BUSINESS DAY
Nigerians are asking questions as to how a security officer or civil servant can afford to own a $500 million real estate asset in Dubai, the commercial hub of the United Arab Emirates.
The questions have arisen from BusinessDay’s exclusive story on Monday, which revealed that Nigerian politicians, civil servants and security officers and their family members own nearly $1 billion properties in Dubai.
The report had said that politically exposed persons (PEPs), their family members, including top civil servants, have acquired 1,600 properties in choice locations in Dubai.
BusinessDay dug into official records to answer some of the questions that have agitated the minds of readers.
For the Nigeria Police Force, the 2022 Consolidated Police Salary Structure (CONPOSS) shows that the monthly wage of the inspector-general of police (IGP) is N1.987 million ($1,334). This is annualised as N23.85 million ($16,005).
For an IGP to acquire a home that costs $500,000, he will need to save his entire salary for 31.2 years and must remain on the same wage within the period.
However, Nigerians do not save all their incomes. An August 2023 data compiled by Picodi, an international e-commerce organisation, said that Nigerians spend 59 percent of their incomes on food alone.
Secondly, the police force operate a promotion-based system, meaning that no officer can remain on the same salary or position for 31 years. The maximum number of years spent in the police force is 35.
For a mid-level deputy superintendent of police whose annual salary is N3.62 million ($2,429), he will need to spend 206 years to be able to afford a $500,000 property in Dubai.
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