₦airaland Forum

Bank Documents Expose How Tinubu’s Alpha-Beta Transferred Billions To Shell Company Run By TVC, BRT Executives.

The money was part of at least N3.8bn that went to Ocean Trust in seven transactions in January and May 2018 for services that neither Alpha-Beta nor the beneficiary could yet explain.

Between May 14 and 15, 2018, Lagos State Government’s tax contractor, Alpha-Beta, transferred N1.75bn to Ocean Trust Ltd in three transactions of unclear origin, Peoples Gazette reported as its ongoing examination of Lagos finances throws up yet another suspicious handling of public funds.

The money was part of at least N3.8bn that went to Ocean Trust in seven transactions in January and May 2018 for services that neither Alpha-Beta nor the beneficiary could yet explain, the Gazette found as the first media outlet to obtain the company’s bank statement.

Bola Ahmed Tinubu
On Monday, the Gazette exposed how Alpha-Beta received from and transferred large transactions worth billions of naira to businesses linked to an Internet fraud syndicate.

The Gazette was unable to trace Ocean Trust to any physical address in Nigeria, but its CAC filings showed it was registered in 2001 and operated by political and business associates of Omobola Tinubu, who governed Lagos between May 1999 and May 2007 and now seeks the presidency in 2023.

Ocean Trust’s registered office address in the CAC filings was 684, Idowu Taylor Street, Victoria Island, Lagos.

The address, also known as Freedom House, has been known as Mr Tinubu‘s administrative office, housing several organisations and media offices owned by him.

CAC filings showed Yemi Adefarakan once held majority shares of 4.6 million in Ocean Trust.

Mr Adefarakan now holds the position of executive director and group financial officer of Continental Broadcasting Service, owners of TVC News and other related media subsidiaries in Lagos and Abuja.

Adefarakan is also a director at Primero, operators of Lagos metro services BRT.

Primero is led by Fola Tinubu, a cousin of the former Lagos governor and ruling party chief.

Also on the registration filings of Ocean Trust was Frank Obi, group executive director of Paragon Holdings.
Paragon built Ikeja City Mall, Circle Mall, Oshodi LAWMA Complex, Simpson LAWMA Complex and once held a 20 per cent stake in Ikeja City Mall.

Mr Obi, who is also a non-executive director at Primero, had two million shares in Ocean Trust.

Kehinde Durosinmi-Etti, head of Lagos State Security Trust Fund, was also on Ocean Trust CAC document obtained by the Gazette with 2.4 million shares, alongside a former senator, Jonathan Zwingina, who had 2.5 million shares.

Wema Bank account opening package obtained by the Gazette showed Mr Adefarakan was a signatory to Ocean Trust’s financial activities.

Messrs Adefarakan and Obi used the same address in the account opening documents: 19A, Abagbon Close, Victoria Island.

A spokesperson for Wema Bank did not immediately return a request seeking comments about whether the financial institution conducted a physical inspection of Ocean Trust’s address when it updated the firm’s know-your-customer diligence in 2016.

Messrs Obi and Zwingina declined multiple requests seeking comments from the Gazette about their ties to Ocean Trust.

Mr Durosinmi-Etti, a former CEO of Skye Bank, initially denied any ties to Ocean Trust, saying he had never heard of the firm.

But when the Gazette showed him the CAC documents that confirmed he was involved, the security fund manager said his memory of the business had become fuzzy.

Mr Adefarakan also initially denied links to Ocean Trust but when reminded that he ran the firm with Mr Obi and others and the 2018 transfers from Alpha-Beta, he warned the Gazette not to proceed with our story.

Mr Adefarakan said the bank documents were “classified,” warning in Yoruba that “e ma ba nkan je oh,” i.e.: publishing the documents could trigger chaos within their circles.

Although its CAC filings showed involvement of members of Lagos political and business elite, Ocean Trust had no known physical address.

