Seven former Governors to lose assets in Dubai

The coast is clear for the Federal Government to
seize assets of 22 politically exposed people and
businessman in Dubai, following the signing of a pact
with the United Arab Emirates (UAE) on Thursday.
All the 22 former political leaders and businessmen,
are currently being investigated by the Economic and
Financial Crimes Commission (EFCC).
According to The Nation, the ratification of the six
agreements between the two countries delayed the
seizure of the assets.
Those under investigation include: 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.
“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.
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“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,” a source, who pleaded not
to be named, said.
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).
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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”.
The former Governors include one from the South
South, two from North Central, two from the North
East, one from the North West and one from the
South West.
“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.”

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