Following the sealing of its offices in Abuja by the Economic and Financial Crimes Commission, EFCC, for alleged money laundering activities, Dubai property firm, The First Group has said that it intends to take legal action against the anti graft agency to defend its reputation.
According to a statement obtained by Vanguard, the company known as TFG Real Estates Ltd said that its Nigerian arm has been in compliance with all of the country's anti money laundering regulations.
“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.
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