Nigeria’s President-elect, Bola Ahmed Tinubu’s son, Seyi Tinubu has been exposed as he is been linked to the purchase of a London mansion under fraud investigation by the Federal Government.
According to reports, Seyi allegedly bought the house in 2017 for $10.8 million which is approximately about N5 billion (N4,971,348,000) through his firm.
The report has it that the property acquired by Seyi’s firm was part of the biggest corruption scandals President Muhammadu Buhari’s government was seeking to probe.
Report also said that Seyi Tinubu is the main shareholder of Aranda Overseas Corp., an offshore company that paid £9million ($10.8 million) to Deutsche Bank for the property in North London in late 2017.
According to the report; “The private three-floor residence in St. John’s Wood a district favored by American bankers is equipped with an eight-car driveway, two gardens, electric gates and a gym.”
“At the time of the purchase, Nigerian government was seeking to arrest the house’s former owner, accusing him of going on the run while owing the country an oil-trading debt worth more than $1.5 billion.”
“The state was also attempting to confiscate the upscale real estate and other assets it suspected had been acquired by the businessman, Kolawole Aluko, with the profits of crime.”
“There’s no suggestion that President-elect Bola Tinubu was personally involved in the acquisition of the UK property in 2017. President Muhammadu Buhari visited him there in August 2021, nearly four years after the purchase took place.”
“Tinubu, who will take over as head of state this month, has long been questioned about the source of his family’s wealth, including throughout the recent election campaign, when he and his representatives were pressed about it by local and international media.”
“He and his campaign have said he made his fortune before going into politics by inheriting real estate, investing well and working as an accountant at Deloitte LLP and an executive at the Nigerian subsidiary of Mobil Oil in the 1980s and early 1990s. In an interview with the BBC in the run-up to the election, Tinubu cited Warren Buffett as an example he followed to become rich.”
“Tinubu’s spokesman and Seyi did not respond to emails, phone calls and text messages seeking comment. A British lawyer listed as Aranda’s agent in the UK declined to comment citing confidentiality rules.”
– Source: Bloomberg