Independent Corrupt Practices and Other Related Offences Commission (ICPC) has traced several high-value properties in Egypt allegedly linked to former Kaduna State Governor, Nasir El-Rufai, investigators familiar with the probe have disclosed.
ICPC
The assets, believed to be worth billions of naira and acquired between 2021 and 2023, are located in upscale districts of New Cairo, Cairo’s fast-growing luxury suburb known for exclusive gated estates and residential communities.
Properties under investigation include villas and apartments in premium developments such as Arabella Estate, Banafsek Estate, Oriana Estate, and Cairo Festival City, where villas command prices between 50 million and 200 million Egyptian pounds (approximately ₦5.3 billion) and luxury apartments fetch around 26 million Egyptian pounds (roughly ₦700 million).
Among the specific assets being scrutinised are a villa at House No. 113 in Arabella Estate, Fifth Settlement district; another villa at House No. 18 in Banafsek Estate, First Settlement area; a property in Oriana II Estate near the American University in Cairo; apartments numbered Units 514, 515, 516 and 517 in Cairo Festival City; as well as two additional apartments—Units 4000 and 4100—in Oriana Estate.
An official involved in the inquiry told newsmen the commission is analysing intelligence reports, property registries, and financial trails to establish ownership structures.
“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 stated.
The official noted that probing assets abroad requires diplomatic and legal procedures, adding complexity to the investigation.
Efforts to reach El-Rufai’s family for comment were unsuccessful at the time of filing this report, while the ICPC is yet to issue an official statement on the matter.
