A new investigation has identified 284 properties in the United States, collectively valued at nearly $271 million, linked to 61 current and former Nigerian public officials, their relatives, associates and affiliated companies.

The findings have renewed scrutiny of how wealth connected to Nigeria’s political and economic elite is transferred overseas and invested in foreign real estate.

According to the report, 230 of the identified properties, worth approximately $232 million, were acquired without apparent financing. Another 152 properties, valued at about $177 million, were purchased while the officials concerned were still holding public office.

The investigation examined property acquisitions dating back to 1991, using public records, corporate registrations, court documents and other sources to establish connections between Nigerian politically exposed persons (PEPs) and US real estate.

The report also found that 39 of the 61 individuals had previously been publicly accused, indicted or convicted in corruption-related cases. Properties worth approximately $238 million were linked to this group.

However, the investigators stressed that identifying a property linked to an individual does not, by itself, establish that the asset was acquired with stolen funds or that its owner committed a crime.

Obasanjo Family, Kalu Among Those Identified

The investigation identified approximately $9 million in US property holdings connected to members of former President Olusegun Obasanjo’s immediate family.

According to the report, several properties were linked to his children and grandchildren through property records, corporate registrations, addresses and other corroborating information.

The investigators said they did not identify any property directly owned by the former president himself.

Former Abia State governor and senator Orji Uzor Kalu was also featured in the report. The investigation linked Kalu and members of his family to US properties valued at more than $20 million across four states.

It further reported that nearly $5 million was spent on US property acquisitions by Kalu and family members within 18 months of his departure from office, during a period when he was facing legal proceedings in Nigeria.

The report examined these transactions as part of a broader effort to understand how property ownership, family connections and corporate structures may be used to hold wealth outside Nigeria.

Nnamani’s US Assets and Forfeiture Proceedings

Former Enugu State governor Chimaroke Nnamani was linked to at least nine properties in Florida and Virginia through relatives and associated companies.

One of the transactions involved a Florida property acquired by Rock City Group LLC for $1.8 million in February 2007.

The report referenced US legal proceedings in which authorities alleged that funds transferred from Nigeria were connected to the property purchase.

A federal court subsequently ordered the forfeiture of the property and related funds. However, the judgment was later vacated following an agreement between the FBI and Nnamani’s sister, Chinero Nwaigwe.

The case illustrates the complexities involved in tracing property ownership and pursuing the recovery of suspected illicit assets across international jurisdictions.

Former Governors and Ministers Also Feature

The investigation identified property interests connected to several other former public officials, including former Interior Minister Abdulrahman Dambazau, former Anambra State governors Chris Ngige and Willie Obiano, and former Aviation Minister Stella Oduah.

Dambazau was linked to properties in Massachusetts acquired by him and members of his family over several years.

Ngige was connected to a Maryland property purchased in 2008, while the report identified multiple Texas properties associated with Obiano and his immediate family.

Oduah’s case was examined alongside earlier corruption allegations and reporting concerning companies and overseas assets allegedly connected to her.

The report also referenced former JAMB and NECO registrar Lawrence Ojerinde, whose children were linked to two Florida properties acquired for a combined $680,000.

These cases formed part of the wider investigation into the overseas property interests of Nigerian officials and their networks.

Maina, Dasuki and Badeh Property Trails Examined

The report also revisited property acquisitions connected to former pension reform task force chairman Abdulrasheed Maina, former National Security Adviser Sambo Dasuki and former Chief of Defence Staff Alex Badeh.

Maina, who was convicted of money laundering in Nigeria in 2021, was linked to US properties in Kentucky acquired between 2010 and 2011, as well as a Dubai property.

Dasuki’s family was connected to a South Carolina property reportedly purchased for nearly $1 million in cash in 2002. The investigation also examined other properties associated with individuals in his network.

Badeh, who faced allegations relating to the diversion of Nigerian Air Force funds, was similarly linked to US property holdings acquired during and after his time in public service.

The report’s findings highlight the importance of examining the financial transactions, ownership structures and sources of funds behind overseas real estate acquisitions.

Cash Transactions and Corporate Structures Raise Questions

One of the investigation’s central findings was the high proportion of properties purchased without apparent mortgage financing.

The 230 properties acquired without apparent financing accounted for approximately 81 per cent of the total properties identified.

Investigators also examined the use of companies, relatives and intermediaries in property transactions, noting that such arrangements can make it more difficult to establish the ultimate beneficial owner of an asset.

The report raised concerns about weaknesses in due diligence within parts of the US real estate market, including transactions in which identity verification and ownership checks allegedly fell short of expected standards.

However, a purchase made without mortgage financing is not, on its own, proof of money laundering. Establishing criminal wrongdoing requires evidence concerning the source of the funds and the circumstances of the transaction.

Investigators Urge Nigeria and US to Pursue Asset Recovery

PPLAAF and ACDC said the findings could provide Nigerian and US authorities with leads for further investigation into potentially illicit wealth held in American real estate.

The organisations called for stronger cross-border cooperation to examine suspicious transactions and pursue asset freezing, forfeiture or recovery where the evidence and applicable laws support such action.

The report also emphasised that its findings were based on property records, corporate information and other available evidence, rather than final judicial determinations against every individual identified.

With hundreds of properties now documented, the investigation has placed renewed attention on the international movement of wealth linked to Nigerian public officials and the role of financial transparency in tackling corruption.

The extent to which the findings lead to formal investigations, legal proceedings or asset recovery will depend on further scrutiny by the relevant authorities.

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