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Nigeria’s President-elect’s Family Tied To Controversial London Mansion Purchase

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A report by Bloomberg released on Tuesday claims that company documents have revealed, that an offshore owner of an $11 million London mansion, which was targeted for confiscation as part of an investigation into one of Nigeria’s biggest corruption scandals, is controlled by the son of the country’s President-elect, Bola Tinubu.

 

 

The documents indicate that a firm owned by Tinubu’s son purchased the property in 2017. However, there is no evidence to suggest that Tinubu himself was involved in the acquisition.

 

President Muhammadu Buhari had visited the London property in August 2021, almost four years after the purchase was made.

 

Tinubu has long faced questions regarding the source of his family’s wealth, including during the recent election campaign when he and his representatives were repeatedly questioned by local and international media.

 

Tinubu has consistently maintained that his wealth was acquired through his inheritance of real estate, sound investments, and his previous employment as an accountant at Deloitte LLP and as an executive at the Nigerian subsidiary of Mobil Oil in the 1980s and early 1990s.

 

He even cited Warren Buffett as a role model for his financial success in an interview with the BBC leading up to the election.

 

However, recently uncovered corporate documents reveal that Tinubu’s 37-year-old son, Oluwaseyi, is the primary shareholder of Aranda Overseas Corp., an offshore company that paid £9 million ($10.8 million) to Deutsche Bank for the purchase of an extravagant three-story residence in the posh St. John’s Wood neighborhood of north London.

 

The property features amenities such as an eight-car driveway, electric gates, two gardens, and a gym. It is situated in an area popular among American bankers. While there is no evidence that Tinubu was involved in the acquisition of the property, the revelation is likely to fuel further questions about the source of the family’s wealth.

 

Despite attempts to reach out for comment, both Bola Tinubu’s spokesman and his son Oluwaseyi Tinubu have not responded to emails, phone calls, and text messages. A British lawyer listed as Aranda’s agent in the UK has also declined to comment, citing confidentiality rules.

 

During the time of the purchase, Nigeria’s government was pursuing the former owner of the property, Kolawole Aluko, who was accused of fleeing while owing the country a debt of over $1.5 billion in oil-trading. The state was also trying to seize the luxurious property and other assets it suspected Aluko had obtained through illicit means.

 

Aluko has denied all accusations of wrongdoing and claims that a court judgment earlier this year clearing his former business partner has cleared his name. However, the ruling is being contested by Nigeria’s anti-graft agency.

 

Bola Tinubu, aged 71, emerged victorious in the February election as the candidate of the ruling All Progressives Congress and is expected to succeed his political ally, President Buhari, on May 29. Tinubu played a pivotal role as a power broker in the opposition party merger that helped bring Buhari into power in 2015.

Despite President Buhari’s campaign promise to combat corruption, Nigeria’s ranking in Transparency International’s Corruption Perceptions Index has declined over the past eight years.

 

Bola Tinubu, who previously served as the governor of Lagos state, has faced persistent accusations of corruption and violations of the law, which he has denied.

 

In 1993, he relinquished $460,000 to settle a lawsuit in Chicago after US federal authorities alleged that bank accounts in his name contained the profits of heroin trafficking. Tinubu’s legal team has stated that he was never charged in connection with the case.

 

In August 2021, while Bola Tinubu was staying at the 7,000-square foot London home, he received a visit from President Buhari, as reported by the Lagos-based newspaper Premium Times.

According to documents obtained from the Pandora Papers leak of offshore companies data, shareholders and directors of Aranda, which purchased the London property, were Adegboyega Oyetola, the former governor of Osun state, and Elusanmi Eludoyin, the head of a Nigerian property group, from its establishment 24 years ago until at least 2010.

 

However, requests for comment from Oyetola’s spokesman and Eludoyin went unanswered.

 

The Newly-filed documents in response to UK anti-money laundering rules and viewed by Bloomberg this year revealed that Tinubu’s son, an advertising entrepreneur who played a prominent role in his father’s presidential campaign, has controlled Aranda, registered in the British Virgin Islands, since June 2011.

 

The company was registered as an overseas entity in the UK on January 20th.

 

During Buhari’s first term, his administration launched legal proceedings against Diezani Alison-Madueke, who was the oil minister for five years until 2015.

 

The government also took action against two businessmen, Kolawole Aluko and Olajide Omokore, who secured lucrative contracts during her tenure.

 

The US government filed a lawsuit for forfeiture in Texas in 2017, accusing Aluko and Omokore of bribing the minister and failing to pay the state-owned energy company for most of the crude oil they received.

 

Alison-Madueke, who is based in London, has denied the allegations and is challenging multiple forfeiture orders issued by Nigerian courts. She has also accused the anti-corruption agency of preventing her from defending herself in criminal proceedings.

