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Tinubu: APC National Leader implicated in financial misappropriation as ex-Alpha Beta MD reveals sordid details involving Magu



Supreme Court

The former governor of Lagos State, Bola Tinubu, on Thursday, October 8, was fingered in a financial misappropriation scandal after a revealing disclosure by a former Managing Director of Alpha Beta Consulting, Mr. Oladapo Apara.

These details were publicised after Apara sued the company, Tinubu, and the current Managing Director of the firm, Akin Doherty; before a Lagos State High Court, Igbosere.

In the writ of summons marked LD/7330GCMW/2020, Apara asked the respondents to appear within 42 days or judgment may be given in their absence.

The petition addressed to the Economic and Financial Crimes Commission, accused the company of N100bn fraud but two years after, the EFCC had yet to take action.

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In his statement of claim, the former Alpha Beta boss said Tinubu boasted that the then acting Chairman of the EFCC, Mr Ibrahim Magu, would protect him.

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).”

Apara also narrated how Alpha Beta was formed in 2002 when Tinubu was still the governor.

Furthermore, he claimed that he was the brains behind the establishment of a consulting firm; to help the state government to track and reconcile taxes.

Apara said Tinubu accepted the proposal but gave many conditions; including that his own people would own 70 per cent stakes in the company.

The former Alpha Beta boss said Tinubu nominated Adegboyega Oyetola and one Olumide Ogunmola.

He stated, “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.”

He said Tinubu later directed that Oyetola’s shares be transferred to one Tunde Badejo.

Apara said as the head of the company, he began looking into its finances and he made many startling discoveries; such as mysterious transfers of over N20bn in different currencies to several companies; including payment of N1bn to Vintage Press, publishers of The Nation newspaper; and Lagoon Press Limited, publishers of National Life Newspaper.

He stated, “N550million payment to Ocean Trust Ltd vide payment instruction dated the 15/5/18 (h) N850million payment to Ocean Trust Ltd vide payment instruction dated the 14/3/15; (i) N1 billion in Afkar printing Press together with Vintage Press Limited and Lagoon Press Limited in October 2017.”

Apara stated that Tinubu was furious that he was looking into the company’s finances; and ordered that he be demoted to deputy managing partner.

He said since his illegal removal, he had been denied of his dividends as a founding partner of the company; and asked the court to order full payment of his entitlements.


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