https://nationaldailyng.com/presidency-2023-sanwo-olu-funds-tinubus-campaign-with-n2-5bn-monthly-transfer-to-alpha-beta/

Governor Babajide Sanwo-Olu of Lagos State has been alleged to be funding the 2023 presidential campaign of the national leader of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu, with purported monthly transfer of N2.5 billion to Alpha Beta LLC. The Lagos governor was said to have allegedly increased the monthly share of the state generated revenue to Tinubu through Alpha Beta LLC from N800 million to N2.5 billion. Two former governors of the state, Babatunde Fashola and Akinwumi Ambode, were said to be allegedly making a monthly transfer of N800 million to Alpha Beta LLC believed to be controlled by Tinubu.

A report by The Gazette, an online publication, alleged that “State officials and financial records…detailed how Mr. Sanwo-Olu started paying N2.5 billion to Alpha Beta, the controversial tax processor for Lagos State government, about a year after he assumed office in an arrangement officials said was aimed at warehousing funds for Mr. Tinubu’s campaign.”

It was alleged that Tinubu still maintains firm control of Lagos State government after over 20 years of governing the state, and extended the grip of the state to the  Sanwo-Olu administration, in piling up funds for the presidential bid.

It was insinuated that Nigerians had suspected that Tinubu’s presidential ambition would be financed by “the politician’s vessel of ill-gotten cash and unredeemed favours.”

Alpha Beta was revealed to be “incorporated in 2002 to handle computation, tracking and reconciliation of internally-generated revenue in Lagos.” The incorporation of Alpha Beta was done when Tinubu was Governor of Lagos State. The Lagos State House of Assembly was also alleged to have approved 10% monthly commission of accrued revenue of the state government to Alpha Beta.

It was purported that after the completion of Tinubu’s two terms in 2007, the former governor’s link with Alpha Beta began to manifest.

It was noted that attempts by former Governor Fashola to oppose or halt the “arbitrary and exorbitant monthly payment to Alpha Beta in 2010,” triggered  political confrontation from the party leader towards the 2011 general elections.

It was alleged that financial records revealed that transfers to Alpha Beta from the state government treasury since 2013 has been about N800 million per month. Former Governor Akinwunmi Ambode succeeded Governor Fashola in 2015. Ambode also sustained the N800 million monthly transfer to Alpha Beta in his one term of four years.

In about one year Governor Sanwo-Olu succeeded Ambode – 2019 – the governor was alleged to have in mid-2020, raised the monthly share of Alpha Beta from the Lagos State revenue from N800 million to N2.5 billion. This was alleged to be part of pro-active preparations for the life ambition of former Governor Tinubu to become Nigerian president on the platform of the ruling APC.

Official documents and officials of the state government were said to have revealed that “Alpha Beta received N2,345, 816, 266.122 and N2, 378, 277, 356. 55 into its UBA account number 1021477046 from Lagos government account on July 2, 2020, and July 24.

“Similar amounts were paid into the firm’s bank accounts monthly throughout last year.”

Governor Sanwo-Olu was said to allegedly be paying an excess of N1.7 billion in the monthly N2.5 billion transfer to Alpha Beta from the previous N800 million allocation in the taxes and other statutory deductions transactions.

It was alleged that the increase of the transfer to Alpha Beta was decided after the outbreak of the coronavirus pandemic in 2020. An official of the state government was alleged to have revealed that Tinubu and Governor Sanwo-Olu resolved that “it was more strategic to start stockpiling cash early enough due to the uncertainties of the global health catastrophe.”

Official was alleged to have declared that “they have turned Lagos State and Alpha Beta into sister subsidiaries of Tinubu Group of Companies.”

The state official was cited to have argued that Alpha Beta has about 71 personnel, and “does not have the capacity to legitimately earn billions every month and should not be receiving funds well above its 10 per cent commission from total tax receipts per month.”

The official had also argued that Sanwo-Olu has no legal justification to unilaterally increase Alpha Beta’s payment, noting that the governor did it for self-protection, “not expecting any backlash from Lagosians or the law enforcement.”

