More than 130 choice assets have been bought with looted funds in Dubai, United Arab 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.
These are Bribery and corruption, proceeds from commercial tax evasions, illicit activities engaged in by corporations and business ventures and proceeds derived from criminal activities.
The Nigeria’s oil and gas sector his believed 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.
These highlights are part of a report on the “UAE component of the three country (Nigeria, UAE and the UK) comparative study of fixing Illicit Financial Flows,” which was submitted to the Executive Chairman of the Economic and Financial Crimes Commission, Mr. Abdulrasheed Bawa last Wednesday in Abuja.