related allegations remain subject to separate legal proceedings.
The developments have revived questions about how major public financial decisions were authorised, who benefited from them and whether adequate safeguards were in place to protect public funds.
As investigations and court proceedings continue, the final determination of criminal responsibility must rest on evidence presented through the appropriate legal processes rather than social media allegations.
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