LAGOS, Nigeria (VOICE OF NAIJA)- The recent investigation by the Organized Crime and Corruption Reporting Project (OCCRP) revealed a staggering $1 billion worth of properties owned by Nigerian politicians and security officers in Dubai.Ā
The list includes prominent names such as Atiku Abubakar, Nasir Ahmad El-Rufai, and Yusuf Datti Baba-Ahmed, among others.
The investigation found that about 200 Nigerian politicians and security officers have invested nearly $1 billion in the Dubai property market in less than two decades.
This includes 1,600 properties in choice locations such as Burj Khalifa, Marsa Dubai, and Palm Jumeirah. Nigerians are the second-highest foreign purchasers of Dubai properties, after Indians.
This is coming at a time when Nigeria faces significant housing challenges, with an estimated 20 million housing deficit.
Instead of investing in Dubai, investing in Nigeria’s real estate industry could have stimulated economic growth, created jobs, and provided affordable housing for citizens.Ā
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However, politicians have chosen to invest in Dubai’s luxury properties, perpetuating capital flight and exacerbating Nigeria’s economic woes.
While some have argued that owning properties in Dubai is a legitimate investment, others have raised concerns about the source of funds and the potential for money laundering.
The UAE must do more to ensure that its property market is not used as a haven for kleptocrats and criminals.
The Dubai property market has become a attractive destination for foreign investors, including Nigerians.
However, the lack of transparency and regulation in the market raises concerns about its vulnerability to illicit activities.
The findings highlight the need for greater transparency and accountability in the management of public funds and the declaration of assets by public officials.
Nigeria must also take a cue from Dubai’s success in attracting foreign investment and work to develop its own real estate industry.
This can be achieved by improving regulations, increasing transparency, and investing in infrastructure.
We urge the UAE and Nigerian authorities to take necessary steps to ensure that the property market is not used as a haven for illicit activities.
The Nigerian government must also take responsibility for regulating the flow of funds and ensuring that public officials prioritize national development over personal gains.
Investing in Dubai properties without considering the public’s perception can infuriate the masses, who already suffer from inadequate infrastructure and services.
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To address this, the government can; establish stricter regulations on foreign investments by public officials; increase transparency in asset declaration and financial disclosures.
The government can also invest in Nigeria’s real estate industry to address the housing deficit and stimulate economic growth as well as hold accountable those who engage in illicit financial activities.
By taking these steps, Nigeria can promote economic development, reduce capital flight, and ensure that public officials serve the nation’s interests, not just their own.
The Dubai property boom may be a haven for Nigerian politicians, but it should not come at the expense of Nigeria’s economic growth and the well-being of its citizens.