Ex-governors, senators own 130 Dubai assets – Report

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Report has emerged that more than 130 choice assets in Dubai were owned by ex-governors, ministers, senators and top military brass of Nigerian descent.

The said properties were acquired with looted funds including proceeds from commercial tax evasions, and underhand financial dealings in corporate world and government circle.

The report which did not name names of the corrupt individuals read in part, “The sheer recklessness of a system which allows Politically Exposed Persons (PEPs) including 34 Nigerian ex-governors to own 71 properties, seven senators to own 33 properties, and thirteen Federal ministers to buy and own 26 properties is apparent. In the circumstances this is a case of res ipsaloquitor- the facts speak for itself.

“A 2012 report stated that Nigerians had invested up to $6 billion in real estate in Dubai over three years, including whole floors of apartment blocks.61 As bad as things are with respect to dirty money being funnelled into properties in the UK particularly in London, Dubai is qualitatively worse.”

Continued, “Corrupt Nigerian elite have managed to evade detection and massively invested into the UAE property market particularly in Dubai. As argued by Barnaby Pace, “We know that the criminal and corrupt set up bolt-holes around the world in which to stash their dirty cash, with Dubai being a favoured spot for many….”

“Dubai is also a preferred destination for trade-based money laundering (TBML –IFF) and political corruption money laundering from Nigeria, precisely because the city is seen as a soft touch for PEPs and their associates.

“There is deliberate orchestration to make Dubai an Eldorado for property investors looking for a place to store wealth considering that construction and real estate sectors in the UAE contributed 20% to GDP as of 2016.”

 

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