 

 

In June 2016, a federal judge in Abuja, the Nigerian capital, granted a request by the Economic and Financial Crimes Commission to seize over a dozen properties owned by Aluko, both in Nigeria and abroad, including the St. John’s Wood house.

 

The forfeiture order was still in effect when Tinubu’s son acquired the property out of receivership 16 months later.

 

According to court filings, the forfeiture order granted in June 2016 against Kolawole Aluko’s assets, including the St. John’s Wood property, was made on an interim basis and was pending the conclusion of an ongoing investigation into Aluko, as of at least the end of 2018.

 

Aluko’s lawyer, Tokunbo Jaiye-Agoro, declined to comment on the forfeiture case, citing that it is still “sub-judice.”

 

In late 2016, Deutsche Bank foreclosed on the house owned by Aluko and appointed receivers to sell it. However, it is not clear whether the Nigerian government was aware of the lender’s takeover of the house as it pursued the seizure process.

 

According to court filings, Aluko had taken out loans using other properties as collateral. The Economic and Financial Crimes Commission (EFCC) alleged that the buildings were purchased with the proceeds of crime, and that Aluko had fled the country to avoid answering the fraud allegations against him.

 

In February, a Nigerian court acquitted Olajide Omokore of charges related to the same allegations. However, the EFCC, which accused Omokore of defrauding the state energy firm of $1.6 billion, has said it will appeal.

 

Aluko was removed from the indictment because he was not in the country at the time, and his current whereabouts are unknown.

 

Meanwhile, Omokore’s lawyer has objected to any continued linking of his client’s name to corrupt practices.

 

The Nigerian government officials, including Buhari’s spokesman, the Attorney General, the Nigerian National Petroleum Co. Ltd., and the EFCC, did not respond to requests for comment.

 

In October 2017, Tinubu’s son’s company, Aranda, bought one of the properties that was being targeted by the Nigerian government in its pursuit of Aluko and his assets.

 

The property in question is still owned by Aranda, and according to UK land records, there is currently no mortgage registered to it.

 

Aranda did not purchase the house directly from Aluko but from a UK unit of Deutsche Bank AG. The bank had foreclosed on the property and appointed receivers to sell it a year earlier.

 

Aluko had acquired the mansion via a BVI company in 2013 and paid £11.95 million, according to Premium Times. Deutsche Bank declined to comment on the matter.

 

It’s worth noting that the property in question is not the only luxury asset that Aluko has been linked to. In 2017, the US Department of Justice accused him and Omokore of using illicit funds to buy a $50 million penthouse in New York, a $80 million yacht, and several other assets.

 

According to Aluko’s lawyer, Jaiye-Agoro, his client has no knowledge of Aranda or the individuals behind the company and was not aware of the sale of the property, as Deutsche Bank had foreclosed on the house.

 

It is unclear whether the Nigerian authorities had requested the UK’s National Crime Agency to freeze the property.

 

The UK Home Office declined to comment on the matter. In March 2021, the US Justice Department announced that it had seized assets worth over $53 million, including a 65-meter superyacht and luxury homes in California and New York, purchased by Aluko for more than $160 million using what it considers to be the proceeds of corruption.

 

 

Politics

ACF Pledges Support For Northern Presidential Candidates Ahead Of 2027 Elections

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The Arewa Consultative Forum (ACF) has announced its decision to back Northern candidates in the 2027 general elections, citing the urgent need to address the worsening socio-economic and security challenges facing the region.

In a communique issued after its National Executive Council meeting in Kaduna on Wednesday, the forum expressed deep concern over the economic state of Northern Nigeria under President Bola Ahmed Tinubu’s administration, attributing the region’s struggles to flawed governance and poor policy decisions.

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The ACF criticized the Federal Government’s economic policies, describing them as detrimental to the livelihoods of Northern citizens.

According to the communique, signed by the forum’s National Publicity Secretary, Professor Tukur Muhammad-Baba, the policies have compounded the already dire economic conditions in the region.

The statement reads, “Arewa people remain at a great disadvantage, being already worse off economically compared to other parts of Nigeria. While economic reforms are indeed desirable, they should not impoverish the same people they are meant to serve. Policies must have a human face.”

The forum noted that the North faces chronic food insecurity, limited educational and vocational opportunities for youth, and a heavy reliance on small-scale economic activities.

“Livelihoods are currently dependent on micro activities. The region faces acute and chronic food insecurity; its youths lack education and skills training. Daunting as these may be, they can be reversed. The time to think big is now,” the communique emphasized.

The ACF also addressed the pervasive insecurity in the North, warning that the situation has begun to erode public confidence in the government.

“Security is an irreducible minimum of human existence. In this regard, insecurity in its various manifestations remains the most worrisome challenge of Arewa people, that has even started to corrosively undermine the authority of government,” the forum stated.

It condemned the government’s response to the crisis, arguing that the Federal Government has failed to meet its primary duty of safeguarding lives and property.

