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Former Enron unit battling U.S. and Nigerian governments over $80-million yacht

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Almost two decades after the collapse of Enron Corp., a former unit of the energy-trading giant is sparring with U.S. and Nigerian authorities over the proceeds of the sale of a luxury yacht.

The dispute pivots on the Galactica Star — a 213-foot vessel once worth more than $80 million. The boat features a glass-bottom jacuzzi, a sky lounge bar and marble bathroom fittings.

U.S. authorities seized the Galactica in 2018 after filing a lawsuit to recover assets it said were acquired by Nigerian businessman Kolawole Aluko. Prosecutors alleged in a forfeiture complaint that Aluko bought the yacht with the spoils of bribes paid to Diezani Alison-Madueke — the first female president of OPEC and a former Nigerian oil minister.

To defray the costs of maintaining the Galactica while the case progressed, the boat was auctioned for $37 million in 2019 and then renamed Illusion. In May, after the Nigerian government dropped its own claim to the funds, a Texas court agreed that the proceeds should be retained by the U.S. government.

Enron Nigeria Power Holding Ltd. says it’s entitled to part of the takings and is demanding $22 million. The company is trying to collect on an arbitration award issued against the Nigerian government after the state suspended a contract signed with Enron in 1999 to build and operate a power plant.

The Nigerian company says the Nigerian government’s recent repudiation of its claim to the yacht constitutes an attempt to fraudulently transfer assets to prevent its creditors from accessing them. The U.S. Department of Justice said in court filings that Nigeria’s shift was “simply a recognition of the factual and legal basis” of the U.S.’ case.

A spokesman for the Justice Department declined to comment, while a spokesman for Nigeria’s Justice Ministry didn’t respond to calls and messages.

The U.S. and Nigeria have so far successfully opposed Enron Nigeria Power’s application, according to filings at the District Court for the Southern District of Texas. Once a subsidiary of Enron, the company was bought out of bankruptcy for $750,000 in 2004 by a Cayman Islands-registered entity.

Enron Nigeria Power’s claim to the yacht stems from the Nigerian government’s decision to reject a request by the company’s new owners to revive the power contract that was suspended before Enron’s demise. An arbitration tribunal ruled in 2012 that Nigeria had breached the agreement and awarded Enron Nigeria Power damages of $11.2 million plus interest. U.S. courts later confirmed the award.

While Enron Nigeria Power’s current shareholders aren’t publicly disclosed, some are former Enron officials who were involved in negotiating the power plant deal with Nigeria, the company’s lawyer Kenneth Barrett said in an interview. Once one of the U.S.’ largest corporations, Enron hid billions of dollars in losses and debt which, when revealed in 2001, propelled the company into insolvency and sent top executives to prison.

“None of the principals of ENPH have ever been implicated in any of the criminal activities or criminal proceedings pertaining to Enron Corp.,” Barrett said.

The legal tussle pitting Enron Nigeria Power against the U.S. and Nigeria over the yacht is an offshoot of a protracted saga centering around Alison-Madueke, who served as Nigeria’s oil minister from 2010 to 2015. The country’s anti-graft agency has accused her of corruption and says it’s trying to extradite her from the U.K., where she’s also being investigated by authorities. While a lawyer for Alison-Madueke didn’t respond to questions, she has previously denied wrongdoing.

The Justice Department says Aluko and his business partner Olajide Omokore funded “a lavish lifestyle” for Alison-Madueke in exchange for lucrative contracts from Nigeria’s state oil company that generated more than $1.5 billion. The two “laundered their illicit revenues into and through the U.S.,” according to the complaint filed in 2017.

Tokunbo Jaiye-Agoro, Aluko’s lawyer, declined to comment on Enron Nigeria Power’s lawsuit. Jaiye-Agoro added that he can “say very little at this stage” about the contracts his client secured when Diezani-Madueke was minister because they are subject to an ongoing court case in Nigeria.

Omokore wasn’t involved in the purchase of the yacht, isn’t party to the case before the Texas court and can’t comment on it, his lawyer Rafiu Lawal-Rabana said in an emailed response to questions. He declined to comment on the Justice Department allegations.

The vessel, which the Justice Department says Aluko bought for $82 million in 2013, was sold last year to avoid monthly maintenance costs of $170,000 that were eroding the sum that stood to be recovered from the vessel, according to court filings. The overarching forfeiture claim against $144 million of assets the Justice Department says were acquired by Aluko is currently on hold pending the resolution of a criminal investigation into related allegations, the filings show.

The Texas court in May granted a joint motion filed by the two nations’ governments to withdraw Nigeria’s longstanding counterclaim to the yacht and to vest ownership of the proceeds from its sale in the U.S. The states plan to use the proceeds “for the benefit of the Nigerian people,” according to the motion.

Enron Nigeria Power will seek the court’s permission to appeal that decision, Barrett said.

Bloomberg writer Thomas Hall contributed to this story.

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Inside kola aluko’s seized galactica star superyacht that just sold for ₦15b.

Think billionaire Aliko Dangote and Rafael Nadal ‘s superyachts are amazing? Then you need to see this luxury 65-metre Galactica Star superyacht that was formerly owned by Nigerian oil mogul , Kolawole Aluko .

Inside the moving mansion includes duplex beach club comprising a 10 square metre side balcony, a 22 square metre swim platform, bar, sauna and a hammam, lit with natural light coming through the glass bottom of the main-deck swimming-pool .

It can accommodates 12 guests overnight in 6 cabins, comprising a master suite, 1 VIP stateroom, and 4 double cabins.

The luxury 65-metre Galactica Star superyacht was listed for sale earlier this year for $42m ( ₦15 Billion ) and sold on July 25 to a buyer introduced as Burgess as a result of a notorious corruption case involving Aluko , Prince Olajide Omokore and former oil minister, Diezani Alison-Madueke .

The seized superyacht was offered for sale in a sealed bid arrangement, proposed by the U.S. Department of Justice and the Federal Republic of Nigeria and approved by U.S. federal court due to high maintenance and dockage fees, estimating the combined cost at around $170,000 (₦61.2m)per month.

