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Fraud: ‘Tinubu Boasted Suspended EFCC Chairman Magu Would Protect Him’




Fraud: 'Tinubu Boasted Suspended EFCC Chairman Magu Would Protect Him'

A former Managing Director of Alpha Beta Consulting, Oladapo Apara, has accused Bola Tinubu of boasting that he would be protected from his fraud by the suspended  chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.

Naija News reports that this was disclosed when Apara sued the Alpha Beta, Tinubu; and the current Managing Director of the firm, Akin Doherty; before a Lagos State High Court, Igbosere.

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


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

The former Alpha Beta boss in his statement of claim, said Tinubu, a National Leader of the All Progressives Congress (APC), boasted that the then acting Chairman of the EFCC, Ibrahim Magu, would protect him.

“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),” he wrote.


Apara also narrated how Alpha Beta was formed in 2002 when Tinubu was still the governor of Lagos state, adding that he was the one who came up with the idea of a consulting firm helping the state government to track and reconcile taxes.

The claimant said Tinubu accepted the proposal but gave many conditions including that his own people would own 70 per cent stakes in the company and that Tinubu nominated Adegboyega Oyetola and one Olumide Ogunmola.

“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.

“The claimant avers that following the agreement alluded to above; Alpha Beta Consulting Limited was incorporated in 2002 with the following shareholders: Dapo Apara (30 per cent), Olumide Ogunmola (40 per cent) and Adegboyega Oyetola (30 per cent),” he said.

The former Alpha Beta boss said Tinubu later directed that Oyetola’s shares be transferred to one Tunde Badejo, adding that Tinubu controlled the company which was receiving 10 per cent of the tax collected on behalf of the state.

Apara said due to the technological innovation that was deployed by him, the Internally Generated Revenue of the state grew from N10bn per annum in 2002 to N300bn in 2019.

According to the court documents sighted by this reporter, the former Alpha Beta boss said Tinubu directed that the incorporation structure of the Alpha-Beta Consulting Ltd be changed from a limited liability company to a limited liability partnership under a newly promulgated law in Lagos State. This he said happened in 2010 or thereabout.

The former Alpha Beta boss said the aim of the move was to shield Tinubu’s involvement from public scrutiny and that Olumide Ogunmola was named the managing partner of the newly transformed company while he became deputy managing partner.

Apara said Tinubu asked Ogunmola to step aside in 2014, while he was named managing partner.

The claimant 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.

Apara said he realised that all the payments were sanctioned by the partners nominated by Tinubu and they were done without his knowledge contrary to the terms of their partnership.

“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,” he said.

The former Alpha Beta boss said N960 million was spent on purchasing HITV’s 300,000,000 shares, adding that Tinubu was furious that he was looking into the company’s finances and ordered that he be demoted to deputy managing partner.

Apara said he refused to obey this order and this led to a feud between both of them. The feud, he said led to his forcefully removal from office while Tinubu’s former Commissioner for Finance, Doherty, was named the new head of the company.

The former Alpha Beta boss 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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