Leaked corporate documents have revealed that Seyi Tinubu, son of President Bola Tinubu, co-owned an offshore company with Ronald Chagoury Jr., son of billionaire Ronald Chagoury.
The company, established eight years ago in the British Virgin Islands, has come under scrutiny after a $13 billion contract to construct a 700-kilometer Lagos-Calabar coastal highway was awarded to Hitech Construction Company Ltd., a subsidiary of the Chagoury Group.
The awarding of the contract, which is of national importance, bypassed a public bidding process, sparking accusations of favoritism and corruption.
Seyi Tinubu also serves as a director on the board of CDK Integrated Industries, another Chagoury Group subsidiary.
Critics argue that the close business and personal ties between the Tinubu and Chagoury families may have influenced the contract’s allocation.
However, Minister of Works David Umahi defended the process, claiming it adhered to due procedure and that the matter is now before the courts.
The leaked documents, part of a larger investigation by the International Consortium of Investigative Journalists, indicate that Oluwaseyi Tinubu was the majority shareholder of the offshore company alongside Ronald Chagoury Jr.
The British Virgin Islands, known for its corporate secrecy, had shielded their dealings until now. The current ownership status of the company is unclear, as both parties have remained silent on the matter.
In 2000, Gilbert Chagoury was convicted in Switzerland for laundering money for Nigeria’s former dictator, Sani Abacha.
The relationship between the Tinubu and Chagoury families is longstanding. The Chagoury brothers, Ronald and Gilbert, have had ties with President Bola Tinubu for years, with their business benefiting from various government contracts.
During the May flag-off of the coastal highway project, the president praised the Chagoury brothers as “worthy stakeholders” who believe in Nigeria’s future.
This revelation adds to the controversies surrounding Tinubu’s administration, which has faced criticism over economic policies like the removal of fuel subsidies and the increasing cost of living.
Seyi Tinubu’s business dealings have often attracted attention, not just for their success but also for the timing and the networks involved.
His advertising firm, Loatsad Promomedia, is now a key player in Nigeria’s outdoor advertising sector, with allegations that its growth was aided by his father’s political influence.
