Documents Reveal Tinubu and Chagoury Sons’ Offshore Company Amid Contract Favoritism Allegations
Leaked documents have disclosed that Oluwaseyi Tinubu, the son of President Bola Tinubu, co-owned an offshore company with Ronald Chagoury Jr., the son of billionaire Ronald Chagoury. The company, incorporated eight years ago in the British Virgin Islands, has drawn scrutiny following the awarding of a $13 billion contract to build a 700-kilometer Lagos-Calabar coastal highway to Hitech Construction Company Ltd., a Chagoury Group subsidiary.
The contract, which is of significant national importance, was awarded without a public bidding process, leading to allegations of favoritism and corruption. Oluwaseyi Tinubu is also a director on the board of CDK Integrated Industries, another Chagoury Group subsidiary.
Critics argue that the long-standing business and personal ties between the Tinubu and Chagoury families may have influenced the contract award. Minister of Works David Umahi defended the process, stating it followed due procedure and is currently under judicial review.
The leaked documents, part of an 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’ corporate secrecy initially shielded these business dealings, and the current ownership status remains unclear as neither party has commented.
The Chagoury brothers, Ronald and Gilbert, have long been associated with President Tinubu, with their business empire benefiting from various government contracts. Gilbert Chagoury was convicted in Switzerland in 2000 for laundering money for Nigeria’s former military dictator, Sani Abacha.
This revelation adds to controversies surrounding Tinubu’s administration, which has faced criticism over economic policies and the rising cost of living. Seyi Tinubu’s business ventures, including his advertising company Loatsad Promomedia, have drawn attention for their timing and connections. Additionally, his purchase of a luxury Richard Mille watch and a $10.8 million London property has been controversial, with links to a previous EFCC investigation.
In recent months, Seyi Tinubu faced criticism for flying a presidential jet to a polo match while many Nigerians struggled economically. In response, President Tinubu ordered his son and others to cease attending the Federal Executive Council meetings, highlighting concerns over undue access.
The involvement of Seyi Tinubu in offshore dealings raises serious questions about transparency and accountability, particularly in a country grappling with corruption. Transparency International’s latest Corruption Perception Index ranks Nigeria 145th out of 180 countries, underscoring the pervasive corruption challenges in the nation.
