Over 800 properties worth $400 million in Dubai, United Arab Emirates (UAE) have been traced to Politically Exposed Persons (PEPs) in Nigeria.

Matthew Page, an associate fellow, Chatham House, said this while delivering a paper titled Illicit Financial Flows (IFFs) in Real Estate and Education Sector: Implications for Investigators at a 2-Day Capacity Building for Investigators on Investigating IFFs organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Disclosing that 35 state governors have acquired a total of 69 properties, Page noted that five presidency staff members were controlling 13 properties, while 16 lawmakers are in possession of 45 properties.

According to the findings, 15 ministers have 25 properties, 158 suspected politicians’ proxies are in control of 226 properties, 14 security sector leaders 71, 50 PEP-linked business persons 91, 13 Known Nigerian law enforcement agency suspects 216, 16 heads of department and agency 25, 11 NNPC officials 19, a judge has one.

Page, who blamed lack of transparency, huge financial flows and inadequate international safeguard for the development further disclosed that Nigerian politicians are spending over $30 million annually on UK education, which he said was beyond their annual earnings.

He urged investigators to compare these payments to their known assets and incomes, examine third party payments, request forex data, review media for PEP schooling and probe MDAs that provides scholarships.

Earlier in his welcome remarks, ICPC chairman, Prof. Bolaji Owasanoye stated that the capacity building programme would help investigators to track illicit financial flows, money laundering and other areas the government is losing revenue and recover such funds.

“The loss of revenue is a major challenge to developing countries, particularly Nigeria,” Owasanoye said.

“The meeting is, therefore, designed to build the capacity of our investigators to enable them to trace the areas in which the government is losing money, look for the likely places people hide money, stop the illicit financial flows, and recover the funds.

“We are already working with the FIRS and getting a lot of tax evaders and defaulters into the nation’s tax net. One of the takeaways from here is the kind of question an investigator needs to ask in tracking IFFs and money laundering.”

-35 state governors-69 properties,
-5 presidency staff-13 properties,
-16 lawmakers- 45 properties.
-15 ministers -25 properties,
-158 suspected politicians’ proxies-226 properties,
-14 security sector leaders-71 properties,
-50 PEP-linked business persons-91 properties,
-13 Known Nigerian law enforcement agency suspects 216,
-16 heads of department and agency-25 properties
-11 NNPC officials-19 properties and a judge has one.

..Nigerian politicians are spending over $30 million annually on UK education, which he said was beyond their annual earnings.

AllenSpencer:
This cant be true.

Just $400M! I think they made a mistake or probably failed in their collation.

They definitely should have meant $400B

Lifestyle Audit is now legal in Nigeria. Those who flaunt lifestyles they cannot afford, can now be investigated by any of the graft agencies to produce evidence of the sources of their wealth

You can now be called upon to explain how you acquired certain properties.

cococandy:
Start from govt officials who own property that their salary can’t afford

AllenSpencer:
This cant be true.

Just $400M! I think they made a mistake or probably failed in their collation.

They definitely should have meant $400B

knowhowk:
. Amen. No matter the Party ,No matter the Politician ,PDP/ APC .Including those that fails to comments on the Bad Governance ,Those that does see Evil and decided to keep quiet and still Praise it .Amen

Adekdammy:

Is Tinubu a saint? Tell me which of them is not a criminal