EFCC Discovers Diezani’s $37.5m Lagos Mansion

The Economic and Financial Crimes Commission has discovered a $37.5m (N11.75bn) luxury high-rise building on Banana Island, Ikoyi, Lagos, allegedly belonging to the embattled former Minister of Petroleum Resources, Diezani Alison-Madueke.

Recall that Mr Ibrahim Magu, Acting Chairman of Economic and Financial Crimes Commission (EFCC), had on Thursday confirmed the recovery of 9.75 million dollars and 750,000 pounds from a residence in Kaduna state.

According to the EFCC, Diezani was said to have bought the building situated in Lagos popular bourgeoise island called Banana Island between 2011 and 2012 at a total cost of $37.5m from the YF Construction Development and Real Estate. 

EFCC said, “The aggressive drive by the EFCC to recover all hidden assets of former Minister of Petroleum Resources, Diezani Alison-Madueke, who is under investigation for corruption and money laundering, produced another breakthrough this week with the discovery of a property acquired through shell companies by the former minister at upscale Banana Island in Lagos.

“The property is a 15-storey edifice comprising 18 flats and six penthouses. “The property was acquired by the former minister between 2011 and 2012 at a total cost of $37.5m from the developers, YF Construction Development and Real Estate. The property was allegedly acquired in the name of a shell company, Rusimpex Limited under the control of certain Mr. Afamefuna Nwokedi of Stillwaters law firm, in Lagos.”

Last year, the commission seized an $18m mansion in the Asokoro area of Abuja allegedly belonging to the ex-minister. She has, however, denied all the allegations levelled against her.