The former owner of the superyacht , Kola Aluko , is one of four defendants accused of cheating Nigeria out of almost $1.8 b (₦648 billion) in siphoned crude oil sales.

The U.S. government also accused Aluko of laundering money in the United States and using it to acquire the luxury $80million Galactica Star yacht, 58 exotic cars, houses, expensive watches and several private jets .

The yacht used to be popular for charter among celebrities. It was once rented by American music industry power couple, Jay Z and Beyonce for a holiday cruise.

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Department of Justice Seeks to Recover Over $100 Million Obtained From Corruption in the Nigerian Oil Industry

The Department of Justice announced today the filing of a civil complaint seeking the forfeiture and recovery of approximately $144 million in assets that are allegedly the proceeds of foreign corruption offenses and were laundered in and through the U.S. Acting Assistant Attorney General Kenneth A. Blanco, Assistant Director in Charge Andrew W. Vale of the FBI’s Washington Field Office, Assistant Director Stephen E. Richardson of the FBI’s Criminal Investigative Division, and Chief Don Fort of the IRS Criminal Investigation (IRS-CI) made the announcement.

According to the complaint, from 2011 to 2015, Nigerian businessmen Kolawole Akanni Aluko and Olajide Omokore conspired with others to pay bribes to Nigeria’s former Minister for Petroleum Resources, Diezani Alison-Madueke, who oversaw Nigeria’s state-owned oil company. In return for these improper benefits, Alison-Madueke used her influence to steer lucrative oil contracts to companies owned by Aluko and Omokore. The complaint alleges that the proceeds of those illicitly awarded contracts were then laundered in and through the U.S. and used to purchase various assets subject to seizure and forfeiture, including a $50 million condominium located in one of Manhattan’s most expensive buildings – 157 W. 57th Street – and the Galactica Star, an $80 million yacht.

“The United States is not a safe haven for the proceeds of corruption,” said Acting Assistant Attorney General Blanco. “The complaint announced today demonstrates the Department’s commitment to working with our law enforcement partners around the globe to trace and recover the proceeds of corruption, no matter the source. Corrupt foreign officials and business executives should make no mistake: if illicit funds are within the reach of the United States, we will seek to forfeit them and to return them to the victims from whom they were stolen.”

“Business executives who engage in bribery and illegal pay-offs in order to obtain contracts create an uneven marketplace where honest competitor companies are put at a disadvantage,” said Assistant Director Vale. “Along with the Department of Justice, international law enforcement partners and other U.S. federal agencies, the FBI is committed to pursuing all those who attempt to advance their businesses through corrupt practices.”

“Today’s announcement would not have been possible without the remarkable work conducted by a group of dedicated investigators, attorneys and international partners who were committed to leaving no stone unturned in this case targeting international corruption,” said Assistant Director Richardson. “This case demonstrates that the FBI will not tolerate American institutions and property being used to launder proceeds of foreign corruption and today’s filing is an important step towards recovering identified funds. This should serve as a warning to other corrupt foreign officials that the United States is not open for their business.”

“Today’s actions are the direct result of our agents following the money and unmasking corruption and greed,” said Chief Fort. “Working with our law enforcement partners, IRS-CI will continue to investigate and unravel these complex financial transactions.”

The government alleges that Aluko, Omokore and others funded a lavish lifestyle for Alison-Madueke. According to the allegations, they conspired to purchase millions of dollars in real estate in and around London for Alison-Madueke and her family members, then renovated and furnished these homes with millions of dollars in furniture, artwork and other luxury items purchased at two Houston-area furniture stores at Alison-Madueke’s direction. In return, the government alleges Alison-Madueke used her influence to direct a subsidiary of the Nigerian National Petroleum Corporation to award Strategic Alliance Agreements (SAAs) to two shell companies created by Aluko and Omokore: Atlantic Energy Drilling Concepts Nigeria Ltd. and Atlantic Energy Brass Development Ltd. (the Atlantic Companies). Under the SAAs, the Atlantic Companies were required to finance the exploration and production operations of eight on-shore oil and gas blocks. In return for financing these operations, the companies expected to receive a portion of the oil and gas produced. However, according to the complaint, the Atlantic Companies provided only a fraction of the agreed upon financing or, in some instances, failed entirely to provide it. The companies also failed to meet other obligations under the SAAs, including the payment of $120 million entry fee. Nevertheless, according to the allegations, the companies were permitted to lift and sell more than $1.5 billion worth of Nigerian crude oil. The government contends the Atlantic Companies then used a series of shell companies and intermediaries to launder a portion of the total proceeds of these arrangements into and through the U.S.

A civil forfeiture complaint is merely an allegation that money or property was involved in or represents the proceeds of a crime. These allegations are not proven until a court awards judgment in favor of the U.S.

The FBI’s International Corruption Squads in Washington, D.C. and Los Angeles and the IRS-CI are investigating the case. Trial Attorneys Stephen A. Gibbons and Michael W. Khoo of the Criminal Division’s Money Laundering and Asset Recovery Section are prosecuting the case. The Criminal Division’s Office of International Affairs is providing substantial assistance.

This case was brought under the Kleptocracy Asset Recovery Initiative. This initiative is led by a team of dedicated prosecutors in the Criminal Division’s Money Laundering and Asset Recovery Section, in partnership with federal law enforcement agencies, and often with U.S. Attorney’s Offices, to forfeit the proceeds of foreign official corruption and, where appropriate, to use those recovered assets to benefit the people harmed by these acts of corruption and abuse of office.

In 2015, the FBI formed International Corruption Squads across the country to address national and international implications of foreign corruption. Individuals with information about possible proceeds of foreign corruption located in or laundered through the U.S. should contact federal law enforcement or send an email to [email protected] or https://tips.fbi.gov/ .\

Meet Kola Aluko And His Array Of Expensive Properties

Forty three year-old Lagos born Kola Aluko is a Nigerian energy business magnate with interests in African infrastructure development and aviation.

