EFCC Discovers Alison-Madueke’s $37.5m Mansion In Banana Island

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

The ex-minister was said to have purchased the high-rise building, situated in the same estate where Africa’s richest man, Aliko Dangote, resides, between 2011 and 2012 at a total cost of $37.5m from the YF Construction Development and Real Estate.

The Acting Chairman of the anti-graft agency, Ibrahim Magu had earlier revealed that EFCC discovered $ 9.3m and £74,000 belonging to a former Group Managing Director of the NNPC, 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 Nigerian National Petroleum Corporation, NNPC, which robbed the nation of over $20bn at a time oil prices averaged about $100 per barrel. “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,” The Punch quotes an EFCC source as saying.

The anti-graft agency had last year seized an $18m mansion in the highbrow Asokoro area of Abuja said to belong to the ex-minister, who has however denied all the allegations levelled against her.