Over the past two decades, approximately $1 billion (N1.49 trillion) has been invested in the booming Dubai property market by around 200 Nigerian politicians and security officers, according to an exclusive report by BusinessDay.
The investigation, part of the ‘Dubai Unlocked’ project led by the Organized Crime and Corruption Reporting Project (OCCRP), reveals that politically exposed persons (PEPs), court judges, top civil servants, and their families have amassed a staggering 1,600 properties in prime locations throughout Dubai.
BusinessDay obtained exclusive files from Economy Post, the only Nigerian firm participating in the project, which detailed the extensive property portfolios of Nigerian individuals in Dubai. The combined value of these properties is estimated to be $997.79 million.
Nigerians rank as the second largest foreign investors in Dubai properties, trailing only behind India. They own a total of 1,824 real estate assets in the flourishing market, with PEPs, top security agents, civil servants, and government-connected individuals and their families accounting for 88% of these properties.
Emmanuel Okeke, a university lecturer of law, defended the ownership of properties in Dubai, stating, “There is absolutely nothing wrong with owning properties in Dubai or anywhere else in the world for the purpose of securing one’s future and that of one’s children.” However, Okeke also acknowledged that there is significant money tied to corruption within the Dubai property market.
The prominent Nigerian politicians mentioned in the report primarily own flats, villas, studios, and hotel rooms in prestigious areas such as Burj Khalifa, Marsa Dubai, Palm Jumeirah, and Al Merkadh.
Some notable individuals and their properties include:
– Atiku Abubakar, former vice president of Nigeria, is linked to a three-bedroom flat valued at $1.23 million at Palm Tower in Dubai. His daughter, Hadiza, also owns a one-bedroom flat valued at $104,135 at Trade Centre Second.
– Lateef Olasunkanmi Fagbemi, Nigeria’s chief attorney and justice minister, is linked to an $85,846 property at Al Hebiah Third.
– Nasir Ahmad El-Rufai, former governor of Kaduna State, owns a four-bedroom flat valued at $193,084 at Al Hebiah Third.
– Yusuf Datti Baba-Ahmed, vice-presidential candidate of the Labour Party in the 2023 elections, has eight properties valued at $2.28 million in various locations.
– Patrick Ifeanyi Uba, chief executive of Capital Oil and Anambra South senator, owns a villa valued at $1.13 million in Wadi Al Safa 7.
BusinessDay emphasizes that the inclusion of these names is not an indictment, as there is no evidence suggesting that the properties were acquired with stolen or public funds.
Dubai’s real estate market has been outperforming global hotspots like New York, London, and Hong Kong, with a 20.43% growth in the first quarter of 2024. The market size of Dubai’s property is estimated at $710 billion in 2024.
Foreigners own approximately 43% of residential properties in Dubai, and while some analysts express concerns about capital flight from Nigeria, others argue that Nigeria should focus on making its real estate industry more attractive to investors.
Corruption remains a significant concern, and international organizations stress the need for the UAE to conduct due diligence to prevent individuals from acquiring properties with stolen funds.
Source: BusinessDay
