3 Things Tinubu’s Asset Declaration Could Unravel
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Politics - April 3, 2023

3 Things Tinubu’s Asset Declaration Could Unravel

President-elect, Bola Ahmed Tinubu has been given three months to submit his asset declaration forms to the Code of Conduct Bureau (CCB) in line with the 1999 constitution. The asset declaration which requires that Tinubu state all properties and assets acquired within or outside the country could unravel some things about him.

According to the constitution, Tinubu is also expected to state the value of his assets in the currency of the country where the property is situated. These could probably solve the question of Tinubu’s net worth amongst other things. Let’s take a look at some of them:

It could address the controversies surrounding his source of wealth

Over the years, Tinubu has faced a lot of questions about his source of wealth. This comes as Nigerians question the expenditure that makes him as wealthy as he is. Tinubu who has been pressured, investigated and questioned on various occasions revealed that he inherited great real estate, and bought stocks that greatly increased his wealth. 

He also claimed that he has not taken any government appointment or contract since he left office. However, a United States Attorney, Michael Shepard, who spoke on Tinubu’s drug dealings revealed that Tinubu opened about 10 accounts in the name of Bola Tinubu and Compass Finance and Investment Limited in late December 1989 and January 1990, and deposited funds far over his earnings in Mobil Oil, where he was working at the time.

The subject of the source of his wealth could be addressed because according to the CCB, Tinubu is to declare his money, landed properties, vehicles, shares, bonds and others and how he got them. Failure to do so could make him face trial and lose office. 

It could provide an answer to who truly owns Oriental Hotel and Civic Center.

The ownership of the Oriental Hotel located along the popular Ozumba Mbadiwe road, Victoria Island has always been a controversial matter. Recall that the hotel was targeted by hoodlums in the aftermath of the Lekki shooting on the ground that the asset belonged to Tinubu. Despite claims by Tinubu that his administration only invested resources to clear the dumps at the place where the hotel and the civic centre are located, critics still link the properties to him.

Tinubu, who was governor between 1999 and 2007, said he does not own the Oriental Hotel and other properties linked to him. He once said,  “I brought private investors, hospitality— they created the boat club, the Civic Center that is of great value to many people today—that was a refuse dump. Nobody would easily remember that Oriental Hotel was a refuse dump— a mile of refuse along that corridor. It took several months of escalating and a great investment for those investors to take the risk. The majority of those assets they claim are mine are not mine.”

The asset declaration could eventually put an end to controversies concerning the ownership of these properties. 

It could reveal the number of Tinubu’s properties outside of Nigeria

Asiwaju reportedly forfeited the sum of $460,000 to the authorities of the United States of America in connection to his alleged drug dealings. The sum which was taken from his account in First Heritage Bank and Citibank in the US shows that Tinubu has some properties outside the country. A publication by Abdulmumin Jibrin, Director General of Asiwaju Support Group Management Council revealed that Tinubu has had investments all over the world, including a massive shareholding in Apple inc. It also revealed that Tinubu is a shareholder in Manchester United (a football club). Also, another publication by Taiwo Ogundipe a journalist revealed that Tinubu has a Gas station in Washington DC. His asset declaration could unravel the number of properties owned by Tinubu outside Nigeria.

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