Nigerian politicians own properties worth $400m in Dubai
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.”
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