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Why Lagos State Nigeria’s Debt Profile Is Huge – Bola Tinubu’ Fraud & Massive Looting Exposed

August 24, 2013 – Why Lagos State Nigeria’s Debt Profile Is Huge – Bola & Remi Tinubu’ Fraud & Massive Looting Exposed

**the biggest corruption and fraud in Nigeria since Independence. This is the reason Lagos’s debt is bigger than the whole of S/west, S/East, N/East and N/Central states together.

The massive looting of Lagos state by the Leader of the Action Congress of Nigeria, Asiwaju Bola Tinubu has reached monumental proportion. Tinubu whose companies recently cornered a multi billion road construction job in Ogun State, has in his pocket all the juicy contract in all the Action Congress’ states.

In retrospect, it might be difficult to come to terms with the fact that an individual could hold the entire south west to ransom. There is no doubt that Tinubu has succeeded in buying the Lagos State government, and he has done this using government funds.
Whenever someone in Lagos begins to wonder where their 4th mainland bridge went, or what was the fate of the pipe-borne water project, or even where the schools and hospitals had vanished to, there is a silence that contains it all. The largest landlord in Lagos has done as he has pleased, and the rest of the state just has to deal with it. For instance: Number 4, Oyinkan Abayomi (formerly Queens) Drive, Ikoyi: A 5-bedroom detached house on one acre of land which was originally the Lagos State Governor’s guest house since 1979, but which now belongs to Tinubu. The certificate of occupancy of the property valued at N450 million was signed and released to him by Fashola in 2007 shortly after he assumed office.

Tinubu’s residence at 26 Bourdillon Road, Ikoyi was initially falsely presented as Oando Plc Guest House. Later, he purportedly bought it from Oando, and used public funds to rebuild and renovate it. The Lagos State Government bought the property and paid an undisclosed sum to him and thereafter gave the property back to him under the bogus Pension Bill he signed to law shortly before he left office in 2007. The property is worth over N600 million.

The annex of the Lagos State Guest House in Asokoro, Abuja was bought by the State Government in 2006 for N450 million, purportedly to protect the main house from security breach. Shortly after Tinubu left office, the property was transferred to him under the pension plan he signed into law before leaving office.

The 250-hectare land valued at about N35billion and strategically located at the Ajah junction on Lekki Road was initially meant for a General Hospital for the people of Eti-Osa Local Government but was stolen by Tinubu and handed over to Trojan Estate Ltd – a company owned by Deji and Wale Tinubu – to develop as Royal Garden Housing Estate at the expense of the taxpayers of Lagos.

The 1,000 hectares of land valued at about N75billion located at Lakowe near Abijo at Ibeju-Lekki Local Government and given to Lekki Concession Company (LCC) which is partly- owned by Tinubu and Fashola and being developed as golf course and housing estate by Assets and Resource Management Ltd (ARM) as ADIVA project.

The prime land of 157 hectares with 2.5km of Atlantic beachfront valued at about N10billion and stolen by Tinubu from the communities of Siriwon, Igbekodo, Apakin, etc in Ibeju-Lekki Local Government and given to Ibukun Fakeye – his crony to build a golf course and luxury villa with little or no compensation to the villagers. In addition, Tinubu paid $20million (N3billion) out of public treasury to Ibukun Fakeye to commence the project in late 2006. Fashola has since released additional funding for this project, which is not owned by the state government.

The 14-hectare Parkview Ikoyi Estate foreshore land reclaimed by Lagos State Government is now owned by Bola Tinubu.
While in office, he allocated to himself the former Strabag yard beside the Lagos State Secretariat at Alausa, Ikeja. The property is now being developed into a shopping mall as big as the Palms in Lekki. This is public property brazenly stolen and now owned by Tinubu, aided by Fashola.

The choice property at Lekki-Epe road on which he built and owns the multi-billion Naira Oriental Hotel and the extension of multi-storey car park beside it. Also, the multi-level recreation centre by Mobil in Oniru Estate on Lekki-Epe road jointly owned with ARM and Tunji Olowolafe. All these assets valued at over N25billion were obtained without paying a kobo to the Lagos State Government.

