Afrigather A broad investigation performed by the Worldwide Consortium of Investigative Journalists has revealed that Seyi Tinubu, Nigeria President Bola Tinubu’s son, co-owns an offshore firm with Ronald Chagoury Jr., son of billionaire Ronald Chagoury, the President’s long-standing enterprise ally.
In accordance with leaked paperwork, Seyi owns a majority share within the offshore firm. The revelation raises eyebrows amid the controversial $13 billion contract awarded to Hitech Development Firm Ltd., to construct the Lagos-Calabar coastal freeway, which was allegedly carried out with no public bidding course of.
In the meantime, Hitech is a subsidiary of the Chagoury Group. Listed below are the important thing factors which have emerged from these leaks and why they matter:
1. Seyi Tinubu’s Offshore Firm
The offshore firm Seyi co-owns with Ronald Chagoury Jr. was established eight years in the past within the British Virgin Islands.
2. Seyi’s deeper stake
Seyi Tinubu holds a director place at CDK Built-in Industries, one other firm below the Chagoury Group, highlighting his deep connections to Chagourys.
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3. Historic enterprise ties
The connection between the Tinubu and Chagoury households isn’t new. The Chagoury brothers have lengthy been related to President Bola Tinubu, and have been benefiting from authorities contracts over time.
4. Seyi’s different companies
Seyi Tinubu’s different enterprise ventures have additionally drawn consideration, significantly his outside promoting firm, Loatsad Promomedia, which critics say benefited immensely from his father’s political affect.
5. Luxurious life-style
Seyi has confronted public backlash over his lavish life-style, together with the acquisition of pricy Richard Mille watches and luxurious properties, which distinction with the financial struggles of many Nigerians.
6. Property linked to fraud
A Bloomberg investigation had linked Seyi Tinubu to the acquisition of a $10.8 million London property, beforehand seized by the Nigerian authorities as a part of a fraud investigation.
7. Use of Presidential privileges
Seyi was criticised for utilizing a presidential jet to attend a polo match whereas many Nigerians struggled with financial hardship, sparking additional public outrage.
The leaks involving Seyi Tinubu have delivered to gentle necessary points across the overlap of enterprise, politics, and governance in Nigeria and provides displays the deep-rooted corruption within the Nigerian system.