The Gazette tracked Ocean Trust to Freedom House and other addresses in Lagos but no one admitted familiarity with the name.

Yet, Alpha-Beta moved billions to the apparent shell company presumably from its opaque and questionable earnings from successive Lagos governments since Tinubu.

On January 12, 2018, Alpha-Beta transferred N800m to Ocean Trust.

Barely a few days later, the company also received N750m on January 15 and another N450m on January 16. 

Ocean Trust again received N750m from Alpha-Beta on May 14, 2018.

The next day on May 15, the firm received N1bn in two tranches of N550m and N450m from the tax contractor, documents showed.

On May 17, N50m went to Ocean Trust from Alpha-Beta.

All the transactions, totalling N3.8bn in the reviewed period, were vaguely described as ‘outflow’, making it difficult to understand their purpose.

Afolabi Aremu, chief account executive at Alpha-Beta, suggested the transactions were legitimate, but failed to elaborate on the company’s business with Ocean Trust to the Gazette.

Our findings came as Mr Tinubu and Alpha-Beta were striving to extricate themselves from money laundering charges raised against them by Dapo Apara, a former CEO of Alpha-Beta, who said Mr Tinubu controls Alpha-Beta as a conduit for siphoning Lagos funds to service his political and business structures.

In separate statements, Mr Tinubu and Alpha-Beta denied allegations of corruption, but neither denied Mr Apara’s claim about Tinubu’s control of Alpha-Beta.

Last month, Tinubu confirmed ownership of TVC and The Nation newspapers, yet neither he nor any member of his family reflected in the CAC documents of both companies.

The former Lagos governor effectively admitted using proxies to hold commercial interests across multiple companies.

Alpha-Beta’s enduring status as Lagos government’s main tax consultant has generated keen interest of taxpayers and criticism of political opposition.

In 2012, Lagos PDP chief Adegbola Dominic filed an FoI seeking disclosures of Lagos government’s businesses with Alpha-Beta, but he was turned down on the basis of FoI’s irrelevance in Lagos as a federal law.

Alpha-Beta continued its business with Lagos unchecked, receiving an irrevocable order to take from Lagos monthly federal allocations.

The company’s bank statements are being published for the first time since it became the preeminent tax consultant for the richest state in the country, and they reflected vast transfers to business and political associates of Tinubu.

Tinubu was the governor when Alpha-Beta, founded by Apara, became Lagos’s main tax collectors.

There were claims that the government was paying Alpha-Beta some commissions for confirmed tax receipts, but the company’s bank accounts published on Monday by the Gazette reflected other transactions that appeared to show a fixed monthly revenue from Lagos coffers.

Apara said in court filings that most of the transactions from Alpha-Beta were transferred to other entities linked to Tinubu in a manner that suggested money laundering.

Tinubu and Alpha-Beta denied the allegations.

Still, both Alpha-Beta and Lagos authorities have continued to deny the Gazette requests for them to clarify some of the suspicious transactions in the bank documents.

http://saharareporters.com/2020/11/13/bank-documents-expose-how-tinubu%E2%80%99s-alpha-beta-transferred-billions-shell-company-run-tvc

Grandmeister:
But if she go Oyibo land and dem tell am make she no kill snake she go see am as good thing abi? That’s a ball python, the mildest and smallest of pythons in this part of the world. Na pet for many places, why she go wan kill am? My people perish for lack of knowledge truly.

Why blame her for what she don't know. Why did her guy not tell her about such a fetish believe before taking her home? There is no one who knows nothing about such culture or believe that would not think otherwise.

I like GEJ he is far better than bubu, but he shouldn't accept the offer. I don't think he would want to contest again.

SilverNorGold:
They are jealous because detective Fashola unraveled a comic mystery none of them could unravel for days.. They have spent days searching for a clue, but took Fashola just a moment to spot the needle in the haystack..

