Nigerians Political Elites Among Top Foreign Property Buyers in Dubai, Investigation Reveals

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Nigerians are the second-largest foreign purchasers of Dubai properties after Indians, owning a total of 1,824 real estate assets. A significant 88% of these properties are owned by politicians, security officers, civil servants, and their families, according to a recent investigation.

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The “Dubai Unlocked” investigation, conducted by the Organized Crime and Corruption Reporting Project (OCCRP) and Economy Post, uncovered that around 200 Nigerian politicians and security officers, along with their families, have invested nearly $1 billion in the Dubai property market.

Exclusive files obtained by BusinessDay detail that Nigerian individuals have acquired 1,600 properties in prime Dubai locations over the past two decades. These properties have an estimated value of $997.79 million.

Notable figures linked to Dubai properties include:

  • Former Vice President Atiku Abubakar, who owns a $1.23 million apartment in Palm Tower. His daughter, Hadiza, owns two additional properties valued at $104,135 and $289,305.75.
  • Justice Minister Lateef Olasunkanmi Fagbemi, associated with an $85,846 property in Al Hebiah Third.
  • Former Kaduna Governor Nasir Ahmad El-Rufai, who owns a $193,084 four-bedroom apartment.
  • Labour Party VP Candidate Yusuf Datti Baba-Ahmed, connected to eight luxury properties worth $2.28 million.
  • Senator Patrick Ifeanyi Uba and his wife, linked to properties totaling $1.70 million.

Other prominent Nigerians with Dubai properties include former governors, senators, and high-ranking officials from various sectors.

The investigation raises concerns about capital flight and potential corruption. Analysts suggest Nigeria should improve its real estate sector by focusing on quality, location, and regulation to attract investors. The UAE is also urged to implement stricter due diligence measures to prevent the acquisition of properties with illicit funds.

Dubai’s real estate market remains strong, with a growth rate of 20.43% in the first quarter of 2024. Foreigners own about 43% of residential properties in Dubai.

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By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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