Tinubu and Fashola sold the following prime Lagos properties to their personal friend and front – Prince Dipo Eludoyin at very ridiculous prices:

a] The 3.8-hectare of land of Lagos State Fisheries office in VI (beside the Institute of Oceanography) valued at N3billion.
b] The fishery landing jetty at Badore (where the Ilubirin fishermen were to be relocated) valued at N500million
c] The entire Ogudu foreshore scheme initially earmarked for a low-cost housing scheme valued at N5billion
d] The Ilubinrin housing estate (which used to house Lagos state civil servants and judges up till 2007) valued at N2.5billion.
e] The former Julius Berger yard at Oko Orisan, Epe valued at N450million.

Tinubu raised a loan of N4.7billion on Eko Akete project for which nothing was achieved before he turned around to sell the property to his Chagouri friends of Chagouri & Chagouri and Hitech Construction Ltd at a ridiculously low price at the expense of the taxpayers of Lagos.

Tinubu applied to personally purchase the Federal Secretariat building while in office. When he couldn’t get to buy it, he directed Fashola to stop the eventual owner of the complex to develop it. The complex is presently wasting away courtesy of the Lagos State Government.

It took several months of horse trading and underhand payments before Fashola could allow the new owners of 1004 flats to redevelop the complex. Several other buyers of Federal Government properties and developers of properties in Ikoyi, Victoria Island and Government Reservation Area Ikeja were forced to succumb to the outrageous demands of Tinubu, Fashola, Commissioner Abosede and other officials of the Lagos State Physical Planning Ministry and were made to pay ridiculous amounts to private accounts before their redevelopments were approved.

Those who refused or were unable to pay could not develop their properties. This is a major economic strangulation of property developers and has contributed largely to the skyrocketing rent in Ikoyi, VI and Lekki axis.

Tinubu converted all the plots of land where Lagos Polytechnic was located at Ikosi near the old toll gate. He chased away the Polytechnic in 2006 and went ahead to locate the choice plots to himself, his cronies and political associates. The headquarters of Television Continental (TVC), which is owned by him, is located there. He deprived the youths of Lagos of decent education because of his greed.
Tinubu solely sold the prime land on Aboyade Cole, Victoria Island which was recovered from some allotees, to UACN Properties Plc. The amount of proceeds was shrouded in secrecy.

Eludoyin, fronting for Tinubu, built the estate directly opposite Goshen Beach Estate in Lekki area.
Tinubu’s wife, Remi Tinubu, built the massive New Era Foundation youth camp at the junction of Eleko, off the Lekki-Epe express road, with Lagos State funds and has now converted it to personal use.

Tinubu owns the Fara Park Estate and the Beach Wood Estate both in Lekki.
The Critical Care unit at the Lagos State University Teaching Hospital (LASUTH) in Ikeja, built and equipped with state funds, is now owned personally by Tinubu. He has put one Dr. Sikiru Tinubu, (a supposed cousin of his) to run the outfit. It is run as a private unit and the proceeds are pocketed by the duo. The unit charges its users exorbitantly and most Lagosians can hardly afford to pay its high charges. Much of the revenue is derived from fees paid by the State Government for patients referred there by its General Hospitals.

Several prominent Nigerians in the judiciary, police, INEC, and other sensitive agencies have obtained prime land from former Governor Tinubu and incumbent Governor Fashola over the years without paying a kobo. Many of them had turned around to sell the land to third parties at substantial profit. Many top officials in the police, INEC and the judiciary who participated in the 2003 and 2007 elections and tribunals in states where Tinubu has interest were compromised with parcels of free prime Lagos land and cash. If the Lagos State Land’s Bureau could publish the names and identities of beneficiaries of land allottees from 2000 to date, the scandal that will result is better imagined. Gbenga Ashafa, now a Senator, and Mrs. Awofisayo were the conduits through which these acts were being perpetrated. Both were also personally involved in various dubious land transactions on their own.