Aluko's name is well-known as a higher level hustler, 'private-partner oil-baron'. He has even been alleged by some as the money launderer for Nigeria’s former minister of petroleum, Diezani Alison-Madueke. He was said to have fled the public scene since the arrest of Madueke on October 2.

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Kola Aluko is the founder of Fossil Resources, an oil trading company. He was CEO of Exoro Energy until it’s merger with Seven Energy, a leading independent oil exploration company. Aluko is now Deputy CEO and a large shareholder of Seven Energy and co-CEO of Atlantic Energy. He is also a member of the advisory board of Vistajet, a private jet charter company founded by Thomas Flohr.

READ ALSO : Top 5 Scandals Involving Diezani Alison-Madueke

However, aside from all the Diezani drama, Aluko is known as a man of affluence. With a whooping $100 millions dollars, Aluko was once ranked by Forbes Africa as one of the 40th richest Africans, as well as included in the top ten list of Successful African Entrepreneurs to Follow on Twitter. The New African Magazine (November 2013 issue) included Aluko in their 100 Most Influential Africans listing and issue.

The young billionaire is said to have bought up properties in Las Vegas and other top spots all for millions of dollars. When talking about Kola Aluko's wealth, which is up to the tune of billions of dollars, it would be very difficult not to mention how he got it all from Nigeria’s oil sector. Aluko enjoys a porch lifestyle, betting on races, racing with expensive cars in Germany and partying.

READ ALSO: Newspaper Review: Diezani’s Ally And Oil Baron, Kola Aluko, To Be Extradited To UK

He is friends with Hollywood “A- listers” and international supermodel, Naomi Campbell. Out of his numerous expensive assets is his yacht named “Galactica Star”.

In 2013, Kola Aluko Spent a whooping $1.5 Million (240 Million Naira) on champagne alone at Leonardo DiCaprio’s 39th birthday bash. The exclusive, no cameras allowed bash had billionaires like Vladimir Doronin, Ron Burkle, Jho Low and Vivi Nevo in attendance. Kola Aluko also has a foundation named after him. According to him, the foundation was created to inspire, mentor and support future generations of African leaders.

In 2013, the billionaire businessman who loves race cars reportedly bought the Ferrari Pininfarina Sergio speedster said to be worth a whooping 2million pounds – that’s over N500million. Only six of the cars are being built and all six were already bought in advance by ‘special’ customers in which Kola Aluko was one of them.

Source: Legit.ng

Khadijah Thabit (Copyeditor) Khadijah Thabit is an editor with over 3 years of experience editing and managing contents such as articles, blogs, newsletters and social leads. She has a BA in English and Literary Studies from the University of Ibadan, Nigeria. Khadijah joined Legit.ng in September 2020 as a copyeditor and proofreader for the Human Interest, Current Affairs, Business, Sports and PR desks. As a grammar police, she develops her skills by reading novels and dictionaries. Email: [email protected]

Diezani Warned Kola Aluko, How Jay Z Rented His $80million ‘Galactica Star’ Yacht

Court documents filed by the US Department of Justice in Houston have revealed that Nigeria’s former oil minister, Diezani Alison-Madueke tried to warn Kola Aluko and Jide Omokore, her business partners against lavish spending, including splashing millions of dollars on a yacht.

“If you want to hire a yacht, you lease it for two weeks or whatever. You don’t go and sink funds into it at this time when Nigerian oil and gas sector is under all kinds of watch,” she said to Aluko in a recorded conversation.

But her warning was not heeded as Aluko went on to buy Galactica Star, a luxury yacht, for $80million.

The yacht, a stupendous luxury on water, was once rented by Jay Z and his wife, Beyonce for close to a million dollars during a holiday last year. It also once hosted Beyonce’s 32nd birthday in 2013.

Both Aluko and Omokore are alleged to have paid bribes between 2011 and 2015 to Diezani who ensured that shell companies owned by the businessmen received billion-dollar contracts to sell Nigeria’s crude oil.

The oil swap contracts were a controversial barter arrangement which saw Nigeria use middlemen to sell crude oil in exchange for refined products. With local refineries under-performing, oil swap deals were used to shore up local demand for petroleum products.

Between 2010 and 2014, under Diezani’s watch, Nigeria was estimated to have channeled over 352 million barrels of oil worth a total of $35 billion into oil swap deals.

But with the contracts mostly opaque, Nigeria reportedly lost more than $900 million in crude oil swap deals between 2009 and 2012.

The deals came under severe scrutiny with former Central Bank Governor now Emir Muhammadu Sanusi describing them “not properly structured, monitored and audited.”

President Buhari cancelled the oil swap arrangement in November 2015, seven months after taking office.

The US Justice Department (DOJ) lawsuit has provided more insight into the scale of theft of Nigeria’s oil riches under Diezani Alison-Madueke’s watch.

The civil lawsuit, brought by DOJ’s Kleptocracy Asset Recovery Initiative, is seeking to recover $144 million in assets, including a $50 million luxury condo apartment in New York and the $80 million yacht.

Prosecutors say both assets were proceeds from bribes paid by two Nigerian businessmen for lucrative Nigerian oil contracts. The lawsuit seeks the forfeiture of both assets.

Prosecutors claim that the businessmen, Kolawole Aluko and Olajide Omokore, laundered money through the US by purchasing lavish assets.

The $50 million New York condo is at One57, located opposite Carnegie Hall in midtown Manhattan. The building currently holds the record for the most-expensive residential sale in New York following a $100.5 million apartment purchase in 2014.

Aluko’s $50 million condo is the 8th most expensive in the building, but following a loan default, his mortgage lenders are set to auction the apartment on July 19.

Aluko is also said to have purchased Galactica Star, a $80 million 65-meter yacht which hosted Beyonce’s 32nd birthday bash in 2013.

Aluko’s yacht and penthouse are not the only items under scrutiny by the DOJ.

The government also alleges that Aluko, Omokore and others funded a lavish lifestyle for Alison-Madueke.

