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Alleged Money Laundry: Oil Magnate, Kola Aluko Sells Los Angeles Mansion for $21.5 Million

Prior to both Nigerian and European rigorous investigation on him regarding series of money-laundering and fraud related issue, controversial 46-year-old Nigerian oil magnate, Kola Aluko, has auctioned his Bel-Air, Los Angeles mansion, for $21.5 Million.

According to Los Angeles Times, Aluko sold the home last week, even when he was at a $3 million loss having bought the sprawling residence in 2012 for $24.5 million.

Aluko was said to have sold the residence in an off-market transaction using a limited-liability company. An off-market sale in real estate refers to a property that is sold without any form of public advertising.

Aluko’s former home- a contemporary-style showplace in the 700 block of Sarbonne Road, Los Angeles, was designed by architect Paul McClean and built in 2011. The property sits on more than an acre, has a gated entrance, a subterranean garage, and a 132-square-foot infinity-edge swimming pool among other features.

For a long time, Aluko had been linked as a business associate of Nigeria’s former Petroleum minister, Diezani Alison-Madueke, who is also currently under investigation by Nigerian and British authorities for money laundering and embezzlement.

Shortly after she became oil minister in 2010, Alison-Madueke awarded Atlantic Energy- an unknown start-up co-founded by Aluko, a very lucrative contract to fund NNPC’s (the state oil company) operational costs in four lucrative oil blocks in which the NNPC owned a stake.

In return for providing funding to the NNPC, Atlantic Energy was to lift the crude produced from the oil blocks, sell it, and thereafter pay the state-owned oil firm its share of profits. But there is an allegation and considerable proof that Atlantic Energy did not make any upfront funding but lifted crude and that a huge chunk of the proceeds from the sale of the crude oil did not make it to NNPC’s coffers and, by extension, the Nigerian treasury.

More on him as the event unfolds…

Additional - greenbreporters

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