Leaked corporate documents have revealed that Seyi Tinubu, son of President Bola Tinubu, co-owned an offshore company with Ronald Chagoury Jr., the son of billionaire businessman Ronald Chagoury. This company, established eight years ago in the British Virgin Islands, is now under scrutiny following the awarding of a substantial $13 billion contract to Hitech Construction Company Ltd., a subsidiary of the Chagoury Group, for the construction of a 700-kilometer Lagos-Calabar coastal highway.
The contract, which is of significant national importance, has raised eyebrows due to its award without a public bidding process, leading to allegations of favoritism and corruption. Critics argue that the close business and personal ties between the Tinubu and Chagoury families may have influenced this decision.
Seyi Tinubu also serves as a director on the board of CDK Integrated Industries, another subsidiary of the Chagoury Group. Minister of Works David Umahi has defended the contract process, asserting that it followed due procedure and is currently under judicial review.
The leaked documents, part of a broader investigation by the International Consortium of Investigative Journalists, indicate that Oluwaseyi Tinubu was a majority shareholder in the offshore company alongside Ronald Chagoury Jr. The British Virgin Islands, known for its corporate anonymity, has allowed these business dealings to remain concealed until now. The current ownership status of the company has not been clarified, as neither party has responded to requests for comment.
The relationship between the Tinubu and Chagoury families is longstanding, with the Chagoury brothers having historically benefited from various government contracts. In a recent event marking the commencement of the coastal highway project, President Tinubu praised the Chagoury brothers as “worthy stakeholders” who believe in Nigeria’s future.
This latest revelation adds to the growing list of controversies surrounding the Tinubu administration, which has faced criticism for its handling of economic policies, including the removal of fuel subsidies and the rising cost of living.
Seyi Tinubu’s business ventures have often attracted scrutiny, not only for their success but also for the timing and networks involved. His advertising company, Loatsad Promomedia, has become a major player in Nigeria’s outdoor advertising market, with allegations suggesting that its growth was aided by his father’s political influence.
Additional controversies include Seyi’s acquisition of luxury items, such as a Richard Mille RM 055 watch valued at $550,000, and his involvement in a $10.8 million London property linked to fraud. This property was previously seized by Nigeria’s Economic and Financial Crimes Commission (EFCC) amid investigations into corruption.
In light of the leaked documents, Seyi Tinubu’s partnership with Chagoury in an offshore company raises significant concerns about transparency and accountability, particularly in a nation grappling with corruption and illicit financial flows. According to Transparency International’s latest Corruption Perception Index, Nigeria ranks 145th out of 180 countries, highlighting the pervasive corruption challenges facing the country.