$200B: EFCC arrives UAE Read more

– Chairman of the EFCC Ibrahim Magu arrives UAE to
recover $200billion loot
– EFCC beams searchlight on 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 PDP
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 comes on the heels of report of a trip to Dubai by
the chairman of the anti-graft agency Ibrahim Magu,
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.
READ ALSO: Ex-governor stashed $517m loot in UAE,
under EFCC watch
At least seven governors are said to be on the Economic
& Financial Crimes Commission (EFCC) radar over
alleged $200billion loot to the UAE.
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.”
READ ALSO: Ibori released, re-arrested in London after
completing jail
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.