Pandora Papers exposes how Oyetola bought for Tinubu £11.95m court-frozen London mansion for £9m from wanted Diezani’s associate – Newstrends
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Pandora Papers exposes how Oyetola bought for Tinubu £11.95m court-frozen London mansion for £9m from wanted Diezani’s associate

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3 years ago

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Pandora Papers, an investigation led by the International Consortium of Investigative Journalists (ICIJ), has in its latest investigation exposed the secret tax haven of the National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, and Governor Gboyega Oyetola of Osun State, who is a relation of Tinubu.

In previous reports, PREMIUM TIMES had uncovered how some influential Nigerians, including former Governor Peter Obi, Senator Stella Oduah, and Governor Atiku Bagudu of Kebbi State hid stolen wealth overseas.

PREMIUM TIMES is the only Nigerian newspaper among 150 news organisations that have direct access to almost 12 million confidential files on the illicit wealth of some of the most powerful persons on earth.

According to the report, the London mansion where Tinubu has been receiving top politicians and high-profile personalities, is embroiled in a multi-billion fraud scandal.

The report said the government of President Muhammadu Buhari had 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 Oyetola.

Buhari himself visited Tinubu at the mansion on August 12, 2021.

The expanse 6,975sqft property is situated at 32 Grove End Road, in the wealthy Westminster neighbourhood of London.

According to an advert brochure of the property released by popular United Kingdom real estate company, Savills, the estate is made up of two buildings – a five-bedroom property with a formal reception, a study, a master bedroom with an en suite dressing room, bathroom and a cinema suite with a balcony overlooking the rear garden.

Two of the other four bedrooms in the property are en suite. The second building on the estate is a self-contained two-bedroom flat which is built above the property’s double length garage. The property has a gym, two guest cloakrooms, a carriage driveway that can park up to eight cars, and front and rear gardens, and an electric gate.

“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,” PREMIUM TIMES said in its report.

“Documents 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 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 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.”

The report said shortly after the court granted the order, 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 – Oyetola, formerly chair of Paragon Group of Companies, and Elusanmi Eludoyin, who succeeded Oyetola at Paragon.

The report stated, “The huge discount at which the property was sold is curious and raised questions whether 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 rapid increase in the value of properties.”

In the application filed by the Nigerian government, the house number of the property on Grove End Road was omitted. However, PREMIUM TIMES’ extensive investigation in Nigeria and the UK, including a detailed analysis of photographs of visits to Tinubu, has shown that the APC leader is staying at the same property the Nigerian government wants forfeited.

“We were also able to determine that it was at the same property that Mr Tinubu welcomed Mr Buhari on August 12 as well as other politicians who visited him.

“Our reporters carefully analysed some of the photos of these visits. Sources close to Mr Tinubu also confirmed that he stays and welcomes guests, including Mr Buhari, at the property.

“Two photos of the visit of Mr Abiodun, the governor of Ogun State, were particularly helpful in making the initial connections,” the report read.

PREMIUM TIMES said it put its findings to spokesperson for Tinubu, Tunde Rahman, but he promised to get back within 24 hours. But he had not done so as of the time the story was published.

Garba Shehu, Presidential spokesman, was also contacted, according to the newspaper, but he promised to respond, just like Rahman did but he reportedly fulfilled to do so.

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Lagos Rail Mass Transit part of FG free train ride – NRC

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16 hours ago

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December 21, 2024

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Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

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Business

NNPC denies claim of Port Harcourt refinery shutdown

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16 hours ago

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December 21, 2024

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Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. 

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

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CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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2 days ago

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December 20, 2024

By

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period. 

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department. 

The arrangement will be in effect from December 19, 2024, to January 30, 2025. 

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.  

Transactions to occur at the prevailing NFEM rate 

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department. 

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025. 

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.” 

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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