Tinubu’s Company in legal fireworks over N150 billion profit in ten years

A limited liability company, Alpha-Beta Consulting LLP, a revenue consulting firm owned by Ahmed Bola Tinubu has been sued for breach of agreement it entered with other partners.

A former Managing Director of Tinubu’s firm, Oladapo Apara revealed that Alpha-Beta was floated in year, 2000 by the National leader of the ruing All Progressives Congress (APC), Ahmed Bola Tinubu, but has been operating through cronies.

Apara explained that within the time he served as Managing Director, the firm has got over N150 billion as 10 per cent commission for “computing, tracking and reconciling” Lagos State’s Internally Generated Revenue since the year 2000.

He claimed that the business model was his brainchild but was hijacked, as Tinubu, who was then Lagos Governor, allegedly insisted on 70 per cent shareholding by his two nominees as a pre-condition to give approval.

This explanation came to fore in a suit Apara instituted at the Lagos State High Court in Igbosere, seeking to recover “all the sums adjudged to be due to the claimant,” from the revenues so far made by Alpha-Beta, adding that the money be paid him with 10 percent interest.

The plaintiff named Alpha-Beta, Ahmed Bola Tinubu and.the current Managing Director of the firm, Akin Doherty as 1st-3rd defendants in the suit.

According to Apara the current MD of Alpha-Beta was the Commissioner for Finance when Tinubu governed Lagos State, hence, he has full grasp of the transactions.

In the suit, Apara claimed that with the deployment of technology, Alpha-Beta helped Lagos State to raise its IGR from N10 billion in 2002 to over N300 billion in 2019.

In his statement of claim, he stated, “The claimant avers that the 1st defendant LLP has received from the Lagos State Government commission for its services estimated at over N150bn from 2010 till date.

“The claimant avers that despite the huge income made by the 1st defendant LLP since 2010 till present, Messrs Tunde Badejo and Akin Doherty, acting under the direction of the 2nd defendant (Tinubu), breached Clause 8 of the Partnership Agreement and denied the claimant his share of the profit from the partnership as provided in the agreement.”