Dubai, London An Oasis for Nigeria’s Corrupt Political Elites

Matthew Page, an associate fellow of London-based Chatham House, an international affairs think-tank, has advised investigators to focus on real estate and education sectors when tracking illicit financial flows (IFF) and money laundering. Page disclosed this advice in a paper he presented entitled, 'IFFs through the real estate and education sectors: Implications for Investigators' at a virtual capacity-building forum for investigators on investigating illicit financial flows. Over 800 properties worth U.S.$400 million in Dubai in the United Arab Emirates, have been traced to politically exposed persons (PEPs) in Nigeria. In January 2021,  Premium Times published a story of a report issued by an American foundation, the Carnegie Endowment for International Peace, exposing how Nigerian elites use the British educational system as a money-laundering shield in the guise of seeking better schooling opportunities for their wards. Page has blamed lack of transparency, huge financial flows and inadequate international safeguards, further disclosing that Nigerian politicians are spending over U.S.$30 million annually on UK education, which he said was beyond their annual earnings.