Leading Dubai-based property developer, The First Group, has finally responded to media reports alleging fraudulent dealings involving its Nigerian clients.
Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), had last Wednesday, sealed the Abuja office of the Dubai-based company for its alleged involvement in the purchase of property in Dubai by Chief of Army Staff, Lt-Gen. Tukur Buratai.
But the company in a statement weekend, said it will explore all legal options to defend its commercial reputation in Nigeria.
In the statement made available to Vanguard Homes & Property, The First Group with its head office in the United Kingdom (UK), categorically denied “the baseless allegations published by certain sections of the Nigerian press, regarding its alleged involvement in money laundering or any other form of illegal business dealings in relation to its Nigerian clients”.
According to the statement, “The First Group’s Nigerian agent, TFG Real Estate, Limited, fully abides by Nigeria’s anti-money laundering regulations. In line with this commitment, TFG Real Estate, Limited, regularly files the required reports with the section of the Special Control Unit on Money Laundering (SCUML) division of the EFCC in Abuja.
“Furthermore, The First Group’s Dubai operations, which are indirectly implicated in these baseless allegations, are governed by UAE Federal Law, and in particular, the country’s anti-money laundering laws, which rank among the world’s most robust.
“The First Group’s clients are also protected by the Dubai government’s rigorous and world-class real estate regulations, which are designed to protect the interests of local and international investors in this dynamic property market.
“The First Group is fully transparent in its operations and has a proven track-record of delivering world-class developments in the United Arab Emirates over many years. Its priority is protecting the interests of its clients and generating strong returns on their investments while complying with all legal statutes in the markets in which it operates.
“In respect to the current media speculation, The First Group will explore all legal options to defend its commercial reputation in Nigeria”, the statement said.
But the company in a statement weekend, said it will explore all legal options to defend its commercial reputation in Nigeria.
In the statement made available to Vanguard Homes & Property, The First Group with its head office in the United Kingdom (UK), categorically denied “the baseless allegations published by certain sections of the Nigerian press, regarding its alleged involvement in money laundering or any other form of illegal business dealings in relation to its Nigerian clients”.
According to the statement, “The First Group’s Nigerian agent, TFG Real Estate, Limited, fully abides by Nigeria’s anti-money laundering regulations. In line with this commitment, TFG Real Estate, Limited, regularly files the required reports with the section of the Special Control Unit on Money Laundering (SCUML) division of the EFCC in Abuja.
“The First Group’s clients are also protected by the Dubai government’s rigorous and world-class real estate regulations, which are designed to protect the interests of local and international investors in this dynamic property market.
“The First Group is fully transparent in its operations and has a proven track-record of delivering world-class developments in the United Arab Emirates over many years. Its priority is protecting the interests of its clients and generating strong returns on their investments while complying with all legal statutes in the markets in which it operates.
“In respect to the current media speculation, The First Group will explore all legal options to defend its commercial reputation in Nigeria”, the statement said.
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