Prime land and properties have been used to pay off public officials who are personally close to Tinubu and Fashola for “jobs well done” or for being privy to sensitive information, notably:

(a) Dele Alake, former Commissioner for Information and Strategy, was sold a whole house on Alexander Road, Ikoyi where he lived as official quarters at a give-away price.
(b) Rauf Aregbesola, Osun State Governor, who was a former Commissioner in Lagos as well as Muiz Banire, also a former commissioner, got detached houses at Ladoke Akintola Street, GRA Ikeja for their “good job” while serving under Tinubu.
(c) Yemi Cardoso and Wale Edun, both former commissioners, were sold houses on Iru Close, and another location in old Ikoyi at give-away prices by Tinubu.

The fraud in Lagos state is the biggest corruption and fraud case to be recorded in Nigeria since Independence. This is the reason Lagos’s debt is bigger than the whole of S/west, S/East, N/East and N/Central states together.
With all the billion collected by the Lagos state government, the state has been unable to publish what their incomes are and the corresponding expenses for nearly 14 years.

[Culled from Point Blank]



  1. Kunle

    August 24, 2013 at 5:11 PM

    Tinubu and fashola why why why…You people should remember you will die one day and you won’t go with all this,God is watching.

  2. Sunkamin

    August 24, 2013 at 5:53 PM

    Corruption is embedded in the mind of these people. They used corrupt money to send their children to school abroad and to treat themselves.

    No wonder Tinubu travelled to the US for common knee surgery

  3. Hon Hamzat

    August 24, 2013 at 5:54 PM

    Guess ds articule waz written by a Loser to tarnish APC 2015 political victory, 4 ya info Lagos state remain d most sought after State in whole 9ja $ Second in Africa, Tinubu developed Lagos State upon d held of its LG Fund during OBJ tenure, dat is Jos Enuf 4u to tink dat He is trully a political gladiator $ most sought after Politician in entire black population….

    • amingo

      August 24, 2013 at 10:23 PM

      Insha allah ur days no go last for saying what tinubu or what do dey called him deed was right,I don’t think u are human being?may thunder strike all of u bastard down soonest!naija gud nation bad leaders,once again insha allah all of u dis evil doers no go last!very soon all of ur family shall be strike to death by d gods of ogun and sango useless leaders:

  4. remmy paris

    August 24, 2013 at 7:34 PM

    You This people you are bloger & you have fail (PDP) IN ALL the sate in nigeria thier is no state like LAGOS STATE YOU have never talk about the JONATHAN THAT IS CARRYB THE MONEY AND HIS WIFE IS CARRY HER OWN BUT THE PEOPLE WHO ARE DOING THEIR BEST YOU ARE TANISH THEIR IMAGE YOU HAVE FAIL

  5. HON Ajala

    August 24, 2013 at 8:11 PM

    first nd foremost ppl go just dey talk anyhow like say dem be super info manager abeg PDP don dey take style style to dey campaign why are dey afraid just be let US WAIT

  6. KAZZY

    August 24, 2013 at 8:25 PM

    this is propaganda from PEOPLE DESTRUCTIVE PARTY(PDP).you wont succeed because tinubu never collect any contract from ogun state.

  7. Home boi

    August 24, 2013 at 8:44 PM

    This is too much na… All this can make Lagos state a better place .. if it’s true.. God pass them.

  8. Destino

    August 24, 2013 at 8:54 PM

    Haaa.hon hamzat.or wat do u call ur self.bcos u are also a if u become gorvn u will do more dan this,god will punish all of u..tinubu/fashola don’t worry god will give una d reword bf una die amen.thanks

  9. bamikole

    August 24, 2013 at 10:13 PM

    @hon..what do you except from bad politician, who now gang up to build naija…revolution that’s all I pray for and soon is going to happen..nigeria bad leaders….failure government

  10. Sheddy

    August 24, 2013 at 10:38 PM

    Hon.hamza them no even no u or any body 4 ur family u they here want 2 defend APC creminals,dont deceive ur self APC has no place 2015:

