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Atiku, El-Rufai, Other Politicians, Security Officers ‘Linked’ With Properties In Dubai

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A comprehensive investigation has uncovered that approximately 200 Nigerian politicians, security officers, and their associates have collectively invested almost $1 billion (N1.49 trillion) in Dubai’s real estate market over the past two decades, according to a BusinessDay report.

The explosive findings are part of a global investigative project, “Dubai Unlocked,” spearheaded by the Organized Crime and Corruption Reporting Project (OCCRP) and over 70 media partners worldwide.

 

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Economy Post, the sole Nigerian participant in this investigation, provided crucial data revealing extensive property holdings by politically exposed Nigerian persons (PEPs), their families, and high-ranking civil servants in Dubai.

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The report indicates a significant increase from previous years, with the current figures standing at 1,600 properties valued at $997.79 million, up from 800 properties worth $400 million in 2020.

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These properties are located in some of Dubai’s most prestigious areas, including the Burj Khalifa and Palm Jumeirah.

Nigerians rank as the second-largest foreign real estate investors in Dubai, trailing only behind Indians, with PEPs and their connections owning approximately 88% of the properties tied to Nigerians.

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BusinessDay’s analysis also included social media scrutiny and cross-referencing birth dates to confirm identities and property ownership.

A law professor, Emmanuel Okeke, commented on the findings, noting that while owning property abroad is lawful, the significant capital flow into Dubai’s market raises concerns about potential corruption.

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“These revelations are critical as they shed light on the foreign investment behaviors of Nigerian elites and their implications on the country’s economic and anti-corruption landscape,” said Okeke.

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