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Tinubu’s Alpha-Beta involves in money laundering, tax evasion, ex- MD alleges in lawsuit

A former managing director of Alpha-Beta Consulting, Oladapo Apara, has filed a lawsuit alleging that the company own by Lagos billionaire politician, Bola Tinubu has been diverting billions of naira from the coffers of the state government since 2002. 

The writ of summons with no LD/7330GCMW/2020 deposed to at a Lagos high court on October 2, 2020 also alleged money laundering, tax evasion, forgery and a number of corporate fraudulent practices on the part of the company and its owners.

An official of Alpha-Beta in reaction, however, said the company was yet to be served  the writ.  

Apara in a series of tweets in 2018, had also alleged that Alpha-Beta had, using technology, generated N1.5 trillion from 2002-2018 for the state government.

He said the company earned 10 percent as commission and did not pay taxes.

According to the writ of summons, Apara claimed that in 2000, he gave a proposal to Bola Tinubu, a national leader of the All Progressives Congress (APC) who was governor of Lagos from 1999 to 2007.

The idea was how to use better technology to track the state’s internally generated revenue (IGR).

Tinubu allegedly demanded that a 70 percent equity interest be assigned to Olumide Ogunmola and Adegboyega Oyetola, two people said to be his associates. 

In the final sharing arrangement, Apara claimed Ogunmola was allotted 40 percent and Oyetola, who became governor of Osun state in 2018, was given 30 percent of the 70 percent allegedly demanded by Tinubu. 

On the directive of Tinubu, Oyetola’s 30 percent, Apara further alleged, was transferred to one Tunde Badejo. 

Following the agreement on all sides, Apara said he became a signatory to all the bank accounts, alongside the two shareholders whom Apara claimed were simply “holding trust for Tinubu”. 

“After incorporation of Alpha-Beta Consulting Limited in 2002 and structured according to the dictates of the 2nd defendant (Bola Ahmed Tinubu), the 2nd defendant in his official capacity as the governor of Lagos state then approved that Alpha-Beta Consulting Ltd be awarded consultancy contract for the assessment and collection on behalf of the Lagos state government, all taxes and internally generated revenue (IGR) due and payable to the state at a 10% consultancy fee (subject to a benchmark which varies from time to time,” Apara stated in court papers seen. 

Three years after Tinubu had completed two terms as Lagos governor, Apara said the former governor directed that the incorporation structure of the company be changed from a limited liability company to a limited liability partnership under a newly promulgated Lagos law. 

Tinubu, according to Apara, had told him that the purpose of the change “was to further shield his (Tinubu) involvement in Alpha-Beta Consulting Ltd from public scrutiny”. 

Subsequently, the limited liability partnership then took over the Lagos contract previously awarded to Alpha-Beta Consulting Limited. 

Trouble began for Apara in 2014 when Tinubu allegedly directed that Ogunmola become the managing partner of the company and Apara as deputy managing partner.  

The battle between Apara and Ogunmola went on till 2016 when Tinubu allegedly stopped Apara from reviewing the financial records of the company.

Tinubu then brought in Akin Doherty as the new managing director who took over and asked Apara to stay away from the company’s finances, Apare alleged.

Apara also alleged that Tinubu warned him not to think of exposing his involvement in the financial affairs of the company to the Economic and Financial Crimes Commission (EFCC) as Ibrahim Magu, the now suspended chairman of the anti-graft agency, “will always” protect him.

The accountant also accused Tinubu of threatening to use Lagos government agencies to harass and seize his assets.

Source: TheCable NG


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