Why Nigeria’s political elite led by Bagudu, Ekwerenmadu others, stash N164 billion worth of properties in Dubai – Study

THE United Arab Emirates’s resolve to tackle high-end money laundering in its property market is under scrutiny after recent revelations that several Nigerian political office holders and their associates have found Dubai in UAE, a safe haven to acquire landed property with unexplained wealth.

High profile Nigerians involved in this money laundering scheme include Ike Ekweremadu, currently, a serving senator representing Enugu west senatorial district, Atiku Bagudu, governor of Kebbi State alongside 332 Nigerians who are linked to 800 properties in Dubai.

The joint investigative research published by American based non-profit organisation, Carnegie Endowment for International Peace which was carried out by one of its non – resident scholars Matthew Page, revealed that the properties were worth N164 billion.

Titled “Dubai Properties” An Oasis for Nigeria’s Corrupt Political Elites”, the teport was based on data obtained from UAE real estate and property professionals.

According to the report, many. politically exposed persons, PEP, who owned properties in Dubai cuts across different Nigeria’s major ethnic, religious and political divides.

This list includes twenty former and serving governors, seven former and serving senators, current and former heads of ministries, departments and agencies of government, commissioners and bureau de change operators, were owners of a significant number of these properties.

In 2018, the Tax Justice Network’s Financial Secrecy Index ranked Dubai as the ninth most secretive jurisdiction in the world serving as a destination for global illicit financial flows without strict financial regulation on foreign financial crimes.

Some of the individuals identified with properties in Dubai had a litany of corruption cases in Nigeria namely Dan Etete, former petroleum minister, Ibrahim Mantu, former deputy senate president, Cecilia Ibru, former managing director of the acquired Oceanic Bank, and Tafa Balogun, former inspector general of police.

Others include Ladan Shehu, former group managing director of the Nigeria National Petroleum Corporation, NNPC, Bala Mshelia, former chairman of the military pension board, Samuel Okeke, former head of the petroleum product marketing company and Ahmadu Ali, former PDP chairman.

Why Dubai appeals to corrupt Nigerian elite investment

According to the report, Dubai which boasts of a booming real estate market specialises in selling high-end properties to the world’s richest elites.

However, Nigeria’s PEPs are enticed by the tourist attraction to invest in real estate mainly because its property market is vulnerable to money laundering as UAE enjoys a strong banking system but weak financial regulations that promote aggressive business growth, exercises minimal oversight of corporate and property registration practices.

Other indicators identified in the study include its proximity to Nigeria.

READ MORE: https://www.icirnigeria.org/why-nigerias-political-elite-led-by-bagudu-ekwerenmadu-others-stash-n164-billion-worth-of-properties-in-dubai-study/

Oh dear!

Na to dey carry headpans,shovel and wheelbarrows dey give supporters...as empowerments.but see how they empowers themselves.

332 Nigerians linked to 800 properties worth 164 billion naira. And na PDP full there pass, meaning they are not saints but equally guilty for putting us where we are now. Death sentence is just the best.

Kk