Attorney-General of the Federation/
Justice Minister Abubakar Malami and
Economic and Financial Crimes
Commission(EFCC) Chairman Ibrahim
Magu have landed in Dubai,United
Arab Emirates (UAE) in a renewed
battle to retrieve the looted funds
allegedly stashed in that country by
Nigerian politicians.
The two ranking officials,The Nation
can now report,are already
comparing notes with their UAE
counterparts on how to repatriate
the money back home.
It is Malami’s and Magu’s second trip
to UAE in one year on the issue.
Choice mansions and malls in Dubai
are some of the assets traced to the
suspects, including serving public
officers.
The Federal Government has in its
possession a list of such Politically
Exposed Persons( PEPs) and their
assets.

The current trip by Malami and Magu
comes on the heels of on the spot
investigation of the bank accounts
and landed properties of the
affected suspects by a team of EFCC
detectives,sources familiar with the
matter said yesterday.
It was during one of the trips that
the detectives uncovered two luxury
apartments, worth 74m Dirham,
which they believed to belong to
former Petroleum Resources
Minister Diezani Alison-Madueke in
Dubai.
Others exposed by the investigation
to have looted cash and properties
in Dubai include a former First Lady,
five ex-governors, six former
ministers, a former Comptroller-
General of the Nigeria Customs
Service( NCS), and one or two former
presidential aides.
One of the sources said yesterday
that the Malami/Magu trip is a follow
up to “the pact between the Federal
Government and the UAE authorities
last year.”
The source said the list of the
suspects “will be submitted to UAE
authorities for verification and
confiscation. The UAE government
has promised the Federal
Government that it will not shield
any suspect.
“Some of the assets under
investigation have been traced to
some serving and former governors,
ex-ministers and some beneficiaries
of the $2.1billion arms scandal.
” For instance two apartments, worth
about 74million Dirham, have been
traced to ex-Minister of Petroleum
Resources, Mrs. Diezani Alison-
Madueke.
“The apartments include one
marked as J5 Emirates Hills (30million
Dirham) and another tagged E146
Emirates Hills valued at 44million
Dirham.
“Some suspected apartments
identified with some past and
present political office holders were
marked during a recent survey.
“Definitely, the Federal Government
wants these assets confiscated. And
the seizure process requires court
backing. The good thing is that the
AGF and Magu are on the same page,
they now have a better
understanding of each other.”
The source said as part of the
working visit, the activities of some
Dubai property companies in the
country might be reviewed.
It was also gathered that some of
these UAE firms were used by some
public officers for money laundering.
Another source added: “The EFCC
actually raided one of the companies
and retrieved sensitive documents
and vital computers.
“A top Nigerian lost about $402, 000
(N136.6m) to the company due to a
phony real estate transaction.
” EFCC has also arrested two suspects
for ferrying $986,000(about N147,
900,000) to Dubai, United Arab
Emirates.
Sections 28 and 34 of the EFCC
(Establishment Act) 2004 and Section
13(1) of the Federal High Court Act,
2004 empower the anti-graft agency
to invoke Interim Assets Forfeiture
Clause.
“Section 28 of the EFCC Act reads:
‘Where a person is arrested for an
offence under this Act, the
Commission shall immediately trace
and attach all the assets and
properties of the person acquired as
a result of such economic or financial
crime and shall thereafter cause to
be obtained an interim attachment
order from the Court.’
Section 13 of the Federal High Court
Act reads in part : “The Court may
grant an injunction or appoint a
receiver by an interlocutory order in
all cases in which it appears to the
Court to be just or convenient so to
do.
(2) Any such order may be made
either unconditionally or on such
terms and conditions as the Court
thinks just.”
President Muhammadu Buhari in
January 2016 signed a “Judicial
Agreement on Extradition, Transfer
of Sentenced Persons, Mutual Legal
Assistance on Criminal Matters, and
Mutual Legal Assistance on Criminal
and Commercial Matters, which
includes the recovery and
repatriation of stolen wealth.”
The Chairman of the Senate
Committee on Foreign and Domestic
Debts, Senator Shehu Sani said over
$200 billion had been hidden in UAE.
He said: “Over $200 billion are
stashed away from Nigeria to Dubai
alone. This may be the monies
stolen since in the past 20 years. I am
not talking about estates and bonds
and other securities bought with
Nigeria stolen money.”
The anti-money laundering policy of
UAE Central Bank reads in part: “Any
person who commits, or attempts to
commit, a Money Laundering offence
shall be punished by imprisonment
of up to 10 years and or a fine of
between AED 100,000 and AED
500,000.
“In cases of multiple perpetrators,
the Court subject to its discretion,
may exempt a perpetrator from the
imprisonment penalty if he takes the
initiative and reports the crime to
the competent authorities prior to
the knowledge of such authorities
and if his actions lead to the arrest of
the other perpetrators or seizure of
the laundered money.
“Any establishment that commits an
offence of money laundering,
financing of terrorism or financing of
any unlawful organizations, shall be
punished by a fine of AED 300,000 and
AED 1,000,000.
“Failure to report a suspicious
transaction shall be punishable by
imprisonment and /or a fine of
between AED 50,000 and AED 300,000.
“Tipping off a person being
investigated regarding a suspicious
transaction shall be punishable by
imprisonment of up to one year and/
or a fine of between AED10,000 and
AED 100,000.
“Violation of the requirements of
Airport Declarations shall be
punishable by imprisonment and or
a fine.”

http://thenationonlineng.net/battle-recover-looted-funds-shifts-dubai/

From all indication it seem the only way Mr Magu can maintain his beat at Efcc is to convict Dieziani Madueke, embarass Dame Patience Jonathan and other members of the First Family whether legally or illegally.

God help us as a nation.
The fight against corruption may not have served the common man if it ends at a stalemate.
The battle is a fierce one and corruption is fighting back real dirty.
Sadly the grass here is the average Nigerian who doesn't seem to see the gains in supporting the government in their quest for National rebirth.

Am no longer interested in this constant renewed war to repatriate stolen funds when there are no accountability on what the funds are used for. Nonsense government. #Istandwith2baba