While Tinubu was said to be avoiding questions about his interest in Alpha Beta, it was alleged that “behind the scenes, funds transferred to the firm from Lagos government accounts have been directly traced to his family members, business interests and political cronies.”

Suspicious financial transaction between Alpha Beta and Ocean Trust, purported to be ‘an onshore Shell venture which Mr. Tinubu has been using to empty funds into Lagos-based media group TVC and other businesses he had publicly admitted owning,’ was revealed in November 2020.

Tinubu was reported in November 2020 to have opened a campaign office in Abuja for the 2023 presidential contest. The campaign headquarters was said to be situated on a land mass of 2,700 square metres  in the heart of Maitama. While Tinubu denied the report, his loyalists later accepted it, explaining that the office was opened by Tinubu’s associates. State officials alleged that Governor Sanwo-Olu purportedly Offered  financial support for the acquisition of the property.

Governor Sanwo-Olu was alleged to be disbursing state funds to finance Tinubu’s presidential campaign to justify his sponsorship by Tinubu to replace Ambode. Tinubu was said to have stopped Ambode from second term because he opposed the transfer of state funds to him.

The APC national leader, Tinubu, was said to have declined confirming or denying the use of Alpha Beta to raise funds from the Lagos State government to finance his presidential campaign. He refuted having control over Governor Sanwo-Olu or the Lagos State resources.

Tinubu was cited to have responded to enquiries thus: “I am not His Excellency Jide Sanwo-Olu.

“I have no control over how state resources are allocated.”

The Commissioner for Information, Gbenga Omotoso, was said to have dismissed the report as a rumour.

The Chief Press Secretary to the Governor, Gboyega Akosile, was cited to have said: “I don’t know where you got your figures. “But the revenue of the consultant is dependent on the revenue generated by the state.

“The governor has not tampered with the rate of Alpha Beta.

“It is a fallacious claim that the governor has increased revenues accruable to Alpha Beta. The governor is a financial expert and he understands the nitty-gritty of finance and will not tamper with such arrangements.”

The Chairman of Alpha Beta, Tunde Badejo, was said to be silent on the report.

Some other political actors in Lagos State, including Bode George, have been questioning Tinubu’s source of wealth, as well as his perceived perpetual control of Lagos State government and resources.

Source: The Gazette

Tinubu has finished Lagos Treasury, the most annoying part is that he's not even a true indigine of Lagos

Tinubu is originally from Iragbiji in Osun state but lived all his thieving life in Lagos ...

If Nigerians ever make the mistake of voting this man in 2023 then it means Nigerians truly love poverty

To which account exactly

N2.5 billion monthly Sanwo should remember, every Government has an expiring date O!

No be this same thief .. Yoruba people wish to sell to Nigerians ?

The biggest black nation on earth to be govern by a thief and a riffs..

God forbid evil... god forbid Tinubu and his urchins ..

This thief will turn FIRS to his personal pos .. just as he wanted to continue with the Yoruba thief .. before North removed the hand of the bloody criminal from nAtional purse

Tinubu is a Yoruba god for thievery and criminality.

Only good for Yoruba people of southwest Nigeria .

Don’t even know how he hypnotizes the governors of Lagos state

Grown men ... husbands .. will lose their sanity to a druggie.. involving in deep financial crimes for someone that won’t be there in years to defend their useless actions

Na pure juju

Sanwo-olu.. is a disgrace to manhood .. so all the predecessors..

Only in Lagos .. a criminal will bind a SAN with agreement

NationalD:
https://nationaldailyng.com/presidency-2023-sanwo-olu-funds-tinubus-campaign-with-n2-5bn-monthly-transfer-to-alpha-beta/

Governor Babajide Sanwo-Olu of Lagos State has been alleged to be funding the 2023 presidential campaign of the national leader of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu, with purported monthly transfer of N2.5 billion to Alpha Beta LLC. The Lagos governor was said to have allegedly increased the monthly share of the state generated revenue to Tinubu through Alpha Beta LLC from N800 million to N2.5 billion. Two former governors of the state, Babatunde Fashola and Akinwumi Ambode, were said to be allegedly making a monthly transfer of N800 million to Alpha Beta LLC believed to be controlled by Tinubu.