“That those whose responsibility it is to provide security will be saying they are doing their best is unacceptable,” the communique said. “The minimum duty of government is to safeguard life and property, and doing anything less is a failure.”

The ACF faulted what it described as the “flawed leadership selection process” under the Tinubu administration, claiming it has elevated individuals without the requisite competence or experience to key positions.

It urged the Federal Government to “review, reassess, reevaluate, and re-order the direction of its economic policies with a view to giving it the needed human face.”

Looking ahead to the next general elections, the ACF pledged its support for Northern politicians who demonstrate a clear commitment to addressing the region’s challenges and fostering national development.

“Notwithstanding the parlous state of Arewa’s glaring economic conditions, the policies of the current Federal Government have continued to make matters much worse,” the communique stated.

 

 

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No Room For Abandoned Projects – Ganduje Warns Aiyedatiwa

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The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has urged Ondo State Governor Lucky Aiyedatiwa to prioritize completing ongoing projects and avoid leaving any abandoned during his second term in office.

Ganduje made the call on Wednesday at the APC’s national secretariat in Abuja after the Independent National Electoral Commission (INEC) presented Certificates of Return to Aiyedatiwa and his deputy, Adelami Olaide.

Governor Aiyedatiwa’s re-election was marked by a sweeping victory in all 18 local government areas of the state during last Saturday’s governorship election.

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Ganduje praised the outcome, describing it as a testament to the people’s confidence in the APC-led administration.

“I am happy about the landslide result. The election is not the effort of the elite and middle class alone; it is also through the effort of the grassroots,” Ganduje said. “Out of 203 wards, APC won 202, losing only one ward. This is a victory embraced by all.”

Ganduje highlighted the importance of continuity and urged the governor to leverage his experience from the previous administration led by the late Rotimi Akeredolu.

“As a deputy, you knew how projects were started by your late governor. You were part of it, also as a governor for 10 months, and now as a re-elected governor. For the next four years, you will continue,” he said.

“You know the terrains, geography, and physical landscape of all 18 local government areas. Use these insights to carve out projects that will improve the lives of the Ondo people.”

Meanwhile, Ondo APC Chairman, Ade Adetimehin, commended Ganduje’s leadership and strategic direction, which he credited for the party’s success in the election.

He also expressed gratitude to President Bola Tinubu for his unwavering support for Aiyedatiwa’s candidacy, despite internal opposition from some party stakeholders.

“We have finally killed PDP in Ondo,” Adetimehin declared. “Most of the leaders of that party have defected to the APC. With the landslide victory in this election, it is clear to the whole world that there is no PDP in Ondo.”

He further described Ganduje as a mentor whose leadership had been instrumental in uniting the party and ensuring victory at the polls.

Governor Aiyedatiwa, who succeeded Akeredolu and completed his tenure before securing re-election, has pledged to focus on delivering on his mandate and completing critical projects in his second term.

 

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INEC Presents Certificates Of Return To Ondo Governor-Elect, Aiyedatiwa

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The Independent National Electoral Commission (INEC) has formally issued certificates of return to Ondo State Governor-elect Lucky Aiyedatiwa and his deputy, Olayide Adelami, following their victory in Saturday’s governorship election.

The presentation ceremony took place on Wednesday at INEC headquarters in Abuja, where the commission’s National Commissioner for Ondo State, Kunle Ajayi, handed over the certificates.

Biztellers reports that Aiyedatiwa, the candidate of the All Progressives Congress (APC) and incumbent governor, emerged victorious in the election, securing 366,781 votes to defeat his closest rival, Agboola Ajayi of the Peoples Democratic Party (PDP), who garnered 117,845 votes.

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The results were announced in Akure on Sunday by the Returning Officer, Professor Olayemi Akinyemi, Vice-Chancellor of the Federal University, Lokoja.

Election observers described the polls as peaceful and credible, commending INEC for improved logistical arrangements.

The event was attended by top APC officials, including the party’s National Chairman, Abdullahi Ganduje, Ogun State Governor Dapo Abiodun, and other party members.

Ganduje hailed the outcome as a triumph for democracy in Nigeria.

“Since 1999, we have been enjoying democracy, and we always fine-tune it to ensure it is fair, free, and decent, so that it is the vote of the people that counts,” Ganduje said.

PDP Rejects Results

Despite widespread praise for the conduct of the election, the PDP has rejected the outcome, describing it as fraudulent. Its candidate, Ajayi, vowed to challenge the results in court.

Aiyedatiwa Pledges Better Leadership

Speaking after receiving his certificate of return, Aiyedatiwa expressed gratitude to the people of Ondo State for renewing his mandate.

“The mandate you have just renewed via your huge votes across 18 LGAs where we won convincingly has placed a burden on me to serve you better than I did before now,” he said.

Aiyedatiwa initially assumed office in December 2023 following the death of his predecessor, Rotimi Akeredolu.

 

 

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