According to the allegations, they conspired to purchase millions of dollars in real estate in and around London for Alison-Madueke and her family members, then renovated and furnished these homes with millions of dollars in furniture, artwork and other luxury items purchased at two Houston-area furniture stores at Alison-Madueke’s direction.

According to Financial Times, the two are accused of buying a total of four residential properties in and around London worth 11.45 million, and furnishing them with furniture, artwork and other luxury items.

“In one day in May 2012, Mr. Aluko was said to have wired $461,500 and $262,091 to two furniture stores in Houston from a Swiss bank account, on behalf of Mrs. Alison-Madueke, the civic complaint filed in the court claimed.

In return, the government alleges Alison-Madueke used her influence to direct a subsidiary of the Nigerian National Petroleum Corporation to award Strategic Alliance Agreements (SAAs) to two shell companies created by Aluko and Omokore: Atlantic Energy Drilling Concepts Nigeria Ltd. and Atlantic Energy Brass Development Ltd. (the Atlantic Companies).

Under the SAAs, the Atlantic Companies were required to finance the exploration and production operations of eight on-shore oil and gas blocks. In return for financing these operations, the companies expected to receive a portion of the oil and gas produced.

However, according to the complaint, the Atlantic Companies provided only a fraction of the agreed upon financing or, in some instances, failed entirely to provide it.

The companies also failed to meet other obligations under the SAAs, including the payment of $120 million entry fee.

Nevertheless, according to the allegations, the companies were permitted to lift and sell more than $1.5 billion worth of Nigerian crude oil.

The government contends the Atlantic Companies then used a series of shell companies and intermediaries to launder a portion of the total proceeds of these arrangements into and through the U.S.

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The most fascinating details in United States’ 54-page case against Nigeria’s corrupt ex-oil minister

One57, a luxury skyscraper apartment building is at the center of this latest Nigerian corruption case.

Last week, news of a US Department of Justice (DOJ) lawsuit roped Diezani Alison-Madueke , Nigeria’s former oil minister, in yet another international corruption scandal.

The lawsuit alleges that two Nigerian businessmen, Kola Aluko and Jide Omokore, illegally obtained lucrative oil contracts in Nigeria by repeatedly bribing Alison-Madueke. The men then laundered the proceeds of those contracts through the US by purchasing assets worth $144 million. Going through the court file, the case is fascinating in both the scale of the corruption the minutiae of the deal making and insight into how the monies were spent.

With the US seeking the forfeiture of the assets, court documents for the civil lawsuit filed by the US DOJ’s Kleptocracy Asset Recovery Initiative reveals the extent of the conspiracy, showing a litany of million-dollar kickbacks and a flawed contract bidding process.

Scratch my back…

With Alison-Madueke leveraging her influence as Nigeria’s petroleum minister, she ensured that companies owned by Aluko and Omokore were awarded multiple oil contracts by a subsidiary of Nigeria’s state oil company. The shell companies were registered in the British Virgin Islands, Abuja, Nigeria’s capital, and in the United Kingdom.

The documents allege that companies owned by the businessmen were awarded these lucrative contracts despite being “unqualified” to execute them. Indeed, the companies received the contracts despite either “improperly” performing their obligations or not doing so at all. In a statement, DOJ claims that the companies failed to make a $120 million entry fee payment, an obligation for one of the contracts.

The shady deals began in April 2011 when a company owned by the businessmen was awarded four oil mining leases allegedly thanks to Alison-Madueke’s influence. Despite not meeting the contractual obligations, the company was allowed to sell crude oil worth up to $677 million, the documents allege. Later, in December 2012, the businessmen were awarded contracts for four more oil mining leases. Again, despite failing “entirely” to meet their obligations, the company was allocated millions of barrels of oil which it sold for over $800 million. In total, the businessmen sold around $1.5 billion worth of crude oil.

In exchange for the dubious contracts, Alison-Madueke’s kickback of choice were luxury homes across the United Kingdom. Starting from January 2011, three months before the first contract was awarded, Aluko and Omokore began to purchase property for the ex-oil minister. Court documents list four homes in the United Kingdom worth £11.5 million bought by companies owned by the businessmen for Alison-Madueke. In one instance, a £3.75 million London home was purchased for Alison-Madueke only a day after Aluko met with Nigerian officials to discuss the first oil contract.

In addition, court documents show that the businessmen also purchased furniture items from upscale Houston stores on Alison-Madueke’s behalf. The items had been personally selected by Alison-Madueke during earlier visits which lasted for several hours over the course of “two or three days.”

The spoils, and ironies, of corruption

Aluko’s lavish spending in particular was particularly ostentatious and conspicuous as, according to the court documents, in the period during which the dubious contracts were awarded, his purchases were believed to “grossly outstrip his known net worth and legitimate income.” As an employee of an oil firm, Aluko’s annual salary between 2007 and 2011 was estimated to be $500,000, inclusive of bonuses.

Yet, Aluko, who once dated supermodel Naomi Campbell, purchased property across California and New York worth around $87 million and a luxury yacht. He is also believed to own private jets, more than 50 cars and is also a ‘super car’ aficionado. In December 2012, he raced a Ferrari 458 GT2 at Rome’s Vallelunga circuit and finished in third place.

But despite his vast ill-gotten wealth, Aluko is set to lose one of his most prominent property purchases to creditors as his $50 million condo in One57, one of the most expensive apartment towers in midtown Manhattan. His particular condo, the eighth most expensive in New York, has become subject of an auction by his Luxembourg mortgage lenders after he defaulted on a loan. Initially planned for today (July 19), the auction has been stopped as Aluko, who acquired most of his wealth via oil dealings, is said to also owe $83 million to an Ivorian jet fuel supplier.

No honor among thieves?

Despite clearly being co-conspirators, recorded conversations suggest hints of a fractured relationship between Alison-Madueke and her co-conspirators. In one such conversation, Alison-Madueke pushed back against a possible blackmail plot by threatening to “bring everything out” and ensuring everyone in the plot goes to jail. The ex-oil minister recorded their deal-making conversations herself and the US authorities shared transcripts in their suit.

