Seyi Tinubu, the son of Nigeria’s President-elect, Bola Tinubu, has been accused of buying a London property worth $11million through a shell company.
Reports from Bloomberg claim that Seyi used Aranda Overseas Corporation, an offshore shell company, to facilitate the purchase of a private three-floor residence in St. John’s Wood, North London. The property was reportedly previously confiscated from a Nigerian businessman, Kola Aluko, who was accused of defrauding Nigeria’s oil sector.
The property in question boasts of a wide range of luxurious features, including an eight-car driveway, two gardens, electric gates, and a gym. Bloomberg confirms that the offshore shell company used by Seyi Tinubu to buy the property was registered with the same address as a firm he co-owns in Lagos State, Loatsad Promomedia Ltd. Seyi, 37, is the head of the outdoor advertising market in Lagos State.
The latest revelations about Seyi Tinubu’s involvement in the London property market raise questions about his sources of wealth. He has not yet commented on Bloombergs’ reports. It is not immediately clear if his father, Bola Tinubu, was involved in the purchase.
Bloomberg reports that Kola Aluko bought the property from a restructuring firm for $15million in 2013 before it was later confiscated by the UK’s National Crime Agency. The property was then sold for $11million, a rare instance where a property in an upmarket neighbourhood was sold for less money than it was initially purchased for. Seyi Tinubu’s involvement in the transaction has reignited concerns about the role of Nigerian elites in the UK property market and their potential involvement in illicit financial activities.
Aranda Overseas Corporation, the shell company used by Seyi Tinubu to facilitate the purchase of the London property, was created in the British Virgin Islands in 2011. Seyi’s co-ownership of Loatsad Promomedia Ltd and his involvement with Aranda Overseas Corporation raises the question of whether he used his control of the Lagos State outdoor advertising market to fund the purchase of the London property.
Bloombergs’ reports have attracted widespread criticism in Nigeria, with many calling on the appropriate authorities to launch an investigation into Seyi Tinubu’s business dealings. Although critics have been quick to label Seyi’s investments as examples of corruption, it remains to be seen if any concrete evidence will emerge to support these allegations.
The controversy surrounding Seyi’s involvement in the London property market comes as Nigeria grapples with widespread corruption and rising political tensions…..
Credit: PressExpress