Tinubu Pumped N1 Billion Into The Nation Newspaper, Bragged Magu Will Shield Him

Tinubu Pumped N1 Billion Into The Nation Newspaper, Bragged Magu Will Shield Him

Oladapo Apara, former Managing Director of Alpha Beta Consulting has exposed how Asiwaju Bola Tinubu, former Governor of Lagos State and Tunde Doherty, incumbent Managing Director of the firm were involved in alleged money laundering activities going up to N100 billion.

In a law suit marked LD/7330GCMW/2020, the former Alpha Beta managing partner accused Tinubu of laundering funds through Vintage Press, publishers of The Nation Newspaper and ordered him to appear before the court within 42 days or risk judgement being passed in his absence.

Apara who had earlier written a petition to the Economic and Financial Crimes Commission (EFCC) in 2018 disclosed that Tinubu had bragged that he was untouchable as the then EFCC Chairman, Ibrahim Magu would shield him from prosecution.

Apara stated that no significant line of action had been taken since he wrote the first petition in 2018.

He wrote, “The 2nd defendant (Bola Tinubu) also warned the claimant not to even think of exposing his involvement in the financial affairs of the 1st defendant (Alpha Beta) to the EFCC as the then acting Chairman of EFCC, Ibrahim Magu, will always protect him (Tinubu).”

However, Dapo Apara disclosed he conceived Alpha Beta consulting firm in 2002 to manage and reconcile Lagos state taxes.

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According to him, Tinubu who was then Lagos governor agreed to the idea, and claimed a whopping 70 percent shares of the company through cronies.

He said Tinubu instructed that his 70 percent shares should be in the names of Adegboyega Oyetola and one Olumide Ogunmola.

“The claimant avers that following the presentation of his proposal to the Lagos State Government, the 2nd defendant (Tinubu) who was at the time the Governor of Lagos State demanded that 70 per cent equity interest in the project be assigned to a certain Olumide Ogunmola before the 2nd defendant will approve the project.

“The claimant avers that he then met the said Olumide Ogunmola (who he had never met before) and it was agreed that a limited liability company be incorporated in which the claimant will hold 30 per cent shares while Olumide Ogunmola and his partners will hold 70 per cent of the shares of the company.

“The claimant avers that following the agreement alluded to above; Alpha Beta Consulting Limited was incorporated in 2002 with the following shareholders: Dapo Apara (30 per cent), Olumide Ogunmola (40 per cent) and Adegboyega Oyetola (30 per cent).”

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According to Apara, Tinubu later directed that Oyetola’s shares be transferred to one Tunde Badejo.

He further stated that the ex-Lagos governor controlled the company which got 10 per cent of the taxes it collected on behalf of the state government.

Apara stated that Lagos State Internally-Generated Revenue (IGR) increased exponentially from N10 billion in 2002 to N300 billion after he developed technological innovation which made this possible.

He stated that on Tinubu’s instruction, the incorporation structure of the Alpha-Beta Consulting Limited was changed from a limited liability company to a limited liability partnership under a newly promulgated law in Lagos State.

This, Apara claimed, was just to protect Tinunu’s involvement in the firm from public glare.

Apara said that Ogunmola was made the managing partner of the newly-transformed firm and he was made his deputy.

But in 2014, he noted, Ogunmola seized to be managing partner and he was named as his replacement.

Apara said as the new managing partner, he decided to check the firm’s books and discovered shocking revelations, including curious transfers of N20 billion to different companies.

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He said that partners nominated by Tinubu ordered these transfers and left him (Apara) out of the loop in violation of their terms of their partnership.

The ex-Alpha Beta boss said N550 million payment was made to Ocean Trust Ltd vide payment instruction dated May 15, 2018 and N850 million payment was made to Ocean Trust Ltd vide payment instruction dated March 14, 2015.

He further claimed that N960 million was spent on purchasing HITV’s 300,000,000 shares.

Apara said his decision to check the company’s books infuriated Tinubu who ordered his demotion to deputy managing partner.

He said his refusal to obey the order caused his frosty relationship with the ex-Lagos governor.

Apara said Tinubu proceeded to orchestrate his forceful removal from the company and named former Finance Commissioner under his administration in Lagos, Doherty as new managing partner.

He said since this illegal removal, the company has refused to pay him his rightful dividends as founding partner, praying the court to order the company to do so.

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