Seyi Tinubu Reportedly Spent ₦5bn On London Mansion Under Corruption Probe

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Seyi Tinubu, the son of Nigeria’s president-elect, Bola Ahmed Tinubu, has been implicated in the acquisition of a London mansion which was under investigation for fraud by the Nigerian government.

According to Bloomberg, Seyi’s company, Aranda Overseas Corp, bought the property for $10.8 million (over ₦5 billion at the current official exchange rate) in 2017, and it is part of the largest corruption scandal that President Muhammadu Buhari’s administration has investigated.

Seyi Tinubu Reportedly Spent ₦5bn On London Mansion Under Corruption Probe

At the time of purchase, the Economic and Financial Crimes Commission (EFCC) was trying to apprehend the former owner of the house, Kolawole Aluko, who was accused of evading an oil-trading debt worth over $1.5 billion.

How Seyi Tinubu acquired the controversial property

Aranda, with Seyi as the main shareholder since 2011, bought the private three-floor residence from Deutsche Bank in late 2017.

Aluko had lost the house to the bank in a foreclosure a year before the sale happened. But the property was one of many assets a court in Nigeria had granted the EFCC permission to seize in 2016 over allegations the businessman acquired them through illicit means.

Aluko and his associate, Olajide Omokore, are two of the most high-profile suspects linked to the numerous corruption probes against the former Minister of Petroleum, Diezani Alison-Madueke. Prosecutors accused the duo of winning lucrative contracts from the former minister without fully remitting proceeds to the Nigerian treasury.

Aluko and Diezani were later removed from the court trial due to their absence, but a court cleared Omokore of all the allegations in February 2023. His lawyer, Tokunbo Jaiye-Agoro, told Bloomberg that his associate’s acquittal also exonerates him and removes question marks over the property in question.

No allegations against Tinubu

There is no indication that Bola Tinubu, who won a presidential election in February, was involved in the purchase of the property, but he’s been known to stay there. In fact, President Buhari visited him at the residence in August 2021, almost four years after its acquisition by Seyi’s company.

Bloomberg reports that Seyi and his father’s spokesperson did not respond to inquiries. Additionally, the British lawyer listed as Aranda’s agent in the United Kingdom declined to comment due to confidentiality rules.