EFCC traces over $200b loot of 7 Governors to UAE (SEE LIST)

At least seven governors are said to be on the
Economic and Financial Crimes Commission
(EFCC) radar over alleged $200billion loot to
the United Arab Emirates.

This follows a trip to Dubai by the chairman of
the anti-graft agency Ibrahim Magu, and other
officials of the anti-graft agency, which is in
line to recover the $200billion loot.

Mallam Shehu Sani, the chairman of the
Senate committee on Foreign and Domestic
Debts had claimed that as much as $200
billion of stolen funds from Nigeria may have
been hidden in the UAE by past public officers
and their agents/fronts.

He said: “Over $200 billion are stashed away in
Dubai alone. This may be the monies stolen in
the last 20 years. I am not talking about
estates and bonds and other securities bought
with Nigeria’s stolen money.”

It was gathered that seven former governors,
six former ministers, a fleeing presidential aide
implicated in the $2.1billion arms deals, ex-
military chiefs under probe, agents / fronts of
some of these public officers and five
chieftains of the Peoples Democratic Party
(PDP) are under the EFCC searchlight for
stashing away cash or acquiring properties in
the UAE.

Some mansions belonging to some former
Politically Exposed Persons (PEPs) and their
cronies or fronts may also be seized.

A top source, who spoke in confidence, told
The Nation: “The federal government team has
met with those from the UAE on intelligence
sharing, the list of those on EFCC radar, the
number of highly-placed Nigerians with fat
accounts in UAE and those with choice
properties in Marina (Dubai), Bur Dubai, Abu
Dhabi and Doha.

”Some of the former governors include one
from the South-South, two from Northcentral,
two from the Northeast, one from the
Northwest, and one from the Southwest.

“A former-governor had made botched attempts
to transfer about $517million loot to Dominican
Republic because UAE law is now strict.

“More than six ex-ministers and a former
presidential aide, who is on the run over the
$2.1billion arms deals, were said to have
acquired choice mansions and malls in UAE.

One of the former ministers, who was alleged
to own two houses in Dubai, was said to have
served as a front for a former First Lady.

“Another ex-minister had bought some malls
through a few cronies in Dubai. The list of such
agents is being screened.

“Certainly, the anti-graft agency has tightened
the noose on these former public officers and
there is no hiding place for them.

“The success of the collaboration between the
Federal Government team and the UAE
Government will determine when EFCC will
release the concessions on some of these
PEPs. Very soon, we will unveil these ex-
political office holders.”

According to sources, the government
delegation discovered that many highly-placed
Nigerians, including a few ex-governors and
money laundering fronts, have fled from Dubai
to Singapore, Casablanca in Morocco,
Dominican Republic and some islands in the
UK and in the Caribbean.

Another source said: “From the trip so far,
many big Nigerians have already ran away
from Dubai to escape being arrested by the
UAE authorities.”

“Some of the ex-governors have also avoided
visiting UAE until the coast is clear. They do
not want to experience the same fate like ex-
Governor James Ibori.

“The frequency at which highly-placed
Nigerians fly to Dubai for parties has
considerably reduced because they are under
watch by the UAE authorities.

A source in the government last night said:
“Yes, the AGF and the EFCC chairman with
some top officials of the anti-graft agency are
in Dubai for a follow-up technical session on
the Mutual Legal Assistance between Nigeria
and the UAE.

“I can confirm the official trip and it is meant
to recover looted funds.”

Meanwhile, the anti-money laundering policy of
UAE Central Bank reads in part: “Any person
who commits, or attempts to commit, a Money
Laundering offence shall be punished by
imprisonment of up to 10 years and or a fine
of between AED 100,000 and AED 500,000.

”In cases of multiple perpetrators, the Court,
subject to its discretion, may exempt a
perpetrator from the imprisonment penalty if
he takes the initiative and reports the crime to
the competent authorities prior to the
knowledge of such authorities and if his
actions lead to the arrest of the other
perpetrators or seizure of the laundered
money.

”Any establishment that commits an offence of
money laundering, financing of terrorism or
financing of any unlawful organisations, shall
be punished by a fine of AED 300,000 and AED
1,000,000.

”Failure to report a suspicious transaction shall
be punishable by imprisonment and /or a fine
of between AED 50,000 and AED 300,000.

”Tipping off a person being investigated
regarding a suspicious transaction shall be
punishable by imprisonment of up to one year
and/ or a fine of between AED10,000 and AED
100,000.

”Violation of the requirements of Airport
Declarations shall be punishable by
imprisonment and or a fine.”

In January, President Muhammadu Buhari
signed six agreements with the UAE to enhance
bilateral relations between them. They are;
judicial agreement on extradition, transfer of
sentenced persons, mutual legal assistance on
criminal matters, and mutual legal assistance
on criminal and commercial matters, which
includes the recovery and repatriation of stolen
wealth with the UAE.