Operatives of the Economic and Financial Crimes Commission, EFCC have sealed off the Abuja office of First Group.
First Group is a Dubai-based prime property company with operations in Abuja and Lagos.
The company targets the rich class in Nigeria, especially those who are interested in buying and investing real estate and landed property in Dubai.
According to people with knowledge of matter, the EFCC has tangible evidence that First Group must have defrauded unsuspecting Nigerians for at least USD200 billion in the last 10 years. The company is also accused of aiding and abetting money laundering for by politicians and private individuals in Nigeria.
As regards fraud allegations, the company was said to have been reported to the EFCC for running a Ponzi Scheme though its stringent asset forfeiture clause when clients defaults on their payments.
The case of money laundering is a key allegation against the company.
The Nigerian government had in early February signed a bilateral agreement with the United Arab Emirates which amongst other things included trade and bilateral collaboration to fight money laundering and corruption. The agreement will enable Nigeria trace and confiscate all looted funds and illicit assets owned by Nigerians and politicians in the Emirates.
If the EFCC can prove their case beyond reasonable doubts, First Group might be handing over proofs, details of its client database to the agency for criminal prosecution.
Neither the EFCC nor First Group have not issued any statement on the matter.
Based on data provided by First Group on its website, the company said over “10 million people visit the vibrant city of Dubai and by 2020, this figure is set to double to 20 million, according to the Dubai Government. Demand for hotel accommodation is therefore growing at a fast pace, outstripping inventory supply. This presents opportunities for savvy investors to get a foothold in the burgeoning property market.”
First Group is a private company, getting to know the impact of this event on its operations is virtually impossible.
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