Premium Radio Kaduna Newspaper Reports Current and Former Top Nigerian Officials Own Nearly ₦370 Billion Worth of Properties in the US, Some Allegedly Bought with Public Funds
Premium Radio Kaduna has published a new report alleging that several current and former top Nigerian government officials own properties in the United States valued at nearly ₦370 billion, with some suspected to have been acquired using public funds.
The report, conducted by the Platform for the Protection of Whistleblowers in Africa (PPLAAF) alongside other anti-corruption organizations, revealed that 61 officials were identified with links to 284 properties in the United States.
The investigation examined properties purchased since 1991, identifying 152 properties valued at approximately $177 million that were bought while some of these officials were holding public office.
Titled "Dirty Deeds – How top Nigerian government officials bought properties in the US", the report noted that 39 of the officials have previously faced corruption-related allegations, with some having been prosecuted or convicted.
PPLAAF stated that nearly 81 percent of the properties had no clear financing mechanism, such as a mortgage, recorded for their purchase. The organization indicated that this lack of financial transparency is among the red flags that could point to illicit enrichment.
However, the report emphasized that it does not definitively conclude that all the properties were acquired with stolen funds, calling on Nigerian and US authorities to investigate the origins of the funds used to acquire them.
The Executive Director of PPLAAF, Jimmy Kande, said the investigation exposes systemic loopholes that allow individuals to divert public wealth abroad and sink it into real estate.
The report also noted that officials in charge of security affairs accounted for the largest proportion of those linked to the identified properties.