Investigation has revealed that the London mansion where the National Leader of the ruling All Progressives Congress (APC), Bola Tinubu welcomed President Muhammadu Buhari on August 12, 2021 is the subject of a multi-billion fraud scandal.
The investigation is part of the global International Consortium of Investigative Journalists (ICIJ)-led Pandora Papers project, which Nigeria’s PREMIUM TIMES is a part of.
The project involved 600 journalists from 150 news organisations around the world sorting and analysing a trove of almost 12 million confidential files, tracking down and interviewing sources, and adding context using public records and documents.
The leaked files were retrieved from some offshore services firms around the world that set up shell companies and other offshore entities for clients, many of them influential politicians, businesspersons, and criminals seeking to conceal their financial dealings.
The investigation added that the Buhari government had also secured a freezing order on the property from a Federal High Court before the previous owner, who is now an international fugitive, sold it at a huge discount to an offshore company owned by the governor of Osun State, Gboyega Oyetola, a known proxy and a relative of Tinubu.
The property, which is situated at 32 Grove End Road, in the wealthy Westminster neighbourhood of London, has become a sort of mecca to associates of Tinubu, and politicians of the ruling APC, after the former Lagos Governor started staying there to recuperate.
Apart from Buhari, other politicians who have visited Tinubu at the expanse 6,975 sq ft property are the governor of Lagos State, Babajide Sanwo-Olu; a former governor of Ogun State, Ibikunle Amosun; Amosun’s successor, Dapo Abiodun; the governor of Ekiti State, Kayode Fayemi; the governor of Ondo State, Rotimi Akeredolu; members of the Lagos State House of Assembly; the Speaker of the House of Representatives, Femi Gbajabiamila; a contingent from Kano State led by Governor Abdullahi Ganduje; top Fuji musician; Wasiu Ayinde, among other dignitaries.
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 U.S. 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 Nigerian Government 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 a 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 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 Overseas Corporation, an offshore company incorporated in the British Virgins Island by two of Tinubu’s most trusted surrogates – Adegboyega Oyetola, formerly chair of Paragon Group of Companies and incumbent governor of Osun State and Elusanmi Eludoyin, Mr Oyetola’s successor at Paragon.
In November 1999, 18 years before it was used as a vehicle to purchase the London property, Oyetola and his billionaire partner, Eludoyin, sought the service of a Bristol, UK-based international company registration agent, Jordans Limited, to help them set up a company.
They wanted a kind of setup that would guarantee some secrecy and on November 11 of that year, the company was registered.
Leaked confidential records revealed that Messrs Eludoyin and Oyetola became the shareholders and directors of Aranda and we did not see any record that the latter resigned from the management of the company even as he served as chief of staff to his predecessor, Rauf Aregbesola, thereby breaking Nigeria’s law.
In Nigeria, a person is statutorily obligated to withdraw from engaging in or directing a private business, except if it is farming, upon becoming a public officer, Section Six (6) of the Code of Conduct Bureau and Tribunal Act stipulates.
Apart from Aranda, Oyetola has another footprint in the offshore shadow economy. He and Eludoyin, in 2003, incorporated another shelf company in the British Virgin Islands, Global Investments Offshore Limited.
He ran the company as a director almost throughout his term as Mr Aregbesola’s Chief of Staff. However in June 2018, months before he became governor, he withdrew from the company and made his children – Rukayat Oyetola, Hafiz Oyetola, and Rasheedat Oyetola directors.
He also transferred his shares in Global Investments Offshore Limited to Mr Eludoyin and his son Haifz in June 2018. A register of directors we saw shows that all the formalities for the transfers were concluded and signed on June 1, 2018.
By remaining a director of Global Offshore for the entire period he was Chief of Staff to Aregbesola, Oyetola violated Nigeria’s code of conduct law and could be arraigned before the Code of Conduct Tribunal if authorities decide to prosecute him for the infraction.
It however remains unclear why Oyetola would rush to buy a property his country was pushing to confiscate due to well-known corruption allegations against its then owner.
Also unclear is why Tinubu, who apparently wants to become Nigeria`s president, would agree to stay at the controversial property.
As for Buhari, it is yet unknown why he would visit Tinubu at a property suspected to have been originally bought by Mr Aluko from the proceeds of alleged theft of Nigeria’s oil money.
Oyetola ignored multiple requests for him to comment on this story. His spokespersons declined to revert days after they promised to do so.