  11. nx

    August 24, 2013 at 10:42 PM

    may d curse of masses be upon u and ur generation.if what they publish abt u is true.goat

  12. abiodun

    August 25, 2013 at 8:03 AM

    i dont knw y some nigerians will like supportin bad leaders like tinubu and fashola cos i knw does guys ar not clean.God will reward everyone u.bastard politicians

  13. Badeola

    August 25, 2013 at 1:35 PM

    I know from day one that they are up to something, but the APC MUMUS now say it’s PDP that behind these write-ups. They can not hide forever and there will be a disagreement between the inner member one day and everything will be exposed to the world.
    Fellow people, please let look for the solutions than to say it’s work of opposition parties.

  14. Linda Evans

    August 25, 2013 at 2:06 PM

    @ Amingo, why cursing, what about you? if they put you there too you will be worst than Tinubu. The present president and hife are the most embezzlers in Nigeria history, they are stealing, looting and even their food expenses is higher than all what they said Tinubu embezzle. therefore shut your stinking mouth and carry that curse on your head, if Tinubu stealls what about Abacha, Babangida etc. Moreover, Tinubu found the source of this money or have you forgotten when OBJ was the presindent and refused to release lagos state money because we didnt vote for the useless PDP in all over the world where have you heard that if a state didnt vote for paty and if the party won the precedency and that state will suffer because of that? What about Iyabo Obasanjo, Dimeji Bankole case nothing was done bcos of their fathers. So leave Jagaban alone.

    • Amingo

      August 26, 2013 at 6:53 PM

      @linda I don’t blame u,is bcuz u don’t go outside d country to see how good government maintain dere little resources,what of naija gud country with blessfull land?my sister,my broda let’s us wake up from our slumber dis leaders are killing us,let’s fight dis fight once and for all,like where I am in doha qatar dat country is not as blessed as our gud country naija,but look at dem 2day dere are d richest country in d world just bcuz dey av gud government!naija youths let’s stand up and fight naija can’t be like dis forever!!1 love to my gud Nigerian!!!

  15. Mobola

    August 25, 2013 at 2:08 PM

    This is the definitely the handwork of PDP….shio, go after Jonathan and leave Lagos State alone. u guyz are doing this in other to win over Lagos in 2015. How about the corruption at the federal level? Yes corruption nd looters are evry whre, we aint happy about it. but remember Fashola is trying his best. Tinubu developed Lagos state, even during Obasanjo govt when he refused to release allocation to Tinubu, still he carried on. The level of development that has occurred in Lagos can not be overlooked. leave APC/CPC alone…….PDP face mind ur business and deliver ur promises to the whole nation.

  16. Mobola

    August 25, 2013 at 2:24 PM

    destino and sheddy, Godd pass u guyz. Leave APC/ACN alone.

  17. AZS

    August 25, 2013 at 5:14 PM

    This is the hand work of People Deceiving People(PDP).They have started again. We refused to be deceived this time. Lagosians are educated and enlightend for someone to call Dog a Monkey. You are a failure and you will not succeed.

    • Ade

      August 26, 2013 at 2:16 PM

      Nigeria ppl wake up from ur slumber, this not matter of rivalry issue this is wat happening for real why ppl don’t investigate before we jump in to conclusion this is not matter of PDP. Yes everybdy love ACN ,cos of gud job they did in Lagos but this ppl are killin us the u think any politician in nigeria can work like dat without stealing money? Pls Nigeria don’t believe all this politician they all fighting for there pocket Greedy people

  18. J TEAS

    August 26, 2013 at 12:13 AM

    Hu is fulin hu, som Nign pipp, ur ilitrte nd ur overlove 2dis dubios both paty lida like Tinubu, jonat nd both others wl make u rmain fulishnes nd stavn foreva, bt i pray dat GOD wl open ur eyes nd brain 2no dat dis pipu are ruin u undagrand. Pls, do not supot anybody let them no dat wat dey do is bad so dat dey wont b continue it again, bt if u contnue sopotn dem untl dey wl sel u ursef 4 a slave u wont no, pls blame dem 2refrain 4rm dis greedy.

