Newly uncovered bank documents reveal that former Zamfara State Governor, Abdulaziz Yari, transferred N350 million to EFAB Properties Limited, a leading real estate company owned by Chief Fabian Nwaora, just hours before his tenure ended in 2019. The transaction, which took place around midnight on May 28, 2019, was made directly from Mr. Yari’s account into EFAB’s Zenith Bank account (1013121003).
The Economic and Financial Crimes Commission (EFCC) is currently investigating suspected last-minute withdrawals from Zamfara’s state funds, with over N107 billion reportedly under scrutiny. The newly uncovered transfer to EFAB Properties adds to the growing list of financial transactions tied to the former governor.
EFAB Properties and the N350 Million Transaction
EFAB Properties Limited, a major real estate company, has developed and managed several residential estates across Nigeria, particularly in Abuja and Anambra State. The firm is widely recognized for its large-scale property developments catering to middle- and upper-class homebuyers.
The EFCC, while not directly implicating EFAB or Mr. Nwaora in wrongdoing, views the transaction as part of its broader investigation into Mr. Yari’s financial dealings. An anti-graft official stated:
“We have been investigating him since 2019, and we are seeing signs that we have not traced up to 20% of the money he may have moved while in office. This latest discovery will encourage us to keep digging.”
Fabian Nwaora’s Business Operations and Response
Chief Fabian Nwaora, the owner of EFAB Properties, is a well-known businessman in real estate and public works contracting. His firm has played a significant role in Abuja’s property development sector.
When contacted for comments, Mr. Nwaora stated that his business dealings with Mr. Yari were legitimate but did not provide further details on the N350 million transaction. EFAB Properties maintains that it operates in compliance with industry regulations and best practices.
Yari’s Financial Scrutiny and EFCC Investigations
The EFCC has been investigating multiple financial transactions involving Yari, particularly last-minute withdrawals and transfers before he left office. Recently, a federal court ordered the forfeiture of over $669,247 and N241 million linked to the former governor, with authorities suspecting the funds were misappropriated from Zamfara’s treasury.
Furthermore, anti-corruption groups have filed petitions accusing Yari of mismanaging over N200 billion that should have been allocated to infrastructure, healthcare, and education in Zamfara, one of Nigeria’s poorest states.
Yari’s Luxurious Post-Government Plans
Despite ongoing investigations, Yari ensured his financial security before leaving office. In March 2019, he amended Zamfara’s pension law to secure a N10 million monthly “upkeep” allowance, alongside other benefits such as a luxury residence. The state legislature later repealed the law, but reports indicate that Yari attempted to pressure his successor into honoring the payments.
The N350 million transfer to EFAB Properties Limited, while not directly linked to corruption, has raised further questions about Yari’s financial transactions. While EFAB and Chief Fabian Nwaora remain major players in Nigeria’s real estate sector with no proven wrongdoing, the EFCC continues to investigate the extent of Yari’s financial activities before leaving office.
As the probe unfolds, more revelations may emerge regarding the former governor’s financial decisions and their impact on Zamfara State.