Lazy bunch! Instead of them to focus on their work, they were busy studying the poorly photoshopped pictures designed by some of these Nairaland 2k graphic designers who want to see Nigeria burn... Now they are jealous that it took Fashola few minutes to win the Gulder Ultimate Search.. Nonsense!

May God heal and bless Nigeria.

I don't think you are right. The panel starts sitting today, why would he go there before the panel sits and how come those that clean the place did not see any camera. Somebody who is not on investigation now came from Abuja and saw camera. Something serious is happening. Another film loading

AMINDA:
She is already cashing out on the boy's death, whereas, the real mother is in Aba, Abia State!

For real?

The mother of one Anthony, who was among the #EndSARS protesters allegedly shot dead by soldiers at the Lekki tollgate in Lagos, is in grief over the circumstances surrounding her son’s death.

Soldiers had on Tuesday opened fire on the protesters and no fewer than six persons were alleged to have been killed in the process.

Governor Babajide Sanwo-Olu, who had initially declared that no death was recorded, later confirmed three casualties as against the huge figures quoted by eyewitnesses at the scene of the incident.

Footage of Anthony’s mother, which was reposted on Instagram by showed her chronicling the circumstances surrounding her son’s death at the Lekki tollgate.

She said, “It has not been easy, I never knew that Anthony has so many friends like this. First of all, I want to thank his friends, who picked him up when he was shot; if it wasn’t for his friends, maybe the soldiers who picked up other corpses would have picked him up and say nobody died.

Those children saw when Anthony was running with gunshot wounds; they stayed with him; some of them fell under vehicles; a lot of things went on.”

When contacted, the state Police Public Relations Officer, Muyiwa Adejobi, said, “I can’t react to the Lekki tollgate issue because there is a panel on that. The panel is in the best position to react to any issue that concerns the Lekki tollgate incident.”

https://punchng.com/friends-prevented-soldiers-from-going-away-with-my-sons-body-in-lekki-grieving-mother/

samesta:
Ticket 1:
Rigas vs jelgava ...1
Juventus v Verona...1
Omonia v Enosos....1
Molde vStromsgodset....1
3.25 odds.

Ticket 2:
Bochum v erzeberge....1
Fiorentina v udinese...1
Benevento v Napoli...2

5.25 odds

Ticket 2 : 5.25 odds won

Ticket 1:
Rigas vs jelgava ...1
Juventus v Verona...1
Omonia v Enosos....1
Molde vStromsgodset....1
3.25 odds.

Ticket 2:
Bochum v erzeberge....1
Fiorentina v udinese...1
Benevento v Napoli...2

5.25 odds

Even your government is applying a mob mentally in governance.

Anti-Christ?

Nigeria is playing with 6 defenders?

Mummymahdi:
Don't worry d war can be technically defeated in 6days

Imagine if Ebola Virus came into Nigeria under this Government. What would have happened .
We pray coronavirus would not see Nigeria

puyol005:
I still don't understand the verdict

The verdict is final because it came from supreme criminals

tukdi:
All the lovers of true democracy are weeping now.

Weeping because of Supreme Criminals (SC)

Elder statesman Alhaji Tanko Yakasai, reacting to Tuesday’s surprise verdict of the Supreme Court announcing Senator Hope Uzodimma of the All Progressives Congress (APC) as the winner of the 2019 Imo State governorship election, has expressed concern, suggesting that the outcome reinforces the perception that the judiciary appears to have been compromised by the Buhari administration.

Yakasai said that although he is not a member of the People’s Democratic Party (PDP), he nevertheless sympathised with party supporters in Imo State over their loss, regretting that their initial euphoria and jubilation over the election was short-lived, even as he expressed worry that, in his words: “a junior Okoracha is out while a senior Okoracha is in Imo State.”

He noted that the victory of the APC in Imo State, seen alongside the party’s recent victory in Bayelsa State, means that the ruling party has finally broken the southeastern wall, which until now had remained impenetrable to it.