“Jay Z and Beyonce wuz here.” Aluko’s $80 million yacht.

Based on a transcript of the recordings, Alison-Madueke appeared to be wary of Aluko and Omokore’s lavish spending. She asked them “to be a bit more careful” to avoid scrutiny. In reference to Galactica Star, Aluko’s $82 million 65-meter yacht which hosted Beyonce’s 32nd birthday party in 2013, Alison-Madueke said:

“If you want to hire a yacht, you lease it for two weeks or whatever. You don’t go and sink funds into it at this time when Nigerian oil and gas sector is under all kinds of watch.”

But some of the conversations show the former oil minister was just as willing to enjoy the finer things as her co-conspirators. In one instance, Alison-Madueke admits to the the furniture purchases made on her behalf but saying that the value “didn’t come to more than $4 million.”

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Jay-Z and Beyoncé rented a yacht owned by Nigerian oil tycoon for $900,000

by Staff writer

The house of cards is allegedly tumbling down for Nigeria-born Kolawole ‘Kola’ Aluko, 47, an energy business magnate with interests in African infrastructure development and aviation. Nigerian, US and European authorities are investigating him for a series of money-laundering and fraud-related crimes.

The oil baron has even been alleged as the money launderer for Nigeria’s former Minister of Petroleum, Diezani Alison-Madueke.

Shortly after she became oil minister in 2010, Madueke was accused of embezzlement.

Aluko was last seen in Hong Kong in May on his 213-foot yacht, Galactica Star, which he rented to Jay-Z and Beyoncé Knowles Carter for $900,000 a week in 2015, and is currently in the Bahamas.

He was reportedly spotted at Ja Rule’s Fyre Festival in late April on the yacht.

Reportedly friends of the Carters, Naomi Campbell, Jamie Foxx and Leonardo DiCaprio, Aluko hasn’t been seen on dry land since the arrest of Madueke on Oct. 2, 2016.

But her warning was not heeded as Aluko went on to buy Galactica Star, a luxury yacht, for $80million.

Source: Bloomberg

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Us moves to seize 200ft yacht, other luxury properties from kola aluko, others.

Alison-Madueke to Kola Aluko : â€œ If you want to hire a yacht, you lease it for two weeks or whatever â€¦ You donâ€™t go and sink funds into it at this time when Nigerian oil and gas sector is under all kinds of watch .â€ – Intercepted recording of an apparent phone conversation between former oil minister, Diezani Alison-Madueke, and oil trader, Kola Aluko

Demola Ojo with agency reports

US prosecutors on Friday moved to seize $144m in assets including a 200-foot yacht and a Manhattan condominium one block from Central Park, calling them the fruits of an international bribery scheme that involved the former Nigerian Oil Minister, Mrs. Diezani Alison-Madueke.

The justice department action targeted Nigeriaâ€™s oil man, Mr Kola Alukoâ€™s vessel, Galactica Star, which its builder bills as the â€œworldâ€™s largest fast displacement yachtâ€, along with condominium units in Manhattan and real estate in Southern California located just three miles from the Pacific Ocean.

From 2011 to 2015, two Nigerian oil men, Kolawole Aluko and Olajide Omokore, alledgedly conspired with others to bribe the countryâ€™s minister for petroleum resources, Diezani Alison-Madueke, in order to win oil production contracts worth $1.5bn, according to a civil forfeiture complaint. At the time, along with controlling the countryâ€™s state-owned oil company, Mrs. Alison-Madueke, also headed the Vienna-based oil cartel, OPEC. Nigeriaâ€™s federal high court earlier this year charged her with money laundering and she has previously denied any wrongdoing. After awarding government contracts to shell companies owned by the two men, Mrs. Alison-Madueke â€” known as â€œthe madamâ€ or â€œMadam Dâ€ â€” was rewarded with a â€œlavish lifestyleâ€, according to the US Department of Justice.

Alison-Madueke has since denied any wrong-doing in her relationship with Kola Aluko and Jide Omokore. A civil forfeiture complaint is merely an allegation that money or property was involved in or represents the proceeds of a crime. These allegations are not proven until a court awards judgment in favour of the US.

â€œThe United States is not a safe haven for the proceeds of corruption,â€ said acting assistant attorney-general Kenneth Blanco. â€œIf illicit funds are within the reach of the United States, we will seek to forfeit them and to return them to the victims from whom they were stolen.â€

Though known as â€œa small time traderâ€ who had previously earned around $500,000 annually, in less than three years, Mr. Aluko purchased more than $87m of US property and the $82m yacht, according to the complaint, filed in US district court in Houston. According to the complaint, in a conversation with Mr Aluko that prosecutors say Mrs. Alison-Madueke recorded, she criticised him for his lavish spending. â€œIf you want to hire a yacht, you lease it for two weeks or whatever,â€ she said. â€œYou donâ€™t go and sink funds into it at this time when Nigerian oil and gas sector is under all kinds of watch.â€

The two businessmen allegedly purchased millions of dollars worth of property in and near London for the oil minister and her family and then furnished the homes with furniture, artwork and other luxury items from Houston-area stores that she fancied. In January 2011, the Nigerian businessmen and unidentified co-conspirators bought a Buckinghamshire home known as â€œThe Fallsâ€ for Â£3.25m. Two months later, as Mr Aluko was meeting with Nigerian oil officials to discuss a contract, he arranged to buy two properties near Londonâ€™s Regentâ€™s Parks: a Â£1.7m home at 39 Chester Close and 58 Harley House on the Marylebone Road for Â£2.8m. The first property, upgraded with an elevator and new stone flooring and countertops, was intended for the use of Ms Alison-Maduekeâ€™s mother and her son, according to the complaint. The men that month also purchased a Â£3.7m flat at 83-86 Prince Albert Road for the oil minister. Ms Alison-Madueke appears to have favoured furniture stores in the Houston area, which she patronised on periodic visits to the US oil industry capital. On a single day in May 2012, Mr Aluko wired $461,500 from a Swiss bank account to one furniture store and spent an additional $262,091 at a second on the oil ministerâ€™s behalf, the complaint says.