A report by The Gazette, an online publication, alleged that “State officials and financial records…detailed how Mr. Sanwo-Olu started paying N2.5 billion to Alpha Beta, the controversial tax processor for Lagos State government, about a year after he assumed office in an arrangement officials said was aimed at warehousing funds for Mr. Tinubu’s campaign.”

It was alleged that Tinubu still maintains firm control of Lagos State government after over 20 years of governing the state, and extended the grip of the state to the  Sanwo-Olu administration, in piling up funds for the presidential bid.

It was insinuated that Nigerians had suspected that Tinubu’s presidential ambition would be financed by “the politician’s vessel of ill-gotten cash and unredeemed favours.”

Alpha Beta was revealed to be “incorporated in 2002 to handle computation, tracking and reconciliation of internally-generated revenue in Lagos.” The incorporation of Alpha Beta was done when Tinubu was Governor of Lagos State. The Lagos State House of Assembly was also alleged to have approved 10% monthly commission of accrued revenue of the state government to Alpha Beta.

It was purported that after the completion of Tinubu’s two terms in 2007, the former governor’s link with Alpha Beta began to manifest.

It was noted that attempts by former Governor Fashola to oppose or halt the “arbitrary and exorbitant monthly payment to Alpha Beta in 2010,” triggered  political confrontation from the party leader towards the 2011 general elections.

It was alleged that financial records revealed that transfers to Alpha Beta from the state government treasury since 2013 has been about N800 million per month. Former Governor Akinwunmi Ambode succeeded Governor Fashola in 2015. Ambode also sustained the N800 million monthly transfer to Alpha Beta in his one term of four years.

In about one year Governor Sanwo-Olu succeeded Ambode – 2019 – the governor was alleged to have in mid-2020, raised the monthly share of Alpha Beta from the Lagos State revenue from N800 million to N2.5 billion. This was alleged to be part of pro-active preparations for the life ambition of former Governor Tinubu to become Nigerian president on the platform of the ruling APC.

Official documents and officials of the state government were said to have revealed that “Alpha Beta received N2,345, 816, 266.122 and N2, 378, 277, 356. 55 into its UBA account number 1021477046 from Lagos government account on July 2, 2020, and July 24.

“Similar amounts were paid into the firm’s bank accounts monthly throughout last year.”

Governor Sanwo-Olu was said to allegedly be paying an excess of N1.7 billion in the monthly N2.5 billion transfer to Alpha Beta from the previous N800 million allocation in the taxes and other statutory deductions transactions.

It was alleged that the increase of the transfer to Alpha Beta was decided after the outbreak of the coronavirus pandemic in 2020. An official of the state government was alleged to have revealed that Tinubu and Governor Sanwo-Olu resolved that “it was more strategic to start stockpiling cash early enough due to the uncertainties of the global health catastrophe.”

Official was alleged to have declared that “they have turned Lagos State and Alpha Beta into sister subsidiaries of Tinubu Group of Companies.”

The state official was cited to have argued that Alpha Beta has about 71 personnel, and “does not have the capacity to legitimately earn billions every month and should not be receiving funds well above its 10 per cent commission from total tax receipts per month.”

The official had also argued that Sanwo-Olu has no legal justification to unilaterally increase Alpha Beta’s payment, noting that the governor did it for self-protection, “not expecting any backlash from Lagosians or the law enforcement.”

While Tinubu was said to be avoiding questions about his interest in Alpha Beta, it was alleged that “behind the scenes, funds transferred to the firm from Lagos government accounts have been directly traced to his family members, business interests and political cronies.”

Suspicious financial transaction between Alpha Beta and Ocean Trust, purported to be ‘an onshore Shell venture which Mr. Tinubu has been using to empty funds into Lagos-based media group TVC and other businesses he had publicly admitted owning,’ was revealed in November 2020.

