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General News of Wednesday, 3 May 2023


How international media reported Tinubu's son's $10.8 million UK mansion acquisition

Seyi Tinubu and his father, President-elect Bola Tinubu Seyi Tinubu and his father, President-elect Bola Tinubu

Seyi Tinubu, the son of President-elect Bola Tinubu has been reported to have acquired a London mansion that the federal government was planning to seize over an alleged $1.6 billion fraud.

This comes barely a month after his father was declared winner of the 2023 presidential election held on February 25 by the Independent National Electoral Commission, INEC.

It was said that unreported corporate documents prove that Oluwaseyi Tinubu owns an offshore company that paid Deutsche Bank about $10.8 million for the property in late 2017 and that the lender had taken over the house from businessman Kolawole Aluko through a foreclosure.

The United Kingdom property is a private three-floor residence located in St. John’s Wood, a district favored by American bankers. The mansion is equipped with an eight-car driveway, two gardens, electric gates and a gym.

According to report by, when Oluwaseyi Tinubu’s company bought the real estate in 2017, the federal government led by his father's ally President Muhammadu Buhari was seeking to arrest Aluko, following accusations of owing the country an oil-trading debt.

Report indicates that the anti-corruption agency also attempted to confiscate the mansion as one of more than a dozen assets it suspected had been acquired by the businessman with the profits of crime.

Although, Aluko denied all allegations saying a court judgment earlier this year had acquitted a former business partner and has since cleared his name.

However, there has been no suggestion that the incoming leader was personally involved in the acquisition.

This has raised concerns over the Tinubu's family source of wealth and how he funded the 2023 campaign that led to his victory.

Prior to the February 25 election, Bola Ahmed Tinubu has said he made his fortune before going into politics by inheriting real estate, investments and working as an accountant and oil executive in the 1980s.

Bola Tinubu has been faced with several allegations bodering on drugs, heroin trafficking, money laundering among others, accusations he has denied.