BUSINESS DAY
Leaked corporate documents have unveiled that Oluwaseyi Tinubu, the son of President Bola Tinubu, co-owned an offshore company with Ronald Chagoury hJr., the son of billionaire tycoon Ronald Chagoury.
This company, incorporated eight years ago in the British Virgin Islands, has come under scrutiny following the awarding of a $13 billion contract to build a 700-kilometer Lagos-Calabar coastal highway to Hitech Construction Company Ltd., a subsidiary of the Chagoury Group,
The contract for the Lagos-Calabar Coastal Highway, a project of immense national significance, was awarded without a public bidding process, raising eyebrows and sparking allegations of favoritism and corruption.
The young Tinubu is also a director on the board of CDK Integrated Industries, another subsidiary of the Chagoury Group.
Critics argue that the longstanding business and personal relationships between the Tinubu and Chagoury families have unduly influenced the awarding of the contract.
Minister of Works David Umahi, however, has defended the process, stating that it followed due procedure and that the matter is currently before the courts.
The leaked documents, part of a larger investigation by the International Consortium of Investigative Journalists, reveal that Oluwaseyi Tinubu was a majority shareholder in the offshore company alongside Ronald Chagoury Jr.
The British Virgin Islands, known for its corporate anonymity, provided a veil of secrecy over their business dealings until now. The current ownership status of the company remains unclear, as neither party has responded to requests for comment.
In 2000, Gilbert Chagoury was convicted in Switzerland for laundering money on behalf of Nigeria’s former military dictator, Sani Abacha.
The relationship between the Tinubu and Chagoury families is not new. The Chagoury brothers, Ronald and Gilbert, have long been associated with President Bola Tinubu, with their business empire benefiting from various government contracts over the years.
READ THE FULL STORY IN BUSINESS DAY
