Illicit Money Flows, Real Estate Development, and Regulatory Capture: A Comparative Study of the Gulf Countries and Nigeria
Abstract
This paper compares how real estate development is used to launder money in the Gulf countries and Nigeria. Despite their different political systems, both regions face similar housing challenges, achieved through different regulatory approaches in their real estate sectors. The Gulf countries attract investors with zero taxes and infrastructure projects—often involving foreign capital from corrupt officials, bankers, and businesspeople—while Nigeria's lack of strict regulations and transparency regarding fund sources allows real estate to serve as a conduit for local corruption and fraud by so-called "Yahoo boys." By applying theories of rentier states and routine activity, this paper shows how varying financial rules in both regions create similar conditions that enable financial crimes and illicit money flows through luxury real estate. Overall, real estate development in both areas fosters cities where only the wealthy can afford housing, driven by corruption and money laundering. Consequently, both regions will continue to be used for money laundering until governments take action to address international criminal activities in real estate
Keywords
Corruption; Financial Secrecy; Gulf Countries; Money Laundering; Nigeria; Real Estate; Tax Havens; Yahoo Boys
Citations
IRE Journals:
Tachia Philip Nambeh, Yakubu Yohanna Adamu "Illicit Money Flows, Real Estate Development, and Regulatory Capture: A Comparative Study of the Gulf Countries and Nigeria" Iconic Research And Engineering Journals Volume 9 Issue 10 2026 Page 975-979 https://doi.org/10.64388/IREV9I10-1716120
IEEE:
Tachia Philip Nambeh, Yakubu Yohanna Adamu
"Illicit Money Flows, Real Estate Development, and Regulatory Capture: A Comparative Study of the Gulf Countries and Nigeria" Iconic Research And Engineering Journals, 9(10) https://doi.org/10.64388/IREV9I10-1716120
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