A recent Bloomberg investigation has implicated Seyi Tinubu, son of the incoming President Bola Tinubu, in the purchase of a London-based property valued at $10.8 million, which is suspected of being connected to fraudulent dealings.
It has been reported that Seyi acquired the aforementioned property in 2017 via Aranda Overseas Corp, an offshore entity in which he is listed as a primary shareholder.
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The investigation has revealed that Tinubu was not personally involved in the procurement of the property.
According to a report by Premium Times in 2021, it was stated that Tinubu occupied the aforementioned property while on a medical visit to London.
As per the report by Bloomberg, in 2016, the Economic and Financial Crimes Commission (EFCC) obtained a court order to confiscate properties belonging to Kola Aluko, a confidant of Diezani Alison-Madueke, the former Minister of Petroleum.
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During the initial phase of President Buhari’s first term, his administration commenced legal proceedings against Diezani Alison-Madueke, who held the position of oil minister for a period of five years until 2015. Additionally, two businessmen, namely Aluko and Olajide Omokore, who secured profitable contracts during her tenure, were also subjected to legal action, as stated in the report.
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As per the 2017 forfeiture lawsuit filed in Texas by the US government, it has been alleged that the duo provided bribes to the minister by financing her extravagant lifestyle and also defaulted on payments to the state energy company for a significant portion of the crude oil they received.
In June 2016, a federal judge in Abuja, the capital city, approved a request by the Economic and Financial Crimes Commission to confiscate over a dozen properties owned by Aluko in Nigeria and other countries, including the property located in St. John’s Wood.
The forfeiture order was still in effect at the time when the house was purchased by Tinubu’s son from receivership, 16 months later.
Bloomberg reported that both the spokesperson of President Muhammadu Buhari and the lawyer representing Alison-Madueke declined to provide any comments regarding the ongoing investigation.
The representatives for Abubakar Malami, the Attorney-General of the Federation, the Nigerian National Petroleum Company (NNPC) Limited, and the EFCC were reportedly unavailable for comment regarding the aforementioned report.
Who is Seyi Tinubu
Seyi Tinubu is a Nigerian entrepreneur, businessman, and philanthropist. He is the son of Bola Tinubu, the former Governor of Lagos State and President elect. Seyi is the CEO of Loatsad Promomedia, a Lagos-based outdoor advertising company that specializes in digital billboards and other forms of outdoor advertising. He is also the founder of Noella Foundation, a non-profit organization that provides educational and healthcare support to underprivileged children in Nigeria. Seyi Tinubu is a well-respected figure in the Nigerian business community and has been recognized for his contributions to the growth of the advertising industry in Nigeria.
