200 Nigerian Politicians and Security Officers Own $1 Billion in Dubai Properties

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In the last two decades, around 200 Nigerian politicians and security officers have collectively invested nearly $1 billion (N1.49 trillion) in Dubai's property market, BusinessDay reports. This surge in investments highlights the growing trend of affluent Nigerians securing assets in the UAE's most populous city.


Prominent Figures Linked to Dubai Properties

Among the notable figures are former Vice President Atiku Abubakar, ex-Kaduna State Governor Nasir Ahmad El-Rufai, and Lateef Olasunkanmi Fagbemi, Nigeria’s Attorney General. They, along with other politically exposed persons (PEPs) and their families, own properties in prestigious areas such as Burj Khalifa, Palm Jumeirah, and Marsa Dubai.


Nigerians as Major Property Purchasers

Nigerians rank second after Indians in foreign property purchases in Dubai, with 1,824 assets owned. According to BusinessDay’s analysis, 88% of these properties are attributed to PEPs, top security agents, civil servants, and their relatives.


 Varied Property Holdings

The investments range from flats and villas to studio apartments and hotel rooms. For instance, Atiku Abubakar is linked to a three-bedroom flat at Palm Tower valued at $1.23 million, while his daughter owns properties worth over $400,000 combined. Similarly, El-Rufai and Yusuf Datti Baba-Ahmed own multiple high-value properties in various prime locations.


 Financial and Ethical Implications


While owning property abroad is not inherently problematic, the significant investment in Dubai by Nigerian officials raises concerns about potential corruption and capital flight. Emmanuel Okeke, a law lecturer, acknowledges that while not all acquisitions are tied to illicit funds, the volume of money flowing into Dubai’s real estate market suggests underlying issues.


 Dubai’s Booming Property Market

Dubai’s real estate market, valued at $710 billion in 2024, continues to attract global investors due to its robust economic fundamentals and investment opportunities. The market saw a 20.43% growth in Q1 2024, outperforming cities like New York and London.


Addressing Capital Flight and Corruption


Experts highlight the need for Nigeria to enhance its real estate sector to retain capital and prevent illicit financial flows. John Alua, a UK-based real estate expert, suggests improving housing quality, regulations, and investment incentives to make the Nigerian market more attractive.

The trend of Nigerian elites investing heavily in Dubai properties underscores the need for better domestic investment opportunities and stringent measures against corruption. 


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