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Tinubu’s Son, Seyi Beneficial Owner of Corruption-Tainted London Mansion, Says Bloomberg

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A corruption-tainted London mansion that the Buhari administration had targeted for confiscation now belongs to Nigeria’s president-elect Bola Tinubu’s son through an offshore shell company, which is also linked to the politician’s surrogates.

The Tinubu connection with the property – 32 Grove End Road, London – as well as its link with a petrodollar fraud investigation in Nigeria was first revealed by PREMIUM TIMES as part of the Pandora Papers investigation. But in a new report on Tuesday, Bloomberg reported that Seyi Tinubu is a beneficial owner of the property through shell company Aranda Overseas Corporations, citing UK company documents.

Using leaked documents from Pandora Papers, PREMIUM TIMES previously reported that Aranda was incorporated in November 1999 in the British Virgin Islands by Mr Tinubu’s trusted surrogates – Gboyega Oyetola, former governor of Osun State, and friend Eluyemi Eludoyin. The incorporation was done months after Mr Tinubu assumed power as governor of Nigeria’s business capital Lagos State.

But Seyi Tinubu’s connection has only just been revealed by Bloomberg after the UK enacted a new law requiring foreign companies investing in the country’s property market to declare their beneficial owners. Mr Tinubu and his son, Seyi, refused to respond to enquiries by Bloomberg on the matter.

Seyi, who was active in his father’s campaign, is a businessman, known for his interest in advertising.

Bought from a fugitive at £8 million discount

Documents obtained from the UK property register revealed that in July 2013, the property with title number 340992, was bought for £11.95 million by Zavlil Holdings Ltd, a shell company incorporated in the British Virgin Islands, a notorious tax haven. Further documents obtained by PREMIUM TIMES revealed that Zavlil Holdings Limited is owned by Kolawole Aluko, an international fugitive wanted by law enforcement agencies in Nigeria and the United States for money laundering.

Kola Aluko and his associate, Jide Omokore, were indicted in the US and Nigeria for multi-million-dollar fraud and money laundering violations allegedly in collusion with a former Minister of Petroleum Resources, Diezani Alison-Madueke.

In 2016, the Federal Government of Nigeria filed a Mareva injunction at a Federal High Court in Lagos seeking to confiscate a list of properties belonging to Messrs Aluko and Omokore valued at $1.8 billion.

A Mareva injunction is a court order which freezes the assets of a defendant pending the outcome of litigation.

In the suit against Messrs Omokore and Aluko, alongside their companies, Atlantic Energy Drilling Concepts Nigeria Limited and Atlantic Energy Brass Development Limited, the Nigerian government asked the court to grant it seven orders to prevent the accused from disposing of the assets. The government alleged they were acquired through fraudulent means.

The third prayer the government made to the court was to grant it an order restraining the accused “from giving any instruction, demanding, accepting, receiving payments and/or transacting, transferring, mortgaging or howsoever dealing in any manner with assets of the Defendants in both houses and land in Abuja and Lagos and others located outside Nigeria.”

The government then listed 17 properties in Abuja, Lagos, the U.S., Canada, Dubai, Switzerland, and the UK.

Among the listed properties was “Grove End Road, London”.

The court granted the government all its prayers. In October 2017, an attempt by the defendants to dismiss the Mareva injunction granted on the properties was subsequently dismissed by Oluremi Oguntoyinbo, the trial judge.

But just around the time (on October 18, 2017) the court dismissed the defendant’s attempt to dismiss the injunction, documents obtained from the U.K. property register revealed that Mr Aluko sold the house for £9 million to Aranda incorporated by Mr Tinubu’s surrogates, Messrs Oyetola and Eludoyin.

The huge discount at which the property was sold is curious and raised questions of whether Mr Aluko desperately needed to sell the property even while a court of law had placed a freeze order on it.

The United Kingdom, especially the greater London area, is noted for its rapid increase in the value of properties. According to PREMIUM TIMES’ calculation of the likely value of the property when it was bought by Aranda Overseas Corporation done on the website of the UK’s National Building Society, which is the largest building society in the world, the property should be worth approximately 17 million pounds. Thus, Mr Aluko sold the property at a discount of £8 million.

Mr Tinubu uses the property for his stay in London and photos from there became popular online when the politician was hosting political figures there while convalescing in 2021. President Muhammadu Buhari whose government had targeted the property for confiscation was one of the guests.

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Atiku Raises Alarm over ‘Mysterious’ Credit into Private Bank Account

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Former Vice President and African Democratic Congress (ADC) Presidential Candidate, Atiku Abubakar, has raised concerns over what he described as a suspicious and unauthorised payment into one of his private bank accounts.