  19. Kunle

    August 26, 2013 at 4:47 AM

    How do you people allow this to continue happening. This a shame to all Lagosian and Naija as a whole. No wonder Obama no even fit fly over this country. In this days of new era. One man should not be allow to hold the whole state to ransomed. Anyways, death is the end of every man greed. Where is Abacha today? Mubutu, Idiamin, Mubarak, Gadahffi and host others. All this greed is Vanity of life. It is unfortunate too many people will continue to suffer for his greed. He will get his Ultimate Reward. Nobody lives forever.

  20. kaybee

    August 26, 2013 at 9:01 AM

    Well most of the things mention in this article are The Total TRUE,in fact almost all of the alligation is the Total True an the Evil done by the so call there Asiwju(Tinubu) but most people in Lagos are too busy to see trough an accept the Fact that the Biggest an Only Problem Lagos State is Having is Tinubu.if not that Lagos State has the Largest Population in the Country,Tinubu would have avoid Buying the State.Image an EX Governor Tinubu Celebrating his Birthday in Our State House,well am not suprice as is been call Mr Lagos. GOD Dey Sha an He is Watching all of Us

  21. Eagle's eye

    August 26, 2013 at 9:42 AM

    There are many cases against dis idiot called Tinubu in d federal high court in lagos at ikoyi.U wult beliv dat dis so called ex governor bribed d judges e.g justice okereke dat av retired was bribed so as not to hear d case talk less of making judgement it has been adjournment upon adjournment and dis cases are over 5 year nw.He knws if dis case is been heard it will really expose him cos d cases holds details of d way he embezzled lot of funds frm lagos state government i tink is high time EFCC nd ICPC will find something to do to dis crimes commited by dis man nd is partners in crime.I knw he is very influential if nt ow did d case of 14 foreign accounts got swept under d carpet since dis days ha Tinubu is wicked.

  22. coco

    August 26, 2013 at 9:48 AM

    i mever knew that this Fashola is an accomplice like this. May he rot in hell.

  23. Hon Hamzat

    August 26, 2013 at 8:32 PM

    Amingo $ co if u guyz re half baked pls go to Rehab to calm ya angers, ds is political view why d rain of curse…4 more prove, pls mention One gov apart 4rm Gov Akpabio (Akwa Ibom) ,dat has done half of what ACN led govt have done, lagos state is only d over populated state in 9ja wit diff tribes,ethnics $ Religions Yet peace stil Rain…..what else do you nid as prove dat Tinubu/Fashola is 9ja Messiah

  24. tunde lawal

    August 26, 2013 at 9:23 PM

    PDP,APC,ACN, ACC, ABB, DDD and rest of the political leaders are all bunch of rogues without the interest and concern of Nigerians in mind they all political thieves that committing crime against humanity. We need military intervention to put all these thieves to sleep forever

  25. Isaac ifedayo

    August 27, 2013 at 4:05 PM

    Jah knows all

  26. Chijioke

    September 6, 2013 at 10:51 PM

    We know how ppl like him have ended. Do not envy him.

  27. Richard Okwudilichukwu

    September 16, 2013 at 6:29 AM

    I think this stuff is really serious.If you have your facts right, why not go to court; like from a neutral place such as Abuja.
    You are all throwing mud at yourselves on party loyalty ground. I beg, thief na thief, no matter who e be! Whether someone has been assumed to be performing fairly well is no grounds to permit stealing. It is public service being financed by public funds. No man, or woman should be looking for glory doing public works.If na someone like Dangote now use im money to do things for country, e fit brag, becos na im money. But not these ones.
    So, I beg, a thief is a thief, and none should be condoned whether APC/ACN, PDP or any other party. Matter of fact, Nigerians should not, for their own good, consider those two parties in the light of all these revelation.
    We all know what is right. Take this matter to court. I imagine that one can even appeal to the UN, if you are sure you are not just abusing your freedom of speech and the internet.
    Thank you and good going.

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