Leaked corporate records have revealed that Seyi Tinubu, the son of President Bola Tinubu, co-owned an offshore company with Ronald Chagoury Jr., the son of billionaire businessman Ronald Chagoury.
This company, registered eight years ago in the British Virgin Islands, has come under intense scrutiny after Hitech Construction Company Ltd., a subsidiary of the Chagoury Group, was awarded a $13 billion contract to construct a 700-kilometer Lagos-Calabar coastal highway.
The project, deemed crucial for Nigeria’s infrastructure, was awarded without a public bidding process, raising concerns of favoritism and corruption. Critics are pointing to the deep connections between the Tinubu and Chagoury families, suggesting that these ties may have unduly influenced the awarding of the contract. Seyi Tinubu also holds a board position at CDK Integrated Industries, another subsidiary of the Chagoury Group, further amplifying these concerns.
Minister of Works, David Umahi, has defended the contract award, insisting that the proper procedures were followed, while the matter is now being addressed in court.
The leaked documents, sourced from an investigation by the International Consortium of Investigative Journalists, indicate that Seyi Tinubu was a majority shareholder in the offshore company alongside Ronald Chagoury Jr. The British Virgin Islands, notorious for its corporate secrecy, shielded their business activities until now. The current ownership of the company remains unknown, as neither Tinubu nor Chagoury has responded to inquiries.
This controversy follows a history of questionable dealings surrounding both families. In 2000, Gilbert Chagoury, Ronald’s brother, was convicted in Switzerland for laundering money linked to Nigeria’s former military dictator, Sani Abacha. The Chagoury family’s business ties to Bola Tinubu date back many years, benefiting from multiple government contracts.
In May 2023, President Bola Tinubu praised the Chagoury brothers for their role in Nigeria’s development while launching the contentious coastal highway project. The revelation of this offshore partnership adds another layer to the controversies that have marred Tinubu’s presidency, from fuel subsidy removals to escalating living costs.
Seyi Tinubu has also been embroiled in various public controversies. His advertising firm, Loatsad Promomedia, has gained dominance in Nigeria’s outdoor advertising market, with many speculating that his father’s political influence played a significant role in its rise. In 2021, leaked bank documents exposed Seyi’s exploits in the Lagos advertising market, alongside his father’s former aide, Sunday Dare.
Further public outcry erupted over Seyi Tinubu’s extravagant lifestyle, including his ownership of Richard Mille watches worth billions of naira and his use of the presidential jet for personal leisure.
In May 2023, Bloomberg linked Seyi to the acquisition of a $10.8 million London property through Aranda Overseas Corp., another offshore entity where he is listed as a principal shareholder. The property, previously seized by Nigeria’s EFCC as part of an investigation into corruption, was used by Bola Tinubu during a medical trip to London in 2021.
These revelations surrounding Seyi Tinubu’s offshore dealings, along with his luxury lifestyle and personal access to state assets, have intensified calls for greater transparency and accountability within Nigeria’s political elite. In a country grappling with endemic corruption, the exposure of these financial maneuvers raises serious concerns about the integrity of the government and its leaders.
Transparency International’s most recent Corruption Perception Index ranked Nigeria 145th out of 180 countries, highlighting the persistent corruption challenges that plague the nation. The latest developments around Seyi Tinubu further underscore the urgency for reforms aimed at combating illicit financial flows and improving accountability at the highest levels of government.
