137 Nigerians secretly bought houses worth millions of pounds in the UK

October 6, 2021 11:00 AM

Most of the purchases occurred while Jonathan was President.

President Muhammadu Buhari and UK PM Boris Johnson (PM News)

In the last three decades, some 137 Nigerians discreetly purchased houses worth millions of pounds in the United Kingdom, according to a report by Finance Uncovered.

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According to the report, a wave of cash found its way into the London property market from 1991.

Most of the purchases were made by Nigerian elite, politicians and business figures through offshore or shell companies.

Premium Times, which co-authored the report, writes that in the last three decades, at least 233 houses and apartments were bought by 166 such companies with a combined worth of £350 million.

The bulk of the purchases from Nigerians occurred between 2010 and 2015 when Goodluck Jonathan was Nigeria's President.

Journalists from across the world are currently publishing 'The Pandora Papers'-- a massive leak from firms that specialise in setting up offshore companies for rich and influential people in tax havens like the British Virgin Islands, Seychelles, Switzerland and Panama.

The project was organised and led by the International Consortium of Investigative Journalists (ICIJ).