The case was brought as part of DoJâ€™s kleptocracy asset recovery initiative. Mr Aluko and Mr Omokore created two shell companies in the British Virgin Islands â€” Atlantic Energy Drilling Concepts Nigeria and Atlantic Energy Brass Development â€” to handle their oil contracts. Though the companies, which prosecutors say were â€œunqualifiedâ€, failed to fulfil the terms of their deals, they were allowed to produce and sell more than $1.5bn worth of Nigerian crude oil. The pair then created additional shell companies to launder the proceeds through the US, prosecutors said. Mr Alukoâ€™s last known address was in Porza-Lugano, Switzerland, while Mr Omokore is described as a resident of Lagos. According to the Justice Department, the complaint announced Friday demonstrates the Departmentâ€™s commitment to working with our law enforcement partners around the globe to trace and recover the proceeds of corruption, no matter the source.â€

â€œBusiness executives who engage in bribery and illegal pay-offs in order to obtain contracts create an uneven marketplace where honest competitor companies are put at a disadvantage,â€ said Assistant Director in Charge of the FBIâ€™s Washington Field Office, Andrew W. Vale. â€œAlong with the Department of Justice, international law enforcement partners and other US federal agencies, the FBI is committed to pursuing all those who attempt to advance their businesses through corrupt practices.â€

The US government also stated that Aluko, Omokore and others funded a lavish lifestyle for Alison-Madueke. According to the allegations, they purchase millions of dollars in real estate in and around London for Alison-Madueke and her family members, then renovated and furnished these homes with millions of dollars in furniture, artwork and other luxury items purchased at two Houston-area furniture stores.

In return, the US government said Alison-Madueke used her influence to direct a subsidiary of the Nigerian National Petroleum Corporation (NNPC) to award Strategic Alliance Agreements (SAAs) to two shell companies created by Aluko and Omokore: Atlantic Energy Drilling Concepts Nigeria Ltd. and Atlantic Energy Brass Development Ltd. (the Atlantic Companies).

However, according to the complaint, the Atlantic Companies provided only a fraction of the agreed upon financing or, in some instances, failed entirely to provide it. The companies also failed to meet other obligations under the SAAs, including the payment of $120 million entry fee. Nevertheless, according to the allegations, the companies were permitted to lift and sell more than $1.5 billion worth of Nigerian crude oil.

The government contends the Atlantic Companies then used a series of shell companies and intermediaries to launder a portion of the total proceeds of these arrangements into and through the US.

â€œTodayâ€™s announcement would not have been possible without the remarkable work conducted by a group of dedicated investigators, attorneys and international partners who were committed to leaving no stone unturned in this case targeting international corruption,â€ said Assistant Director of the FBIâ€™s Criminal Investigative Division, Stephen E. Richardson.

â€œThis case demonstrates that the FBI will not tolerate American institutions and property being used to launder proceeds of foreign corruption and todayâ€™s filing is an important step towards recovering identified funds. This should serve as a warning to other corrupt foreign officials that the United States is not open for their business.â€

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According to a Department of Justice civil suit, Aluko and a pal bribed Nigeria’s former oil minister in return for lucrative contracts. They allegedly used the proceeds to buy $144 million in assets.

Under the DOJ’s Kleptocracy Asset Recovery Initiative, the feds have filed a civil forfeiture action to seize the Galactica Star, which Aluko once rented to Jay-Z and Beyoncé for $900,000 a week, according to the Daily Beast.

The yacht is registered in the Cayman Islands and flies under the British flag. It comes with its own helipad, outdoor Jacuzzi and plenty of space for dancing and dining. Beyoncé celebrated her 32nd birthday on the yacht in 2013.

A DOJ spokesperson said the department “can’t comment on an ongoing investigation.”

Earlier in the year, Naija247news reported that Mr Aluko who has courted Naomi Campbell and celebrated a birthday with Leonardo DiCaprio was targeted in a federal lawsuit aiming to seize his $80 million yacht and his $50.9 million One57 penthouse.

The suit claims the yacht, which Aluko once rented to Jay-Z and Beyoncé, and the full-floor penthouse apartment on Manhattan’s Billionaire’s Row were bought in a money-laundering scheme by frauds who bribed Nigeria’s oil minister.

But the feds will have to get in line.

The 6,240-square-foot condo on the 79th floor of 157 W. 57th St. is in foreclosure. Aluko hasn’t paid the mortgage, and the bank that lent him $35.3 million to buy the pad is forcing a sale, the city’s biggest foreclosure ever.

The four-bedroom, four-bath condo also has liens on it of more than $20,000, and owes $61,000 in taxes to the city as of July 1. The apartment is due to go to auction Wednesday.

Nigerian authorities in February tried to freeze Aluko’s assets, including the apartment and the yacht, as part of the money-laundering probe.

The 48-year-old energy tycoon, whose full name is Kolawole Akanni Aluko, is accused of financing his high-flying lifestyle with money generated from a $1.76 billion scheme to defraud the Nigerian government of oil sale profits.

The scam allegedly involved millions of dollars in bribes to former Nigerian oil minister Diezani Alison-Madueke, who oversaw the state-owned oil company.

The federal lawsuit — a civil forfeiture action filed in Houston — claims that Aluko and another Nigerian oilman named Olajide Omokore conspired with others to pay bribes to Alison-Madueke.

In return, the minister steered contracts from a subsidiary of Nigerian National Petroleum Corp to shell companies owned by Aluko and Omokore.

Despite being unqualified and in some instances performing no services at all, the companies received more than $1.5 billion through the sale of crude oil, the lawsuit said.

The Justice Department’s suit said Aluko and Omokore laundered their illicit revenue by buying $144 million in assets, including the One57 condo and the yacht.

Alison-Madueke was charged with money laundering in Nigeria, the country’s financial crimes agency said in April. She has denied wrongdoing. Aluko also previously denied the accusations.

