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It has come to light that about 200 Nigerian politicians and security officers have heavily invested in the luxurious property market in Dubai, accumulating nearly $1 billion in assets over the last two decades.
This exclusive insight, part of a broader six-month investigative project called ‘Dubai Unlocked’ by the Organized Crime and Corruption Reporting Project (OCCRP) and over 70 media partners, has brought forward some startling figures.
BusinessDay, in partnership with Economy Post, obtained critical files that detail a vast network of properties owned not just by Nigerian Politically Exposed Persons (PEPs) but also by their families, court judges, and top civil servants.
The value of these properties is staggering, with the latest calculations showing a nearly double increase from $400 million in 2020 to $997.79 million now.
In 2020, 800 properties valued at $400 million were traced to Nigerian PEPs in Dubai. However, this figure has now surged to nearly $1 billion and 1,600 properties based on a detailed analysis of assets owned by Nigerians in Dubai.
The data sheds light on the broader issue of capital flight and raises serious questions about the sources of wealth used to purchase these properties. With Nigeria grappling with economic challenges, the revelations bring into sharp focus the lifestyles and investment choices of its elite.
Notably, Nigerians rank as the second highest foreign property purchasers in Dubai, with 1,824 real estate assets. An overwhelming majority of these—88 percent—are owned by PEPs, top security agents, civil servants, and their families.
These properties serve various purposes, from personal residences to commercial ventures.
The social and political implications of these investments are profound. While owning property abroad is not illegal, the scale and context raise concerns about the prioritization of personal wealth accumulation over national economic health, especially when the country faces numerous developmental challenges.
“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,” said Emmanuel Okeke, a university lecturer of law.
“Not all the politicians stole public funds to acquire Dubai properties. However, there is so much money moving around the Dubai property market which is tied to corruption,” Okeke said.
These prominent Nigerian politicians mostly own flats, villa, , two- or three-bedrooms, villas, studios, and hotel rooms in Dubai. And the ocations are mostly posh areas, including Burj Khalifa, world’s tallest building; Marsa Dubai, Al Merkadh, Palm Jumeirah, Wadi Al Safa, Madinat Al Mataar, and Nad Al Shiba First, among other.
This massive outflow of capital to Dubai’s real estate sector highlights a broader issue of trust and governance in Nigeria.
Experts argue that instead of massive capital flight, there should be a focused effort to make Nigeria’s own real estate market more attractive to investors. This includes improving the quality, regulation, and location of domestic real estate to retain wealth within the country.
In response to these findings, analysts and activists are calling for tighter regulations and more transparent processes to ensure that properties abroad are not purchased with ill-gotten gains.
Notable Nigerian politicians with properties in Dubai
Atiku Abubakar, Nigeria’s former vice president, owns properties including a $1.23 million three-bedroom flat in Palm Tower, Dubai, while his daughter Hadiza owns a $104,135 one-bedroom flat and a $289,305.75 two-bedroom flat, both in Dubai.
Lateef Olasunkanmi Fagbemi, Nigeria’s Chief Attorney and Justice Minister, owns an $85,846 property in Al Hebiah Third.
Nasir Ahmad El-Rufai, former governor of Kaduna state, owns a $193,084 four-bedroom flat in Al Hebiah Third.
Yusuf Datti Baba-Ahmed, vice-presidential candidate of the Labour Party, owns properties worth $2.28 million in locations like Burj Khalifa and Town Square Safi 2, among others.
Patrick Ifeanyi Uba, CEO of Capital Oil, owns a $1.13 million villa, and his wife Uchenna Uba owns several properties, including a $1.13 million villa and two others each valued at $294,516.
Attahiru Bafarawa, former Sokoto State governor, owns seven properties worth $1.48 million, while his wife owns a $750,112 property at Palm Jumeirah.
Ahmed Markafi, former Kaduna State governor, owns an $822,016 property at Burj Khalifa.
Tafa Balogun, former police chief, owns five properties exceeding $1 million, including one in Marsa Dubai.
Mbu Joseph Mbu, former police assistant inspector-general (AIG), owns one property.
Amadu Adah Ali, former PDP chairman, owns three properties, and his daughter Khadijah Nneamaka Ali owns one valued at $422,887.
Maina Ma Aji Lawan, former Borno State governor and senator, owns eleven properties, while Ashe Ahmadu Muazu, wife of a former PDP chairman, owns one valued at $1.16 million.
Christabel Bentu, former special assistant, owns one property.
Isa Mahmoud Nuhu, a senior official with Nigeria Customs Service, owns two properties, one valued at $553,802.
Salisu Abdullahi Yushau, former senior officer of the Nigerian Air Force, owns two properties.
Mohammed Sidi Sani, former director-general of NEMA, owns a $590,807 property in Marsa Dubai.
Hadiza Ali Sheriff, wife of a former Borno State governor, owns a $3.093 million property in Marsa Dubai.
Nenadi Esther Usman, former finance minister, owns one property, as does Bobboi Bala Kaigama, former president of Trade Union Congress (TUC).
Ibrahim Folorunsho Jimoh, senator, owns seven properties, and Ike Ekweremadu, former deputy Senate president, owns five.
Orji Uzor Kalu, former Abia State governor and senator, owns one property, and Jeremiah Useni, former military governor, owns one.
Osita Ben Chidoka, former aviation minister, owns a $101,793.37 property in Jabal Ali First, while Olisa Metuh, former PDP spokesman, owns another.
Abdulsalami Alhaji Abubakar, former head of state, owns a property in Marsa Dubai, and Hassan Ardo Tukur, former principal secretary, owns one valued at $1.025 million.
Adeyemi Sabitun Ikuforiji, former speaker of Lagos State House of Assembly, owns a property, and Dan Etete (Dauzia Loya Etete), former petroleum minister, owns one.
Notably, there are no allegations of impropriety or misuse of public funds related to these properties.
Dubai’s property market, according to C4ADS, is a haven for international criminals and illicit actors who use luxury real estate to store and launder ill-gotten gains due to secrecy and enforcement gaps.
Okeke emphasizes the UAE’s need to conduct thorough due diligence to prevent nationals from Nigeria and other countries from acquiring properties with stolen funds.
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