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How Tinubu's family bought fraud-linked mansion worth $11 million in UK - Bloomberg

Seyi Tinubu: Son of President-Elect, a Different Kind of 'Ajebota', by  Mohammed Abdullahi | Events Chronicles

Seyi Tinubu, the son of Bola Tinubu, the incoming president of Nigeria, was named in a Bloomberg report as a shareholder in a London property that had been unlawfully acquired.

According to the information obtained by Bloomberg on Tuesday, May 2, Seyi was connected to the acquisition of the London home that was the subject of a fraud probe by President Muhammadu Buhari' s administration. It was claimed that the mansion was bought in 2017 for $11 million by the son of the former governor of Lagos State through his company.

The article, which cited previously published United Kingdom (UK) company documents, noted that the in question property was purchased by Seyi' s company and that it was a component of the worst corruption scandals that the Nigerian government under the current leadership was looking into.

Seyi is said to be the primary stakeholder of Aranda Overseas Corp. , " an offshore company that paid Deutsche Bank $11 million for the property in North London in late 2017. "

According to the article, the exclusive three- floor home in St. John' s Wood, a neighborhood frequented by American bankers, has an eight- car driveway, two gardens, electric gates, and a gym.

According to the report, the Nigerian government was attempting to detain the previous owner of the home at the time of the purchase because it believed he owed the nation a debt for oil trading worth more than $1. 5 billion and had fled the country.

Bloomberg also learned that the state was attempting to seize the opulent real estate and other assets it believed Kolawole Aluko, a businessman, had acquired with proceeds from crime.

Although it was unclear from the report whether President- elect Tinubu was personally involved in the 2017 purchase of the UK property. However, it was noted that in August 2021, nearly four years after the alleged purchase, outgoing Nigerian President Buhari paid Tinubu a visit at the same location.

On May 29, 2023, Tinubu would be sworn in as Nigeria' s new president, barring unforeseen circumstances. Before now, Tinubu' s source of wealth has been the subject of many inquiries from Nigerians and concerned organizations, including during the most recent election campaign when he and his representatives were questioned about it by local and international media.

However, according to Bloomberg, Seyi and Tinubu' s spokesman did not reply to emails, calls, or texts requesting their comment on the London property under investigation.

A British attorney designated as Aranda' s agent in the UK reportedly declined to comment due to confidentiality laws.

" In June 2016, a federal judge in the nation' s capital, Abuja, accepted the Economic and Financial Crimes Commission' s plea to take more than a dozen properties, including the one in St. John' s Wood, that Aluko had acquired in Nigeria and overseas. 16 months later, when Tinubu' s son purchased the home out of receivership, the forfeiture order was still in effect. "

" According to court documents, the decision was issued on an interim basis until the conclusion of an investigation against Aluko, which was still ongoing as least as of the end of 2018. As the forfeiture case is still " subjudice, " Aluko is unable to comment on it, according to Tokunbo Jaiye- Agoro, Seyi' s attorney. "

Source: Bloomberg

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