ICPC traces alleged multi-billion naira properties linked to El-Rufai in Egypt

Investigators with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have reportedly traced several high-value properties in Egypt allegedly linked to former Kaduna State governor, Nasir El-Rufai.

Sources within the anti-graft agency disclosed that the properties, believed to be worth billions of naira, were allegedly acquired between 2021 and 2023.

According to investigators familiar with the inquiry, the assets are located in upscale districts of New Cairo, a fast-growing suburb of Cairo known for luxury estates and gated residential communities.

The properties under scrutiny are said to be located in some of the area’s most exclusive residential estates, including Arabella Estate, Banafsek Estate, Oriana Estate and Cairo Festival City.

Investigators revealed that villas in estates such as Cairo Festival City and Arabella reportedly sell for between 50 million and 200 million Egyptian pounds, equivalent to about ₦5.3 billion, while luxury apartments can cost around 26 million Egyptian pounds, roughly ₦700 million.

One of the properties being investigated is a villa reportedly located at House No. 113 in Arabella Estate in the Fifth Settlement district of New Cairo.

Another villa allegedly linked to the former governor is said to be located at House No. 18 in Banafsek Estate in the First Settlement area, while another property in Oriana II Estate near the American University in Cairo is also being examined.

Investigators are also looking into several apartments within the high-end Cairo Festival City development, including Units 514, 515, 516 and 517.

Two additional apartments in Oriana Estate, reportedly numbered 4000 and 4100, are also part of the ongoing investigation.

An official involved in the probe said the commission is currently analysing intelligence reports and tracing ownership structures linked to the properties.

“We are analysing intelligence reports and attempting to trace the ownership structure of the properties. The process involves verifying property registries and financial trails,” the source said.

Officials noted that the investigation involves diplomatic and legal procedures because the assets are located outside Nigeria.

Efforts to obtain comments from El-Rufai’s family were unsuccessful at the time of filing this report, while the ICPC has yet to issue an official statement on the matter.

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