In 1999 when Tinubu was voted as gov of Lagos state, the state was generating less than 10 billion naira, annually on IGR.
But in year 2000, a young man took his idea, to the state govt, that he owns a company that can use computerisation to track & reconcile the IGR of the State
But in year 2000, a young man took his idea, to the state govt, that he owns a company that can use computerisation to track & reconcile the IGR of the State
The idea seems plausible, so a committee was set up by the state govt, to look into the presentation, & revert.
It was headed by then state Attorney-General, Prof Yemi Osinbajo. & members are Mr Wale Edun, Comm for Finance, & Yemi Cardoso, comm for Economic planning & budget.
It was headed by then state Attorney-General, Prof Yemi Osinbajo. & members are Mr Wale Edun, Comm for Finance, & Yemi Cardoso, comm for Economic planning & budget.
The committee members were convinced that the idea of the young man is workable, to increase the volume of the state IGR. So they recommended it to the state governor, Tinubu, for approval.
Tinubu invited this young man personally, to see him over his proposal to the state.
Tinubu invited this young man personally, to see him over his proposal to the state.
When the young man met with Tinubu, he told him pointblank that, before him as gov will approve that proposal, 70% of the company's equity, must be transferred to his proxy, one Olumide Ogunmola.
The young man agreed, so Tinubu asked him to meet with Olumide Ogunmola, to finalize
The young man agreed, so Tinubu asked him to meet with Olumide Ogunmola, to finalize
When the young man met with Olumide Ogunmola, he told him that, Tinubu had instructed him to structure something out, as regards the proposal, whereby, for every revenue they generate, 10% must be kept for themselves. While 90% returns to the state.
that percentage sharing formula agreement, must be subjected to a periodic review.
So Olumide Ogunmola and the young man sat, drafted, and came up with the company ABC Ltd. Alpha-Beta Consulting Ltd. Which will use the idea of the young man, and his company structure to operate.
So Olumide Ogunmola and the young man sat, drafted, and came up with the company ABC Ltd. Alpha-Beta Consulting Ltd. Which will use the idea of the young man, and his company structure to operate.
The company was incorporated in 2002, with the following share percentage.
40% share to Olumide Ogunmola.
30% share to the young man.
Tinubu used his nephew, Gboyega Oyetola, former Osun state Governor, to recieve the remaining 30% share, so it doesn't look suspicious.
40% share to Olumide Ogunmola.
30% share to the young man.
Tinubu used his nephew, Gboyega Oyetola, former Osun state Governor, to recieve the remaining 30% share, so it doesn't look suspicious.
After the incorporation of Alpha Beta Consulting Ltd in 2002 & it's structures, which was largely financed by Tinubu as a sitting governor, through his proxy Olumide Ogunmola, the governor approved that Alpha Beta Consulting Ltd be awarded consultancy contract for the assessment
& collection on behalf of the Lagos State Government all taxes &
Internally Generated Revenues due & payable to Lagos state government, at a 10% percent consultancy fee subject to a review benchmark which varies from time to time.
And they are to operate as the only firm for that
Internally Generated Revenues due & payable to Lagos state government, at a 10% percent consultancy fee subject to a review benchmark which varies from time to time.
And they are to operate as the only firm for that
It was the first contract Alpha-Beta Consulting Ltd, got in her life, after it's incorporation in 2002. (Go and verify)
By the time the company started business, Tinubu being the governor of Lagos State, instructed that, the 30% share allocated to Gboyega Oyetola, his nephew, be
By the time the company started business, Tinubu being the governor of Lagos State, instructed that, the 30% share allocated to Gboyega Oyetola, his nephew, be
Transferred to one Tunde Badejo, another of his proxies and front.
Follow this thread, a lot of corruption & criminalities will be exposed.
Tinubu took the young man's idea, to set up SPV, through which he stole Lagos money, & laundered billions.
To be continued tomorrow.
Follow this thread, a lot of corruption & criminalities will be exposed.
Tinubu took the young man's idea, to set up SPV, through which he stole Lagos money, & laundered billions.
To be continued tomorrow.
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