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How Tinubu’s Son Seyi Bought $11 Million London Mansion

Oluwaseyi Tinubu, son of Nigeria’s president-elect Bola Tinubu, purchased an $11 million London mansion in 2017 through Aranda Overseas Corp.

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How Tinubu's Son Seyi Bought $11 Million London Mansion

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Summary:

  • Oluwaseyi Tinubu, son of Nigeria’s president-elect Bola Tinubu, purchased an $11 million London mansion in 2017 through Aranda Overseas Corp.
  • The mansion was previously sought for confiscation by the Nigerian government as part of a corruption investigation involving its former owner, Kolawole Aluko.
  • President-elect Bola Tinubu has faced questions about his family’s wealth for years but maintains his fortune was built before entering politics.

In a recent Bloomberg article, it was reported that Oluwaseyi Tinubu, son of Nigeria’s president-elect Bola Tinubu, acquired an $11 million London mansion in 2017. The property was previously sought after by the government for confiscation as part of a corruption investigation.

Background

However, despite the questions raised about the mansion’s acquisition, no direct evidence has been found to implicate Bola Tinubu in the transaction. Tinubu, who will assume office this month, has faced questions about his family’s wealth for years. He has consistently maintained that he built his fortune before entering politics through inheritance, smart investments, and professional roles at Deloitte LLP and Mobil Oil’s Nigerian subsidiary.

Bloomberg’s review of corporate documents revealed Oluwaseyi Tinubu, aged 37, as the primary shareholder of Aranda Overseas Corp. This offshore company paid £9 million ($10.8 million) to Deutsche Bank for the north London property in late 2017. The luxurious three-floor residence is located in St. John’s Wood, a neighborhood popular among American bankers.

“The private three-floor residence in St. John’s Wood — a district favored by American bankers — is equipped with an eight-car driveway, two gardens, electric gates and a gym.”

Bloomberg

Corruption Allegations and Context

At the time of the mansion’s purchase, Nigeria’s government was seeking to arrest its former owner, Kolawole Aluko, who owed the country more than $1.5 billion in oil-trading debt. The state also aimed to seize assets suspected to have been acquired through criminal profits. Aluko denies any wrongdoing and claims a court judgment earlier this year clearing a former business partner has exonerated him. Nigeria’s anti-graft agency is challenging that ruling.

Bola Tinubu, 71, won the presidential election in February as the candidate of the ruling All Progressives Congress. He played a key role in the merger of opposition parties that brought current President Muhammadu Buhari to power in 2015. Despite Buhari’s pledge to tackle corruption, Nigeria’s ranking in Transparency International’s Corruption Perceptions Index has worsened over the past eight years.

Mansion’s Purchase and Ownership

Aranda Overseas Corp., controlled by Tinubu’s son since June 2011, purchased the London property in October 2017. The company still owns the building, which currently has no mortgage registered to it, according to UK land records.

“The firm didn’t purchase the house directly from Aluko, but from a UK unit of Deutsche Bank AG that held a mortgage on the property and had appointed receivers to sell it a year earlier.”

Bloomberg

Deutsche Bank declined to comment on the matter. Aluko has stated he is not aware of Aranda or the individuals behind the company and was not involved in the sale, as the bank had foreclosed on the house. The UK’s National Crime Agency did not respond to questions about whether it had received a request from Nigerian authorities to freeze the property.

In conclusion, Oluwaseyi Tinubu’s purchase of the $11 million London mansion through Aranda Overseas Corp. has drawn attention due to its ties to Nigeria’s corruption investigation and the political context surrounding his father, Nigeria’s president-elect Bola Tinubu.

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Source: MandyNews.com

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