Aluko was last seen in public offshore of the ill-fated Fyre Festival in the Bahamas in April. Since then, he’s been on the lam, and may be hiding out on the 213-foot yacht.

The boat, registered in the Cayman Islands, was last tracked in the Caribbean in early May. It’s now listed as “out of range,” by a worldwide ship locator.

The Luxembourg-based Banque Havilland, which issued the mortgage on the One57 condo, seeks to collect what it’s owed plus interest, court papers say. It is unclear how the feds and the bank might divvy up the auction proceeds.

With Post Wire Services

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Naija247news.com is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy. Naija247news was founded in October, 2010.

“Surviving Nigeria’s Financial Chaos: A Parent’s Struggle to Fund Education Amidst...

Take a Look Inside Beyonce and Jay Z’s $70 million Yacht

Luxury Yachts & Boats

Take a look inside Beyonce and Jay Z’s $70 million yacht!

They are a power couple like no other, we love them and they love each other. This couple has always showed us how much money they have and how much they love each other, by the presents they receive.

And this time is no different. It is believed that for Beyonce’s 32 nd birthday, her husband, the rapper Jay Z bought her a US$70 million superyacht. That tops the list of the expensive things Beyonce owns .

They have been photographed by the paparazzi celebrating aboard the 213-ft Galactica Star yacht.

Because it might have been a gift, this yacht is one of the best, and has given the title of the world’s largest fast displacement yacht at the time of its launch in 2013.

It was titled the largest fast displacement because it has the ability to combine low resistance with high performance and fuel efficiency throughout the full speed range.

It can almost go with 30 knots while burning 30% less fuel than a craft of the same size.

Galactica Star yacht has been built by Heesen in the Netherlands and had its interior designed by London-based firm Bannenberg & Rowell.

It is not in vain called a superyacht, because it features lots of outdoor space, including a sundeck, a duplex beach club covering 25% of the main and lower decks, and a touch-and-go helipad on the foredeck.

Because we are here talking about one of the richest couples in the world , the yacht must have come with a helipad. Plus, it also has several World Superyacht Awards.

The yacht is kitted out with everything you could need at sea, catering especially for warmer climates where the guests can relax in the sun.

Beyonce and Jay Z can take up to 12 guests with them, and accommodate them in custom-built staterooms, including a full-beam master suite with private balcony and a VIP suite on the upper deck.

Let’s not count the crew of 13 to service all the guests, and the swimming pool, sauna or on-deck Jacuzzi.

The Galactica Star, which is priced at an estimated US$70 million, is not on the books as a charter vessel, so some people say that Jay Z may have dropped big money to make it his.

No doubt he negotiated a good price, and by chartering it out when not in use he may even turn a profit.

Before Jay Z bought it, the yacht belonged to Nigerian energy business magnate Kola Aluko, but in September, he sold it to the couple.

Apparently you can also rent this yacht, if you have US$900,000/ week and must be a personal connection to Kola Aluko or someone famous.

The control room is state of the art, featuring large touch-screen displays that can be used to drive the yacht for over 4,500 nautical miles on a single tank of fuel.

At night, the ship becomes beautifully lit and is the perfect location for hosting parties.

The modern and forward-looking design includes a lot of glass, helping to keep the space airy and light.

What do you say about their boat? Looks awesome enough for the couple?

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IMAGES

Kola Aluko Super Yatch sold for $42million
Check out Kola Aluko Galactica yacht valued at 100 million dollars
Kola Aluko's £50m Yacht JayZ+Beyonce Used For Holiday (pics
Diezani's Wanted Billionaire Pal, Kola Aluko's $50m "Galactica Star
Specifications
Kola Aluko’s N15bn superyacht auctioned

VIDEO

Aluko Paratha
MALAIKA FT REMI ALUKO ON STAGE . Watch till end
TEEKAY FASHION CEO SHINES AT PA ALUKO’S BURIAL CEREMONY
Weltumsegleryacht? Ovni 430 im Test #sailing
Remi Aluko @ Magbo Festival ikorodu 2024
REMI ALUKO LIVE IN CAIRO

