Nigeria/Ho-hum (2): It’s another EFCC discovery from NNPC $20 billion fraud – a $37.5m Lagos oil minister’s home!

February 11, 2017


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.

This is just as the EFCC revealed on Friday that it discovered $9.3m and £74,000 belonging to a former Group Managing Director, Nigerian National Petroleum Corporation, Mr. Andrew Yakubu. The money was allegedly kept in a bungalow situated in the slums of Kaduna.

The two discoveries were made as part of investigations into a string of fraudulent activities in the NNPC, which cost the nation over $20bn at a time the oil price stood at about $100 per barrel on the average

According to impeccable sources within the EFCC, the building allegedly belonging to Diezani was purchased between 2011 and 2012. It is situated in the same estate where Africa’s richest man, Alhaji Aliko Dangote, resides.

Saturday PUNCH learnt that the building comprises 18 flats and six penthouses.

Properties on Banana Island are believed to be among the most expensive in Africa with a plot of land selling between $4m (N1.25bn) and $6m (N1.8bn), according to Forbes Magazine.

A source at the 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 leveled against her.

[Read the rest of the story through the link below. This recovery, as well as Yakubu’s hidden millions of dollars, are supposed to be part of the $20 billion NNPC fraud under Ms. Madueke’s headship of the country’s oil ministry. Tola]:

Related story:

SATURDAY, FEBRUARY 11, 2017. 5:55 a.m. [GMT]



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8 Comments on “Nigeria/Ho-hum (2): It’s another EFCC discovery from NNPC $20 billion fraud – a $37.5m Lagos oil minister’s home!”

  1. folakemiodoaje Says:

    I no longer see these guys as selfish, there is a need to define punishment to match the offence – schools, hospital, social welfare could have been in so much better shape if the loot were not stolen.

    They do not wish the country well at all.



    • emotan77 Says:

      Dear Fola,

      Thanks for this, and pardon the slight delay in responding. Things have ground to snail speed in Nigeria, except, of course, the indescribable will of Nigerians to take everything lobbed their way: the years of looting that carry no repercussion and the outright failure through incapability of the present govt to confront the results of robbers parading as wealthy people.

      I have to get up at night to check mails, check world news reports which I open several without reading to be enjoyed during the day when the web gets chaotic, check the blog, et cetera.

      Pardon the delay.

      Your comments point to Nigerians’ deafening silence on the near-complete collapse of every aspect of society. How can a people, even when pushed with their backs against the wall, continue to tolerate the situation of no salaries to millions all over the country which has brought to a near-stand still, commercial activities?

      I’ve been to downtown Ibadan and Alesinloye multiple times since my return after a long absence and each time, the paucity of the usual vibrancy is so terrifying and made me wonder how people are able to continue to open shops and stalls. As you park your car – at least, as soon as we parked each time – two, three people rush to the car before doors were opened to ask what we needed to buy so they could help!

      What would it take for Nigerians to get to the point of enough is enough?

      Buhari promised to name names of looters, the amounts recovered from them and prosecute but like his other campaign and early-days promises, he reneged. Now, thieves are publicly holding THANKSGIVING SERVICES, PRAYER SESSIONS BY ISLAMIC IMAMS even for well-known Christians … after getting through the “rigors” of divesting themselves of some of their loot.

      When, as in the words from the movie, NETWORK, will Nigerians get out on the streets with no prompting and say, ENOUGH IS ENOUGH, WE ARE SICK AND TIRED AND CAN TAKE THESE NO MORE?


      Liked by 1 person


    • Adegoke G. Falade Says:

      Good posting, Folake! But, let me reveal something to us. Men steal to appease women. Then, a woman kept 1 billion US $ in a London Bank; she couldn’t wait for her husband to steal such. Like the Biblical Adam and Eve, failure of womanhood is the fundamental cause of all human problems, including terrorism. Lack of space will not allow me to expatiate. My advice: women should rise to their responsibilities. The first step is to stop behaving like men so that their fine intuitive perceptions can blossom and hence, lead humanity to a great goal.

      Wednesday, 15 February 2017, 5.13 am

      Liked by 1 person


      • folakemiodoaje Says:

        I hear you sir. Honest question here: what is it that women do that makes us look like we are behaving like men?


      • emotan77 Says:

        Dear Folakemi,

        While I understand and appreciate Professor Falade’s thinking as being positive, your question is one that an answer/answers to would be appreciated.


        Liked by 1 person

      • Adegoke G. Falade Says:

        I admire you, Folakemi for your humility; and that’s the first step.
        In other fora where I had made similar assertion, I was called unprintable names by women.
        A woman is more spiritually gifted than a man. A noble woman is more intuitive than a man and this should reflect in everything about her: dressing gracefully, not engaging in manly activities etc. Whereas, a man dresses coarsely, rumbling in the ‘jungle’ against vicissitudes of life. The woman is the powerhouse behind the man for all his achievements. So, when womanhood fails in her role, the man collapses leading to the chaotic situation we’re experiencing now.

        17 February 2017, 5.40 am

        Liked by 1 person

  2. latif opawoye Says:

    How on earth can some steal so much?

    These discoveries are just a tip of the iceberg. Majority of the past NNPC office holders are all thieves. They are just selfish. The amount seized recently can open up two industries that will empower our people.

    No matter what, this current administration is trying to expose some of the kleptomaniacs among us.
    God help our Motherland.



    • emotan77 Says:

      Dear Doctor,

      It really is beyond belief! And the first story about Yakubu’s $9.8 million stashed in a slum house shows your call about NNPC top shots are right on the mark when one considers the story of a chef – a cook – who disappeared to his native Togo with $6 million cash belonging to a Mrs. Nnamdi-Ogbue, his boss is also a confirmation of your calling them their real name – olè, thieves because the young woman (doesn’t look more than around forty) also works for NNPC!

      These people all belong in jail after forfeiture of their assets. Remember the Singapore Story that we discussed about four years ago? If a Singaporean’s lifestyle does not match his income, he/she is supposed to have enriched himself/herself … You can simply type LEE KUAN YEW in the search box on the Home Page and revisit the essays.

      Sincere regards,



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