Alpha Beta: Estranged partner exposes Tinubu, cousin

October 9, 2020
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A rift between partners of a revenue collection consulting firm that collects IGR on behalf of Lagos has degenerated into legal tussles which now expose the owners and process that led to the formation of the company.

Oladapo Apara, former managing Director of Alpha Beta Consulting, has sued the company and the alleged owner and APC leader Bola Tinubu, the current Managing Director Akin Doherty.

Apara’s statement of claim explained how he initiated the idea of Alpha Beta, and bounced it off Tinubu who was Lagos governor then. The governor accepted it—with strings attached though.

According to Apara, Tinubu insisted his fronts must have controlling stakes in the company which has been taking 10 percent of tax revenue in the state.

Lagos IGR ballooned from from N10bn per annum in 2002 to N300bn in 2019. And Apara takes credit for this in his claim.

“The claimant avers that following the presentation of his proposal to the Lagos State Government, the 2nd defendant (Tinubu), who was at the time the governor of Lagos State, demanded that 70 per cent equity interest in the project be assigned to a certain Olumide Ogunmola before the 2nd defendant will approve the project,’ Apara stated.

“The claimant avers that he then met the said Olumide Ogunmola (who he had never met before) and it was agreed that a limited liability company be incorporated in which the claimant will hold 30 per cent shares while Olumide Ogunmola and his partners will hold 70 per cent of the shares of the company.

“The claimant avers that following the agreement alluded to above, Alpha Beta Consulting Limited was incorporated in 2002 with the following shareholders: Dapo Apara (30 per cent), Olumide Ogunmola (40 per cent) and Adegboyega Oyetola (30 per cent).”

According to him, Tinubu tried to shield himself from public scrutiny in 2010 or thereabout, by directing that the incorporation structure of the Alpha-Beta Consulting Limited be changed from a limited liability company to a limited liability partnership under a newly promulgated law in Lagos State.

Tinubu also made some changes that edged Oyetola and Ogunmola out until Apara became managing director in 2014.

But Tinubu and Apara fell out because of unauthorised audit of the firm.

Apara said he began looking into Alpha Beta finances, and made startling discoveries such as mysterious transfers of over N20bn to various companies, all approved by Tinubu. But according to Apara, that was a breach of their partnership because he was aware of the transfers.

“N550m payment to Ocean Trust Ltd vide payment instruction dated the 15/5/18 (h) N850m payment to Ocean Trust Ltd vide payment instruction dated the 14/3/15,” he said.

The claimant said N960m was spent on purchasing HITV’s 300,000,000 shares.

The discoveries angered Tinubu, and earned Apara a demotion to deputy managing partner.

Tinubu’s former commissioner for Finance, Doherty, was named the new head of the company after Apara was eventually weeded out.

Apara had petitioned the EFCC to expose the abuse of office and alleged financial crimes. Nothing has happened.  He said Tinubu boasted to him that the former EFCC boss Ibrahim Magu would protect him.

Petitions to probe the former Lagos governor have been increasing but the EFCC says it haven’t got any reason to do so.

Tinubu was once docked by the Code of Conduct Bureau after he left office, .

So Apara is contending his illegal removal and praying the court to get him his entitlement.

He’s asking the respondents to appear within 42 days or judgment might be given in their absence.

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