In a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the transfer originated from an individual or entity unknown to him and carried the narration, “Contribution Electioneering Campaign.”

According to the statement, neither Atiku nor his campaign solicited, authorised or had any knowledge of the payment.

The former Vice President said the account was strictly private and its details were not in the public domain, raising concerns about how the information could have been obtained.

“How did unknown persons obtain the confidential banking details of a private citizen?”

Atiku said the incident raised broader concerns about the security of Nigerians’ financial information, particularly if the private banking details of a former Vice President and presidential candidate could allegedly be accessed without his consent.

“If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown, then no Nigerian’s financial privacy is safe.”

He further expressed concern that the alleged disclosure could have involved individuals with privileged access to confidential information.

According to him, if such access is established, it could expose account holders to criminal elements, including kidnappers, terrorists, bandits and fraudsters.

The former Vice President also called the attention of Nigerians and security agencies to the incident, describing it as part of what he termed a series of “suspicious activities” ahead of the 2027 general elections.

“We therefore put the Nigerian public and the security agencies on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections.”

Atiku also alleged that the incident could be part of an attempt to damage his reputation as political activities intensify ahead of the elections.

He urged Nigerians not to be distracted by what he described as “tired tactics” aimed at character assassination.

“Such desperate antics have failed before and will fail again.”

The ADC presidential candidate said he remained focused on his political agenda and his stated commitment to providing solutions to the country’s challenges.

“The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges.”

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VP Shettima Embarks on Two-Week Leave

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Vice President Kashim Shettima is schedule to begin a two-week leave this Thursday following the approval of President Bola Ahmed Tinubu. This is the Vice President’s first official leave since assuming office on May 29, 2023, according to a statement by the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Mr. Stanley Nkwocha.

The statement highlighted that during the period of the leave, the Vice President will devote time to study, reflection and intellectual renewal as part of efforts to strengthen his capacity for continued service to the nation.

The leave offers Senator Shettima an opportunity to review the administration’s ongoing programmes, deepen his understanding of emerging national and global policy issues, and prepare for the responsibilities ahead as the Federal Government intensifies the implementation of the Renewed Hope Agenda.

Since assuming office on May 29, 2023, the Vice President has remained actively engaged in the coordination and supervision of several strategic government initiatives, particularly in economic development, food security, humanitarian affairs, digital transformation, job creation and regional cooperation.

He has also chaired the National Economic Council, which brings together the governors of the 36 states, the Governor of the Central Bank of Nigeria and other relevant public officials to deliberate on policies affecting the economy and the welfare of Nigerians.

Beyond his responsibilities within the country, Vice President Shettima has represented President Tinubu at major international and regional engagements, advancing Nigeria’s position on economic integration, peace and security, climate action, investment and sustainable development.

Senator Shettima remains deeply committed to the ideals of loyalty, duty and service that have defined his role in the administration, as well as to supporting President Tinubu’s efforts to build a more secure, productive and prosperous Nigeria.

The Vice President will return to office at the end of the two-week leave period and resume his official responsibilities with renewed energy and dedication to the service of the nation.

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Tinubu Approves Fresh Salary Increase for Military

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President Bola Tinubu has approved salary increases of between 30 and 80 per cent for personnel of the Nigerian Armed Forces, with about 250,000 officers and men set to benefit from the enhanced remuneration package aimed at boosting troop welfare and morale.

The new salary structure, which takes effect from September 1, will see officers above the rank of Colonel receive a 30 per cent salary increase, while personnel from the rank of Colonel down to Warrant Officer will enjoy a 50 per cent increment. Soldiers from the rank of Private to Staff Sergeant will receive the highest increase of 80 per cent.

The approval will raise the annual salary bill for the Armed Forces from N660 billion to N924 billion.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the salary review underscores the Tinubu administration’s commitment to improving the welfare of military personnel in recognition of their sacrifices in safeguarding the country.

The President noted that members of the Armed Forces have continued to display courage and dedication in confronting banditry, kidnapping, terrorism and other security threats across the country.

“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation,” Tinubu said.

He assured that his administration would continue to prioritise troop welfare while strengthening the operational capacity of the military through improved equipment and technology.

“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties,” the President stated.

Tinubu stressed that security remains central to national development, saying no country can attain sustainable progress without guaranteeing the safety of its citizens.

“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians,” he said.

The President urged military personnel to see the enhanced remuneration as a demonstration of the nation’s appreciation for their service and commitment.

“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Tinubu added.

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