The Economic and Financial Crimes Commission (EFCC) has discovered a $37.5m (N11.75bn) mansion in Banana Island, Lagos allegedly belonging to former Minister of Petroleum, Diezani Alison Madueke.

It was learnt that the property is a 15-storey building with 18 flats, one of such which has been recently linked to the former minister.

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A source said the building was discovered during further investigations on the former minister.

The source said, “The property Building 3, Block B, is a 15 storey edifice comprising 18 flats and 6 penthouses, Bella Vista at Plot 1, Zone N, Federal Government Layout, Banana Island Layout, Foreshore Estate, Off Onikoyi Road, Ikoyi, Lagos.

“The property was acquired by the former minister between 2011 and 2012 at a total cost of $37,500,000USD from the developers, YF Construction Development and Real Estate.

“It was acquired in the name of a Shell company, Rusimpex Limited under the control of a  certain Mr. Afamefuna Nwokedi in Lagos.

“The investigation continues.”

Forbes Magazine once reported that a plot of land in Banana Island sells between $4m (N1.25bn) and $6m (N1.8bn), making it one of the most expensive areas in Africa.

The EFCC has so far discovered a block of 6 unit service apartments at Awolowo Road, Ikoyi, six unit terrace flats in Lagos, and twin four-bedroom duplexes in Lekki Phase I belonging to the former minister.

Others are two duplexes in Banana Island, a duplex in Asokoro District, Abuja, a mini-estate in Mabushi, Abuja, a set of 12 terrace duplexes at Omaremi Street  in Port Harcourt, large expanse of land at Oniru, Victoria Island in Lagos and a multi-billion Naira estate in Yenagoa.

Also discovered are two apartments in Dubai marked as J5 Emirates Hills (30million Dirham) and  E146 Emirates Hills valued at 44million Dirham as well as a hotel in Port Harcourt under investigation.

The former minister however denied all allegations against her in a statement in London on January 21, 2017.

Recall that the EFCC also recovered $9.8m and £74,000 from a former General Managing Director of the Nigerian National Petroleum Commission (NNPC), Andrew Yakubu.

00:18

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13:04