Diezani, Seven Ex Governors, Others To Lose Dubai Assets

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With the signing of a pact by the Federal
Government and the United Arab Emirates
(UAE) yesterday, the coast is clear for the
Federal Government to seize assets of 22
politically exposed persons and businessmen
in Dubai.
The funds traced to them, which are believed
to have been looted, are to be frozen and
repatriated to Nigeria.
All the 22 former political leaders and
businessmen are being investigated by the
Economic and Financial Crimes Commission
(EFCC).
The ratification of the six agreements between
the two countries delayed the seizure of the
assets, We learnt yesterday.

From the records at the Land Registry in the
UAE, most of the properties have been traced
for forfeiture with the UAE authorities.
Under investigation are seven former
governors, seven ex-ministers, four
businessmen, a former chieftain of the
Peoples Democratic Party (PDP), a former
Comptroller-General of the Nigerian Customs
Service, a former presidential assistant
indicted in the $2.1billion arms deals and a
former First Lady who allegedly used fronts to
acquire some choice properties.
Two of the assets have been traced to a
former Minister of Petroleum Resources, Mrs.
Diezani Alison-Madueke, who was implicated
by the United States Department of Justice as
a beneficiary of $1.5billion laundered cash.
Assets of some business associates of the ex-
minister may also be attached, a source close
to the investigation said.
Also under searchlight are about five luxury
properties allegedly linked with a former
official of the defunct Oceanic Bank.
Following a state visit to the UAE by President
Muhammadu Buhari on January 19, 2016 ,
the Federal Government signed six agreements
with the Emirates.

Some aspects of the understanding border on
Judicial Agreements on Extradition, Transfer
of Sentenced Persons, Mutual Legal
Assistance on Criminal Matters, and Mutual
Legal Assistance on Criminal and Commercial
Matters (the recovery and repatriation of
stolen wealth).
A source, who pleaded not to be named, said:
“With the signing of the agreements, a major
hurdle has been cleared and this will enable
us to proceed with the application for the
seizure of the assets of more than 22 highly-
placed Nigerians who have been under probe
for alleged money laundering.
“Before the pact, the UAE law mandates any
foreign anti-graft agency to seek the consent
of the owner of any property being verified
before you can have access to same. But now,
the anti-graft agencies in Nigeria can send a
list of suspected assets to the UAE authorities
through the Ministry of Justice and the
Ministry of Foreign Affairs and the Mutual
Legal Assistance will be invoked.
“Our task is made easier because the Land
Registry System is digitalised in a manner that
it will not take five minutes to obtain
information on anyone suspected of money
laundering.
“The onus is on us to present sufficient facts
on why some of these assets should be
seized. We will show evidence of corrupt
practices, the laundering of public funds and
the purchase of the suspected assets with
looted funds.”
Responding to a question, the source added:
“The EFCC has secured Mareva Injunction to
freeze some foreign accounts and seize some
assets linked with some of these highly placed
Nigerians in some jurisdictions.”
Some of the off-shore financial institutions,
where accounts are frozen, include BNP
Paribas (Switzerland), LGT Bank (Switzerland),
Standard Chartered Bank (London),Barclays
Bank (London), Standard Energy (Voduz,
Switzerland), HSBC (London), Corner Bank
(Lugano, Switzerland) and Deutsche Bank
(Geneva).
according to the source, “with the indictment
of a former Minister of Petroleum Resources,
Mrs. Diezani Alison-Madueke, by the US
Department of Justice and her two alleged
business associates, seizing their assets will
be easier”.
Besides, said the official, the conviction of a
former Oceanic Bank official by a court in
Nigeria was enough to seize any assets linked
to her.
“We are set to go with the seizure of eight
apartments. But out of the eight identified,
two apartments linked with Diezani are
marked as J5 Emirates Hills (30million
Dirham) and E146 Emirates Hills valued at
44million Dirham,” the source said.
The former governors, include one from the
Southsouth, two from Northcentral, two from
the Northeast, one from the Northwest, and
one from the Southwest.
“We also have the case of a former-governor
who failed in his bid to transfer about $
517million loot to Dominican Republic from
the UAE. We will want to seize the cash,” the
official said.
Sections 7 of 28 and 34 of the EFCC
(Establishment Act) 2004 and Section 13(1)
of the Federal High Court Act, 2004 mandate
the agency to seize suspicious assets.
Section 7 says: “The commission has power to
(a) cause any investigations to be conducted
as to whether any person, corporate body or
organisation has committed any offence under
this Act or other law relating to economic and
financial crimes.
“(b) Cause investigations to be conducted into
the properties of any person if it appears to
the commission that the person’s lifestyle and
extent of the properties are not justified by
his source of income.”
Sections 28 and 34 of the EFCC
(Establishment Act) 2004 and Section 13(1)
of the Federal High Court Act, 2004 empower
the anti-graft agency to invoke Interim Assets
Forfeiture Clause.
“Section 28 of the EFCC Act reads: ‘Where a
person is arrested for an offence under this
Act, the Commission shall immediately trace
and attach all the assets and properties of the
person acquired as a result of such economic
or financial crime and shall thereafter cause
to be obtained an interim attachment order
from the Court.’
Section 13 of the Federal High Court Act reads
in part: “The Court may grant an injunction or
appoint a receiver by an interlocutory order in
all cases in which it appears to the Court to
be just or convenient so to do.
(2) Any such order may be made either
unconditionally or on such terms and
conditions as the Court thinks just.”
The Chairman of the Senate Committee on
Foreign and Domestic Debts, Senator Shehu
Sani said over $200 billion had been hidden in
UAE.
He said: “Over $200 billion is stashed away
from Nigeria to Dubai alone. This may be the
monies stolen since in the past 20 years. I am
not talking about estates and bonds and other
securities bought with Nigeria stolen money.”
The anti-money laundering policy of UAE
Central Bank reads: “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 organizations, 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.”

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