DUBAI PROPERTY: AN OASIS FOR NIGERIA’S CORRUPT POLITICAL ELITES

On 19 March, a paper from the Carnegie Center says that, for Nigeria’s corrupt political elites, Dubai is the perfect place to stash their ill-gotten gains and enjoy luxury real estate worth millions. But unless authorities stop turning a blind eye, the long-term costs to Nigeria’s economy and Dubai’s reputation could be high.  It says that Dubai exercises minimal oversight and has few legal or logistical obstacles to transferring large amounts of cash or purchasing property.  It notes that, in 2016, the Center for Advanced Defense Studies (C4ADS) acquired the data of a private database of Dubai real estate information (dubbed the “Sandcastles” data), showing at least 800 properties were found to have links to Nigerian PEP or their family members, associates, and suspected proxies.  The paper looks at why there is such a connection between the countries, and at the scope of Nigerian PEP ownership of property.  It explains the rules for Nigerians to own Dubai property.  Considering policy implications, constraints and recommendations, the paper proposes the need to embrace the strategic logic that the misuse of Dubai property by politically exposed Nigerians is a serious concern rather than a nuisance or victimless crime.

https://carnegieendowment.org/2020/03/19/dubai-property-oasis-for-nigeria-s-corrupt-political-elites-pub-81306

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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