Stolen assets: Magu meets with UAE intelligence chiefs in Dubai

Economic and Financial Crimes Commission (EFCC) Acting Chairman Ibrahim Magu has held talks with intelligence chiefs in Dubai on stolen assets stashed in the United Arab Emirates (UAE).

The talks bordered on how to block repatriation of looted funds from the UAE to prevent vote-buying in the presidential elction billed for February 16.

The EFCC chairman requested the UAE to block such illicit funds from coming to Nigeria.

Although Magu led a team of detectives to attend a three-day 2019 Intersec Security Summit, he also decided to meet with UAE intelligence chiefs to compare notes.

A source at the anti-graft agency said: “I can tell you authoritatively that the Acting EFCC Chairman met with Dubai intelligence in company of crack detectives for intelligence sharing and cooperation.

“This is directly connected to the illicit assets tracing and financial flow vis-a-vis the commission’s active surveillance on vote buying and monitoring its funding source.

“You will recall that the purpose of those who looted our commonwealth is to bring in the illicit funds into country in order to undermine the national security and engage in voters’ inducement.

“Please note that the development is capable of scaring investors, discourage investments and cripple the economy.

“But I can tell you that the commission is equal to the task and all hands are on deck to ensure that this infamous action is tackled for the progress of the country.”

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When contacted over the issue, the Special Assistant on Media & Publicity to the Acting Chairman of the EFCC, Mr. Tony Amokeodo, confirmed the development.

He, however, declined to give details.

About 20 Politically Exposed Persons (PEPs), including nine ex-governors and six former ministers are on the EFCC radar in Dubai over looted funds.

The Federal Government signed six agreements with the UAE on January 19, 2016 following a state visit by President Muhammadu Buhari.

The pact includes 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).

It was learnt that the government has been collaborating with the UAE authorities on suspicious cash and assets allegedly owned by some (Politically Exposed Persons (PEPs).

The Chairman of the Senate Committee on Foreign and Domestic Debts, Shehu Sani, said over $200 billion had been hidden in UAE.

He said: “Over $200 billion are 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.”