Anti-graft group reveals how 13 Nigerian security chiefs misappropriated $400m in UAE

The Human and Environmental Development Agenda has revealed that more than $400 million in assets and funds were stolen from Nigeria and stashed in the United Arab Emirates (UAE).

This disclosure was made via a statement issued on Tuesday, March 30, by the Chairman of HEDA, Olanrewaju Suraju.

Speaking at a conference on ‘Fixing Financial Flows: A critical review of UK and UAE Policies, Laws and practices in Financial and Non-financial Institutions,’ held in Abuja, Suraju said the illicit financial outflows from Nigeria have continued to hurt the vulnerable poor, fuel violence and constitute threats to moral authority of the Nigerian state.

Furthermore, the HEDA explained that out of the 800 assets uncovered by investigators, 216 assets were linked to 13 top security officials, while the remaining 584 have been traced to public officials.

“Of the 800 Nigerian stolen illicit assets lodged in UAE, 13 security officials own 216 of them while 584 of the remaining assets are owned by Nigerian public officials,’ he noted.

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He also noted that the UAE and the United Kingdom had been facing severe criticism for failing to live up to international obligations in curbing illicit financial flow, mainly perpetrated by politically exposed persons.

The group estimated the illicit financial flow from Nigeria at $17bn annually.

An excerpt from the statement signed by Suraju read, “Politically-exposed persons are not just politicians but also their families while enablers of illicit financial flow include dealers in precious minerals, professionals who enhance and sustain illicit financial flows.

“Nigeria should progressively review her international obligations like the UN Conventions on Corruption which has five focal points which included international cooperation, technical assistance, asset recovery and the mutual legal assistance.”

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