EFCC discovers $37.5m mansion reportedly owned by ex-minister

A luxury high-rise building reportedly belonging to ex-Minister,

The property which is reportedly worth $37.5m (N11.75bn) is said to be situated on Banana Island, Ikoyi, Lagos.

A report by Punch Newspaper disclosed that the embattled former Minister of Petroleum Resources' property was purchased between 2011 and 2012.

It was also reported that the luxurious property comprises 18 flats and six penthouses.

The property was allegedly acquired in the name of a shell company, Rusimpex Limited under the control of Afamefuna Nwokedi of Stillwaters law firm, in Lagos.

“The aggressive drive by the EFCC to recover all hidden assets of 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," a source at the EFCC was quoted as saying.

In a similar occurrence, on Friday, February 10, 2017, the EFCC discovered $9.3m and £74,000 belonging to a former Group Managing Director NNPC, Andrew Yakubu. The money was allegedly kept in a bungalow situated in the slums of Kaduna.

The discoveries are coming following an EFCC's investigation into a $20billion fraud at the Nigerian National Petroleum Corporation.