COMMENTS

Former Enron unit, U.S. government vie over $80-million yacht
Prosecutors alleged in a forfeiture complaint that Aluko bought the yacht with the spoils of bribes paid to Diezani Alison-Madueke — the first female president of OPEC and a former Nigerian oil ...
ILLUSION Yacht • Michael Ovitz $65M Superyacht
Kola Aluko was the former owner of the yacht, then named Galactica Star.. Aluko is a Nigerian businessman, active in energy. He was born in 1969.. Energy Business. He is Executive Director of Atlantic Energy, active in the Nigerian oil and gas industry.. He has founded several companies, such as Besse Oil, Fossil Resources, and Exoro Energy International, all active in energy.
Galactica Star Ordered Sold in Nigerian Corruption Case
The investigation revealed that Kolawole Aluko, a Nigerian oil businessman, acquired the yacht, via a shell corporation, with diverted profits from oil sales. The U.S. government also accused Aluko and another oil executive, Olajide Omokore, of laundering money in the United States and using it to acquire the yacht, among other assets.
Fg Sells $42m (n15bn) Superyacht Belonging To Kola Aluko
Fg Sells $42m (n15bn) Superyacht Belonging To Kola Aluko. By The Nigerian Army. The 65-metre Galactica Star superyacht owned by Kolawole Aluko, a crony of Nigeria's former Minister of Petroleum Resources, Diezani Alison-Madueke, has been sold in the United States of America. The yacht was sold on 25 July 2019, according to Yachtharbour.com.
An $80 Million Yacht, a $50 Million Apartment, and Nigeria's Former Oil
As collateral for a mortgage, Aluko used his $80 million yacht, which he reportedly rented to rapper Jay-Z and singer Beyoncé at a rate of $900,000 per week. Subsequently, he defaulted on a ...
Inside Kola Aluko's Seized Galactica Star Superyacht That ...
The luxury 65-metre Galactica Star superyacht was listed for sale earlier this year for $42m ( ₦15 Billion ) and sold on July 25 to a buyer introduced as Burgess as a result of a notorious corruption case involving Aluko, Prince Olajide Omokore and former oil minister, Diezani Alison-Madueke. The seized superyacht was offered for sale in a ...
Department of Justice Seeks to Recover Over $100 Million Obtained From
According to the complaint, from 2011 to 2015, Nigerian businessmen Kolawole Akanni Aluko and Olajide Omokore conspired with others to pay bribes to Nigeria's former Minister for Petroleum Resources, Diezani Alison-Madueke, who oversaw Nigeria's state-owned oil company. ... 157 W. 57th Street - and the Galactica Star, an $80 million yacht
MICHAEL OVITZ: A Powerhouse of Talent, Business and Art
The yacht was built as Galactica Star for Kola Aluko. The ILLUSION Yacht, constructed by Heesen Yachts in 2013, showcases the elegant design work of Omega Architects. Powered by MTU engines, the yacht offers a max speed of 27 knots, a cruising speed of 18 knots, and an extensive range of over 3000 nm.
Diezani's partner Kola Aluko's superyacht Galactica Star auctioned
28th July, 2019. Kola Aluko's superyacht Galactica Star auctioned. The 65-metre Galactica Star superyacht owned by Kolawole Aluko, the Nigerian oil mogul has been sold. Yachtharbour.com said the yacht was sold on 25 July. Fraser representing the seller and Burgess represented the buyer. The vessel was listed for sale earlier this year for ...
After Seizing Super Yacht, United States Moves To Confiscate Nigerian
From 2011 to 2015, Aluko and Olajide Omokore, alledgedly conspired with others to bribe Alison-Madueke in order to win oil production contracts worth $1.5bn, according to a civil forfeiture complaint.
Fugitive Nigerian playboy's yacht spotted at marina in Mexico
MEGA. Nigerian fugitive and New York playboy Kola Aluko, who is wanted for his role in a $1.76 billion oil scam, may be hiding in plain sight on his $80 million yacht in Mexico, sources told The ...
Meet Kola Aluko And His Array Of Expensive Properties
Kola Aluko's Yacht named "Galactica Star" However, aside from all the Diezani drama, Aluko is known as a man of affluence. With a whooping $100 millions dollars, Aluko was once ranked by Forbes Africa as one of the 40th richest Africans, as well as included in the top ten list of Successful African Entrepreneurs to Follow on Twitter.
Diezani Warned Kola Aluko, How Jay Z Rented His $80million 'Galactica
Aluko is also said to have purchased Galactica Star, a $80 million 65-meter yacht which hosted Beyonce's 32nd birthday bash in 2013. Aluko's yacht and penthouse are not the only items under scrutiny by the DOJ. The government also alleges that Aluko, Omokore and others funded a lavish lifestyle for Alison-Madueke.
FG, US sell $42m Luxury Yacht Linked to Aluko
The federal government and the United States have sold off a 65-metre Galactica Star super yacht worth $42m belonging to oil magnate Kola Aluko, who was accused of defrauding Nigeria through crude ...
EXCLUSIVE: Kola Aluko plays 'cat and mouse' with US over seizure of his
The United States government is finding it difficult to seize Kola Aluko's $80m yacht moored near Cancun, Mexico, despite a court order, TheCable can report. The US District Court Southern District of Texas, Houston Division, had, on July 14, 2017, ordered the seizure of Aluko's assets worth $144 million — including the 200-foot yacht ...
Nigeria oil corruption: Diezani Alison-Madueke and Kola Aluko ...
In reference to Galactica Star, Aluko's $82 million 65-meter yacht which hosted Beyonce's 32nd birthday party in 2013, Alison-Madueke said: "If you want to hire a yacht, you lease it for two ...
The Time Beyoncé And Jay-Z Rented A Yacht For $900k Per WEEK And Ended
Aluko's yacht was, as mentioned, rented by Beyoncé and Jay-Z to celebrate her 32 nd birthday in the Mediterranean. Aluko was on the run from authorities for years. He hasn't sent a Tweet out ...
Exclusive
The boat — which Aluko rented to Jay-Z and Beyoncé in 2015 for $900,000 a week — was last registered in Freeport, Bahamas, on May 3, but is currently "out of range," yacht trackers said. ...
[Profile] Kola Aluko: How Nigeria's silent multi ...
The yacht is reportedly the newest and largest Heesen yacht ever built. He at a time was rumoured to be in a romantic relationship with supermodel, Naomi Campbell. Aluko and his partner Jide Omokore , with former Nigerian Petroleum Minister Diezani Alison-Madueke were allegedly involved in a multi-billion dollar heist and money laundering offences.
Jay-Z and Beyoncé rented a yacht owned by Nigerian oil tycoon for
Shortly after she became oil minister in 2010, Madueke was accused of embezzlement. Aluko was last seen in Hong Kong in May on his 213-foot yacht, Galactica Star, which he rented to Jay-Z and Beyoncé Knowles Carter for $900,000 a week in 2015, and is currently in the Bahamas. He was reportedly spotted at Ja Rule's Fyre Festival in late April ...
US Moves to Seize 200ft Yacht, Other Luxury Properties from Kola Aluko
Though known as â€œa small time traderâ€ who had previously earned around $500,000 annually, in less than three years, Mr. Aluko purchased more than $87m of US property and the $82m yacht ...
Kola Aluko, Nigerian Fugitive playboy's yacht spotted ...
Nigerian fugitive and New York playboy Kola Aluko, who is wanted for his role in a $1.76 billion oil scam, may be hiding in plain sight on his $80 million yacht in Mexico, sources told tell ...
Take a Look Inside Beyonce and Jay Z's $70 million Yacht
Apparently you can also rent this yacht, if you have US$900,000/ week and must be a personal connection to Kola Aluko or someone famous. The control room is state of the art, featuring large touch-screen displays that can be used to drive the yacht for over 4,500 nautical miles on a single tank of fuel.