‘What Is Tinubu’s Source Of Wealth, Does He Own Factories?’

Asiwaju Bola Tinubu is believed to be stupendously rich, especially after serving as governor of Lagos State, but no one appears to know much about how he made his money.

While he was not a poor man prior to his entry into the politics of Lagos, he was not known to be a fabulously rich person until he entered the Government House at Alausa.

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After his graduation from the Chicago State University, Illinois, in 1979, he only worked for three years before returning to Nigeria in 1983. His only known job after coming back to the country was as a senior auditor at Mobil Nigeria where he later became Treasurer before joining politics fully in 1990.

This is why many have questioned how he became so infinitely wealthy that he now moved funds in bullion vans.

But one of those who have demanded explanations about Tinubu’s source of wealth is Chief Bode George, who has persistently accused the former Lagos governor of milking the state, especially through Alpha Beta Consulting—the company set up to collect revenues for the state. 

A former Minister for Works and Housing, Adeseye Ogunlewe, who was then a member of the opposition PDP, had said after the 2015 election that it was difficult to dethrone the APC in Lagos because Tinubu “has too much money.”

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Although he had defected to the APC now to join Tinubu, in a recent interview published in The Punch on September 5, 2021, he confirmed that Tinubu had bought many of the opposition figures in the state, including those in the PDP. He said they would “shout” during the day but at night they are dining with the man “because they want to get money.”

Two billion vans were sighted in his Ikoyi residence on the eve of the 2019 presidential election, and it was believed they brought the cash he would use to oil his rigging machine.

A viral video of the vans in his Bourdilon home provoked public outrage with the political opposition urging the EFCC to move on to Tinubu. But the EFCC, which was then under Ibrahim Magu, responded that it had not received any petition asking that Tinubu be investigated.

But On October 25, 2019, Deji Adeyanju, convener, Concerned Nigerians, along with other activists, relied on Section 7 (1) (b) of the EFCC Establishment Act 2004 which empowers it to investigate the properties of any person whose lifestyle is not justified by his source of income, submitted a petition to the anti-graft agency.

The petition said Tinubu was a private citizen who should not be seen with a convoy of bullion vans.

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“The questions begging for answers are: What are bullion vans doing in the house of Asiwaju Bola Ahmed Tinubu? ‪Who owns the content, believed to be cash in the bullion vans that were seen entering the house of Bola Ahmed Tinubu on the eve of the Nigerian presidential elections?

“Has the commission, based on its core mandates, investigated the source of the Bullion Vans? ‪Is Bola Ahmed Tinubu’s house, now a bank where Bullion Vans now take money to?”

‪The activists called on the commission to “swing into action” and begin an investigation into the appearance of the bullion vans. But nothing has been heard about the petition since then.

Chief George is one of those Nigerians who think the EFCC may be undermining the anti-corruption posture of the President Muhammadu Buhari administration by its refusal to investigate Tinubu.

 “What kind of system allows you to bring a bullion van, not one but two, into your house on election day? Do you know the kind of money that will be there? It’s my money and that’s insane!

“Why has he not been asked to come and explain that? Is it because there are laws for Mr. A and B and that’s not it. That’s not government and democracy. Nobody is above the law,” he said.

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He said any man with the kind of wealth Tinubu has, who cannot explain how he legitimately made such wealth should not be trusted with leadership, especially the presidency of Nigeria.

He said. “For me that’s a big issue. You want us to trust you, explain to us how you got this humongous amount of money.  He himself was quoted and I saw and listen to it when he told one royal father that ‘Your state doesn’t have my money.’

“In America, there’s no safe haven for criminals including the rich because the government need your taxes for public utilities, schools for the less privileged and creating employment for people even supporting skills acquisition programs for the people. What has this man done in my state?”

Tinubu Has Acquired Lagos

Apart from the myriad of properties and companies believed to be owned by him in different parts of Lagos, his acquisition of legacy structures that were once the pride of Lagos is what has riled many Lagosians more.

Chief George, who is also a Lagosian, said Tinubu’s “craze” for the acquisition of properties is unmatched by anyone in the state, adding it is robbing the state of its historical pride.

He said, “Go to Awolowo road, the nursing hostel that was built by the first governor of Lagos state for the student nurses working at the General Hospital. Because they do night duties, afternoon duties and so on, they have to leave that close to the hospital. That one is gone now. So, where do you train nurses? What a blighted greed!

“On the same Awolowo road, the first shopping mall built by the first governor of Lagos state, Folomo shopping Mall, has been demolished. His son now puts his horses, about 80, there. That was the first shopping mall in Nigeria and it was a pride for us. It was a big place.

“Then come here to Ikoyi by Kingsway. That Ikoyi/Obalended Local Government structure which had been in existence since colonial days, Tinubu has acquired it. Go and see the humongous building he put there, building owned by the emperor. But he should realize that there is always a beginning and an end.”

 Seyi, Tinubu’s second son, who is the chairman of Loatsad Promomedia, is said to control outdoor advertising in Lagos State. Chief George also confirmed that “His son controls the whole of billboards in Lagos, signage. You cannot put up any billboard anywhere in Lagos except you go through his son’s company. Why? Where’s the competition? So he’s now the Emperor?”

Why Did EFCC Stop 2006 Investigation Of Tinubu For International Crimes?

Nuhu Ribadu, then chairman of the EFCC, had told the Senate in 2006 while briefing the red chamber about its activities for the year that Tinubu was being investigated for international crimes. Ribadu had told the senate that EFCC’s collaboration with Interpol and others had revealed some international dimension to crimes allegedly committed by Tinubu, who was then still the governor of Lagos.

But even after Tinubu left office as governor, the EFCC never pursued the case further.

Chief George told this website that he suspected there was a “deal”.

He said, “The Nuhu Ribadu that I know had been a very forthright and hardworking man. But somehow, he got the ticket of Tinubu’s party as a presidential candidate.”

Asked whether he was in the know of the alleged international crimes committed by Tinubu, Chief George said, “Ofcourse, we know. You know, in those days somebody was arrested for illegality and was deported. What was his name at that time and what is his name now? You know in those days there was no finger print and so on. But now you have those.

“ If you change your name it doesn’t matter. They saw that gap and moved in. There’s no hiding place for criminals again. No matter what name you call yourself, once you put those fingers there, the system will wake up quick that this is Mr Lagbaja.

“There are too many questions to answer. If you say you are selling your credibility, your capacity and personality for us to trust you, you must open yourself and let us know who the hell you really are?”

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