More than 130 choice assets have been bought with looted funds in Dubai, United Arabno Emirates (UAE), by some ex-Governors, Ministers and Senators.
These assets are among the over 800 traceable to Nigerians in the UAE, including top security and military officers. Four areas have been identified through which the nation’s resources are looted, Bribery and corruption, proceeds from commercial tax evasions, illicit activities engaged in by corporations and business ventures and proceeds derived from criminal activities, with Nigeria’s oil and gas sector belived to have contributed 92.9 per cent of the total amount in Illicit Financial Flows (IFFs). But the chances of Nigeria recovering most of its looted cash are very low because of conditions attached to the release of such funds.
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