ICPC Traces Multi-Billion Naira Properties Allegedly Linked To El-Rufai in Egypt
ICPC Traces Multi-Billion Naira Properties Allegedly Linked To El-Rufai in Egypt
Investigators with the Independent Corrupt Practices and Other Related Offences Commission have reportedly traced several high-value properties in Egypt allegedly connected to former Kaduna State governor Nasir El‑Rufai.
According to officials familiar with the inquiry, the properties, believed to be worth billions of naira, were reportedly acquired between 2021 and 2023.
Sources within the anti-graft agency, who spoke on condition of anonymity because they were not authorised to speak publicly, said the properties are located in upscale districts of New Cairo, a rapidly growing suburb of Cairo known for luxury estates and gated communities.
Investigators said preliminary findings indicate that several villas and apartments in the area may be linked to the former governor. The properties are reportedly located in some of New Cairo’s most exclusive estates, including Arabella Estate, Banafsek Estate, Oriana Estate and Cairo Festival City.
According to the investigators, villas in Cairo Festival City and Arabella Estate range from about 50 million to 200 million Egyptian pounds, equivalent to roughly 5.3 billion naira, while luxury apartments in the area are valued at about 26 million Egyptian pounds, around 700 million naira.
One investigator familiar with the matter said the properties under review include a villa identified as 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.
Investigators also cited a property in Oriana II Estate, near the American University in Cairo, reportedly listed as House No. 11.
In addition to the villas, the commission is said to have traced apartments within the high-end Cairo Festival City development. Sources said four apartments identified as Units 514, 515, 516 and 517 are among those being examined.
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 agency is currently analysing intelligence reports and working to trace the ownership structure of the properties.
“We are analysing intelligence reports and attempting to trace the ownership structure of the properties,” the source said.
“The process also involves verifying property registries and financial trails. Because the assets are located outside the country, there are diplomatic and legal channels that must be followed.”
Officials declined to reveal further details, citing the sensitivity of the investigation.
Efforts to obtain comments from the family of Nasir El-Rufai were unsuccessful as of the time of filing this report, while the ICPC has not issued an official public statement regarding the alleged properties or the status of the investigation.
Credit: Daily Nigerian
