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Corruption: How Tinubu Diverted N22.4bn, $4.4m From Alpha Beta To Vintage Press, Oando, Purchased Shares In Wema, Starcomms, HITV, Others

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A former Managing Director of Alpha Beta Consulting, Oladapo Apara, has alleged that former Lagos State governor and national leader of the All Progressives Congress, Bola Ahmed Tinubu, ‘suspiciously’ diverted N22,360,000,000 and $4,396,063 from the firm’s account to that of Vintage Press Ltd, publisher of The Nation Newspaper.

In writing of summons marked LD/7330GCMW/2020 deposed at a Lagos high court, Apara, who claims to own 30 per cent stake in the company, alleged that the former governor reneged on certain agreements reached in the past about the management and control of the consulting firm.

It was earlier revealed how Tinubu used Osun State governor, Adegboyega Oyetola, as front for the establishment of the firm.

Other fronts used by Tinubu according to the former Alpha Beta boss are Olumide Ogunmola and Tunde Badejo.

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In his statement of claim, Apara said during a review of the company’s account, he discovered that huge sums of money earned by the company over the years were not reflected in its account.

“The claimant avers that despite the huge income made by the 1st defendant since 2010 to the present, Tunde Badejo and Akin Doherty acting under the direction of the 2nd defendant (Bola Ahmed Tinubu) breached Clause 8 of the partnership agreement and denied the claimant his share of the profit from the partnership as provided in the agreement.

“The claimant avers that Messrs Tunde Badejo, Michael Olunride Ogunmola and Akin Doherty have colluded and conspired to run the affairs of the business in a manner designed to bankrupt the 1st defendant through suspicious monetary transfers to 3rd parties running into billions of naira contrary to the partnership agreement.

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“The claimant avers that some of the suspicious transfers to 3rd parties amongst many others unknown to the claimant are as follows: N500,000,000 payment to SW8 Investment Ltd payment instruction dated the 30/12/13

“$2,989,963.33 USD payment to Summit Integrated Services Ltd dated the 18/3/15. $1,407,000 USD payment to Summit Integrated Services dated the 18/3/15. N25m payment to Haliziew International dated the 18/3/15.

“N39m payment to Halizview International dated the 3/3/15. N38m payment o Halizview International dated the 6/3/15. N550m payment to Ocean Trust Ltd dated the 15/5/18.

“N850m payment to Ocean Trust Ltd dated the 14/3/15. N1bn in Afkar Printing Press together with Vintage Press Ltd (publisher of the The Nation) and Lagoon Press Ltd October 2017. N1bn Ocean and Oil Investments Ltd (Oando) various times.

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“N3.5m Oceanic Bank(Now Ecobank) various times. N100m.Ibile Holding Land (Plot 16/17 Block VI Oniru Estate. N500m Starcomms (Aranda Resources) 100,000,000 shares.

“N1.4bn Sterling Asset Management. N960m HITV 300,000,000 shares and N11.9bn SW8 (Wema Bank) 30,909,000 shares.”


Source: Sahara Reporters

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Jake Clifford

Jake Clifford is a Nigerian Born blogger and a fast growing Journalist, whose aim is to inform Nigerians with happening across Nigeria. Send story tips to him via [email protected] or


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