Tinubu was reported in November 2020 to have opened a campaign office in Abuja for the 2023 presidential contest. The campaign headquarters was said to be situated on a land mass of 2,700 square metres  in the heart of Maitama. While Tinubu denied the report, his loyalists later accepted it, explaining that the office was opened by Tinubu’s associates. State officials alleged that Governor Sanwo-Olu purportedly Offered  financial support for the acquisition of the property.

Governor Sanwo-Olu was alleged to be disbursing state funds to finance Tinubu’s presidential campaign to justify his sponsorship by Tinubu to replace Ambode. Tinubu was said to have stopped Ambode from second term because he opposed the transfer of state funds to him.

The APC national leader, Tinubu, was said to have declined confirming or denying the use of Alpha Beta to raise funds from the Lagos State government to finance his presidential campaign. He refuted having control over Governor Sanwo-Olu or the Lagos State resources.

Tinubu was cited to have responded to enquiries thus: “I am not His Excellency Jide Sanwo-Olu.

“I have no control over how state resources are allocated.”

The Commissioner for Information, Gbenga Omotoso, was said to have dismissed the report as a rumour.

The Chief Press Secretary to the Governor, Gboyega Akosile, was cited to have said: “I don’t know where you got your figures. “But the revenue of the consultant is dependent on the revenue generated by the state.

“The governor has not tampered with the rate of Alpha Beta.

“It is a fallacious claim that the governor has increased revenues accruable to Alpha Beta. The governor is a financial expert and he understands the nitty-gritty of finance and will not tamper with such arrangements.”

The Chairman of Alpha Beta, Tunde Badejo, was said to be silent on the report.

Some other political actors in Lagos State, including Bode George, have been questioning Tinubu’s source of wealth, as well as his perceived perpetual control of Lagos State government and resources.

Source: The Gazette

I am not surprised ooo. APC and corruption are inseparable.

The number one reasons i will not support tinubu is because he has indirectly told us that we are unfit to have an indigene governor

So he appoints political benefactors that will be loyal to him. People have over worshiped his blue print and believe no other person can do better than that.
Fashola would have presented a great successor but this glutton still wants to be incharge .

Just because of life long ambition lagos money sponsor other southwest governorship campaign issokay!

Las las if you no win wetin u gain?

i no blame sanwo olu. Jagaban is smarter than buharis cabinet because he paid for brains to work for him.
Even EFCC can't do shit after magu left

This story lends further credence to my comment earlier this year about Tinubu's Alpha-Beta's brazen looting of Lagos taxpayers' hard-earned money. That man has looted away the destiny of hapless Lagosians.

Credible sources had exposed how Sanwo-Olu unilaterally and without legal backing raised the monthly percentage for Tinubu to 14.6%, in addition to a fraudulent arrangement to jerk it up even further with an inexplicable 100% of the commission all with the intent of funding his greed-driven presidential ambition.

...and that's the sort of character some enemies of Nigeria are projecting to be entrusted with our national coffers!

PrinceOfLagos:
Tinubu has finished Lagos Treasury, the most annoying part is that he's not even a true indigine of Lagos

Tinubu is originally from Iragbiji in Osun state but lived all his thieving life in Lagos ...

If Nigerians ever make the mistake of voting this man in 2023 then it means Nigerians truly love poverty

Looolll.......and you are a true indigene of Lagos?

This is what is dangerous about you Igbos. Imagine trying to disenfranchise a Yoruba as undeserving in Lagos yet you people are always seeking higher stakes in Lagos political affairs.

Should this sort of talk be coming out of your mouth?

I just don't understand politics... because I can't comprehend why someone needs such huge amount of money in this short life when there are millions that needs it out there... abi I'm missing something ni

Lagos State is now part of the Tinubu group of companies

Buhari and his useless EFCC cannot do anything because, just like Amaechi used Rivers state money to bankroll his elections, Tinubu also used Alpha-Beta money to help him and Osinbajo. The bullion vans stationed in Tinubu's compound a day before presidential elections was not carrying grains, rather cash from Alpa-Beta As for EFCC, those ones have been reduced to rent collectors and yahoo boys chasers. The only way Lagos State and by extension Nigeria can be freed from these hulks is to vote out APC come 2023.