According to reports, President Muhammadu Buhari’s ongoing war against corruption has led to a reduction in the flow of cash in Nigeria.
President’s anti-corruption war affecting sales of luxury cars, houses
Buhari has consistently expressed his determination to rid the country of the plague of corruption and has even sought the help of foreign governments to recover looted funds stashed abroad.
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The development is said to have caused a decline in luxury purchases by politicians in the country who are afraid of being caught and prosecuted.
According to a report by the New York Times:
“Private jets that used to crowd the airport here have been grounded, their wings clipped by the new government’s crackdown on corruption. Rolls-Royces, Range Rovers and Jaguars are gathering dust in the showroom of this capital’s top car dealer. Luxury villas are left unsold, as is the fine Italian marble used to bedeck the homes of Nigeria’s newly rich.”
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A car dealer at Coscharis Motors in Abuja, Happiness Adibe told the publication that this year has been the worst in her nine years as a saleswoman.
“There’s no money now, no money,” Ms. Adibe said. “Contracts aren’t going on now, everything is standing still. When contracts are going on, people are getting contracts and doing their, you know, thing.”
The anti-corruption drive has also affected the sale of luxury homes, according to real estate agent, Joshua Bialonwu who has not made a single sale since the new government took over.
“With the uncertainties of the government presently, nobody knows how much you might be asked to return,” Mr. Bialonwu said. “So you want to hold on to as much as you can.”
Buhari has said that his government will prosecute everyone found guilty of corruption, a sentiment that was also recently mirrored by his deputy, Yemi Osinbajo who said that there would be no sacred cows in the anti-graft war.
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Meanwhile, Nigeria’s former Petroleum Minister, Diezani Alison-Madueke was recently detained in London on allegations relating to money laundering.
Mrs Alison-Madueke is alleged to have made away with billions of dollars in oil funds which were looted during her tenure.
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