A report published by Carnegie Endowment for International Peace has revealed how Nigerian public officials and their proxies steal public funds and invest it in luxurious properties in Dubai, United Arab Emirates.
According to the report, Politically Exposed Persons under scrutiny by anti-graft agencies are seeking new ways to hide their ill-gotten wealth by purchasing expensive properties in Dubai.
The 800 Dubai properties linked to Nigerian PEPs are estimated to be worth well over N146bn ($400 million).
This equals roughly two-thirds of the Nigerian Army’s annual budget and over three times the annual budget of the Independent National Electoral Commission.
Quoting Sandcastles data, the report said 158 suspected PEP proxies bought 226 houses, 13 known Nigerian law enforcement suspects bought 216 houses, 50 PEP-linked businessperson bought 91 houses, 14 security sector leader bought 71 houses, 35 governors bought 69 houses, 16 legislators bought 45 houses, 16 heads of department and agencies bought 25 houses, 15 ministers bought 24 houses, 11 NNPC officials bought 19 houses, five Presidency staff bought 13 houses and one judge bought one house.
Some of the officials listed in the report include Kebbi State governor, Abubakar Bagudu, who is regarded as Abacha’s money man and godfather of Nigeria’s Attorney-General, Abubakar Malami.
Bagudu is affiliated with eight properties worth over $4.8m in total on the 12th floor of Dubai’s Capital Bay Towers, according to the report.
Mohammed Alabi Lawal, a former governor of Kwara State between 1999–2003, is reputed to own the most property on the list.
He owns six properties with a total purchase price of over $2m. At least one of those properties, a villa, was bought in January 2003 while Lawal was still in office.
Lawal died in 2006 but the properties haven’t been recovered.
Sandcastle data also showed that four political associates of former Delta State governor, James Ibori, have ties to properties in Dubai.
Ibori, a well-known financial offender in Nigeria, was arrested in 2010 under an Interpol warrant and was subsequently extradited to the United Kingdom.
In 2012, he pleaded guilty to 10 counts of fraud and money laundering involving at least $66.
In 2017, Ibori returned to Nigeria after serving six years in prison and remains a major political figure in Delta State.
One of his friends purchased four Dubai properties with a total value of $3.8m.
Another is affiliated with a two-bedroom flat on the 21st floor of the DAMAC Residenze, which, according to the developer, “comes with all the trappings of an indulgent lifestyle” as well as “uninterrupted panoramic views of the ocean”.
The official reportedly purchased the apartment for over $1.5m and also bought a flat in another development for $500,000.
A third Ibori ally is linked to a two-bedroom flat on the 23rd floor of the DAMAC Residenze that he purchased for over $1.3m.
Yet another is tied to four luxury flats in Dubai purchased for over $2m.
Ahmadu Ali, a former chairman of the board at the Petroleum Products Pricing Regulatory Agency (2009–2011) facilitated a $6.8bn fuel subsidy fraud scheme.
Ali, his wife and son are linked to 11 properties in Dubai.
His wife, Marian, unsuccessfully ran for Senate in 2007 and is now a member of the All Progressives Congress.
Seven of Ali’s properties are together worth at least $4m; the other four are worth an estimated $2m.
Ali also owns two high-end London properties – a $10m house near Hampstead Heath and a $1.3m flat in Marylebone.
Ali did not respond when confronted with being connected to the properties in Dubai.
A former Minister of Petroleum, Dan Etete is also linked to a parcel of land in Emirate Hills worth over $920,000.
He also owns a $500,000 apartment in the Palm Jumeirah’s Marina Residences.
Source : Sahara reporters