Surprised by the judgement of the Supreme Court, Yakasai hinted that the APC appears determined to secure in court what it could not secure with the ballot box, saying that the party has established a curious pattern of winning power through the court of law rather than on electoral grounds

The Second Republic politician also maintained that the APC could accept to lose at the ballot boxes, the tribunal or even at the Court of Appeal, but would deploy all its arsenals to be the winner at the Supreme Court.

“The present political situation in the country should be a matter of concern to all the lovers of true democracy… the country needs a committed election commission, robust judiciary and the courageous media if it is to sustain the struggle for true democracy in Nigeria,” he declared

The opposition must realise that they are fighting opponents that have over the time been busy concentrating all political and economic power in our nation under their control and of making their party be in control of not only state power but financial and economic powers as well. And they are doing this through threats and intimidation.

“My concern is that we seem to be progressively moving towards a one-party state… because the choice to oppose or to remain in the opposition political parties is gradually being undermined by these sorts of experience from the institutions that are supposed to be the vanguard of the nation’s march towards democracy.”

While stressing that the verdict should serve as a real lesson for the forces pushing for true democracy in Nigeria, he advised the losers to go back to the drawing board and re-strategise in order to be stronger in future electoral contests.”

https://www.sunnewsonline.com/imo-supreme-court-verdict-its-junior-okorocha-out-senior-okorocha-in-tanko-yakassai/amp/

Those accusing Emeka Ihedioha’s legal team as doing so little, are not informed … They did what they should do, but SC chose their way

(1) Ihedioha’s legal team filed a cross petition which the Briefs were adopted alongside Hope Uzodinma’s appeal.

(2) The Supreme Court in its Judgement never referred to it as they are expected to .
(3) The Supreme Court merely adopted and relied on the 1st two issues for determination raised by the appellant and entered Judgement.

(4) INEC at the Tribunal, up till the Supreme Court, disowned the election results from those polling units as elections were not held therein .

(5) The Question that should have bothered the Supreme Court was: “where did Mr Hope Uzodinma get those forms EC 8As, which was not tendered by INEC, rather was tendered through a policeman via subpoena?”

(6) Can you talk about results from 388 polling units without presiding officers of those polling units or witnesses from those polling units? No !

(7) Did the petitioner call 388 presiding officers of these polling units or witnesses across these 388 polling units to render the said results? No !

( Elections are conducted at the polling units and in a case like this, ingredients of proof or otherwise should be generated from these polling units and ought to be anchored on human witnesses.

No matter how anyone try to defend this, it is a sad judgement for our Democracy.
Sad that we must live with it, but for posterity sake, am making my position known on this matter .
It is about our Constitutional Democracy and not about anyone or party here !

https://elombah.com/ihediohas-legal-team-was-apt-scourt-was-simply-mischievous/amp/

Please what is the meaning of "stood down judgement"

1. Sporting Charleroi vs Oostende
Sporting Charleroi have played 29 games in the league, won 10 draw 6 and loss 3 and is placed fourth with 36 points. In it's last 5 home matches it has won 4 and lost 1 to anderlecht*** while oostende have played 20 matches won 5 draw 3 loss 12 and is placed 14 in the 16 team league. Oostende have lost the last 5 away matches it had played and have won just 1 drew 1 in 25 away matches it has played. Oostende has a terrible away record this season.
Prediction: home win

2. Dundee United vs Dundee FC
Dundee United are topping the table after playing 28 matches winning 15 and lossing 3. It won the 9 home matches it had played *** Dundee fc on the other hand also have a good record. Dundee fc played 28 matches won 8 draw 4 and loss 6. It played 9 away matches won 3 draw 3 and loss 3.
Dundee United is expected to continue it's winning streak to 10.

Prediction: Dundee United would win.


Sporting Charleroi v oostende... 1
Dundee United v Dundee fc ........1
Odds: 2.33