Nigerian Politically Exposed Personalities Double Real Estate Investments in Dubai
Within four years, politically exposed personalities (PEPs) in Nigeria have significantly increased their investments in Dubai’s real estate sector, according to an investigation by Business Day. The investigation, part of the “Dubai Unlocked” project, was led by the Organized Crime and Corruption Reporting Project (OCCRP) with over 70 media partners, including Nigeria’s Economy Post.
Key Findings:
- Increase in Properties: The number of properties owned by Nigerian PEPs in Dubai has doubled from 800 in 2020 to 1,600 in 2024.
- Rise in Value: The value of these properties has surged from $400 million to nearly $1 billion over the same period.
- High Foreign Purchases: Nigerians are the second-highest foreign purchasers of Dubai properties, after Indians, according to the Dubai Land Department.
Detailed Report:
- Demographics: Analysis shows that aside from PEPs, top security agents, civil servants, and government-connected individuals, along with their families, own 88% of the properties ascribed to Nigerians in Dubai.
- Property Locations: The properties are predominantly located in upscale areas like Burj Khalifa, Marsa Dubai, Al Merkadh, Palm Jumeirah, Wadi Al Safa, Madinat Al Mataar, and Nad Al Shiba First.
- Gender Discrepancies: Some Nigerian property registrants identified as the opposite sex on records, further complicating tracking efforts.
Notable Names and Properties:
- Atiku Abubakar: Owns a three-bedroom flat at Palm Tower worth $1.23 million.
- Atiku’s Daughter: Owns a one-bedroom flat at Trade Centre Second ($104,135) and a two-bedroom flat at Hadaeq Sheikh Mohammed Bin Rashid ($289,305.75).
- Lateef Fagbemi: Nigeria’s chief attorney owns an $85,846 property at Al Hebiah Third.
- Nasir El-Rufai: Former Kaduna Governor has a four-bedroom flat at Al Hebiah Third valued at $193,084.
- Yusuf Datti Baba-Ahmed: Running mate to Peter Obi in the 2023 elections, owns eight properties valued at $2.28 million in prime locations.
- Ifeanyi Uba: Owns a property valued at $1.13 million, while his wife has eight properties, including a villa at Wadi Al Safa 7.
- Attahiru Bafarawa: Former governor owns seven properties worth $1.48 million and another valued at $750,112 at Palm Jumeirah.
- Ahmed Markafi: Former Kaduna governor has a property at Burj Khalifa worth $822,016.
- Tafa Balogun: Late former Inspector-General of Police linked to five properties worth over $1 million.
- Amadu Ali: Former PDP chairman has a property, while his daughter owns one worth $422,887.
- Maina Aji Lawan: Former Borno State governor and senator owns 11 properties.
- Ashe Ahmadu Muazu: Wife of former PDP chairman has a property valued at $1.16 million.
- Isa Mahmoud Nuhu: Senior Nigeria Customs Service official owns two properties, one valued at $553,802.
- Salisu Abdullahi Yushau: Former Nigerian Air Force senior officer owns two properties.
- Mohammed Sidi Sani: Former NEMA director-general owns a Marsa Dubai flat worth $590,807.
- Hadiza Ali Sheriff: Wife of former Borno State governor owns a Marsa Dubai property worth $3.093 million.
- Nenadi Usman: Former finance minister owns a property.
- Bobboi Kaigama: Former TUC president owns a property.
- Jimoh Ibrahim: Senator representing Ondo South has seven properties.
- Ike Ekweremadu: Former deputy Senate president owns five properties.
- Orji Uzor Kalu: Former Abia State governor and current senator owns a property.
- Jeremiah Useni: Former military governor of old Bendel State owns a property.
- Osita Chidoka: Former aviation minister owns a real estate valued at $101,793.37.
- Olisa Metuh: Former PDP spokesman owns a property.
- Abdulsalami Abubakar: Former head of state owns a property at Marsa Dubai.
- Hassan Ardo Tukur: Former principal secretary to Goodluck Jonathan owns a property valued at $1.025 million.
- Adeyemi Ikuforiji: Former Lagos State House of Assembly speaker owns a property at Marsa Dubai.
- Dan Etete: Former petroleum minister owns a property.
The report clarifies that there is no evidence the listed individuals acquired these properties with stolen or public funds.