Controversial Lagos tax contractor Alpha-Beta Consulting, long associated with former Lagos State governor Bola Tinubu, handled substantial unexplained transfers with companies linked to a suspected internet fraud leader, according to 2014 bank statements and corporate records reviewed by Peoples Gazette

That individual is Julius Oluwafunmisho Okedele. Corporate Affairs Commission documents show he controlled three companies—Glorious Fortune Nigeria Ltd., Sought After International Synergy Ltd., and Feranmi Ventures—used to move funds, including amounts the EFCC later described as proceeds of internet fraud.

December 2014 transfers
Bank records for Alpha-Beta’s accounts at Zenith Bank detail the following movements:
– On 29 December 2014, Glorious Fortune transferred ₦90,610,469.25 to Alpha-Beta’s U.S. dollar account (5070392516). The next day it transferred a further ₦182,005,449.75 to the same account (later reported as inactive).
– Sought After International Synergy transferred ₦90,612,281.55 on 29 December and ₦41,127,444.90 on 31 December to the same Alpha-Beta account.
– Alpha-Beta moved money in the opposite direction to Feranmi Ventures: ₦118,692,000 (in two tranches) on 8 December; ₦1,060,000,000 (₦550 million + ₦510 million) on 18 December from its naira account (1012656447); and ₦490,000,000 on 22 December.

None of Okedele’s companies were registered as bureau-de-change operators. Moving funds through one set of entities and retrieving them through another is inconsistent with standard anti-money-laundering rules.

Alpha-Beta did not respond to email or telephone requests for comment. In an interview, Okedele denied being at large and said he had clarified his role in the 2019 case: “I only did dollar transactions with the people that EFCC convicted in Warri. I was not found guilty.” He did not confirm whether he had been acquitted or explain the EFCC’s “at large” description.

He stated that he transferred roughly $4 million to Alpha-Beta and received the naira equivalent. When reminded that the December 2014 exchange rate was approximately ₦180 to the dollar (not the later rate of more than ₦300), he said he could not recall full details. He acknowledged that the structure of the transactions “might be perceived as money laundering” but insisted all dealings with Alpha-Beta were legitimate and properly documented. He also confirmed that the three companies belonged to him and could be used interchangeably to send or receive funds.

Large payments from Lagos State

The same 2014 statements show Alpha-Beta receiving ₦890 million from Lagos State government accounts five times on 1 December 2014. The pattern differed from the regular monthly ₦890 million payments the company had received since at least 2013. Some of those earlier deposits were labelled “ISPO” (irrevocable standing payment order); others carried no explanatory description. A Lagos government spokesman did not respond to requests for comment.

Alpha-Beta has provided tax-related services to Lagos State since Tinubu’s governorship, according to court filings by Dapo Apara, a former chief executive of the firm who later fell out with Tinubu and the company. Multiple Freedom of Information requests seeking details of the firm’s earnings from Lagos tax collection have been rejected by the state government.

Mr. Kevin Abaka, co-founder and COO of a startup vested in the payments and collections space raised similier alarm over the lack of transparency within the Lagos State government and its Internally Generated Revenue (IGR) collections process. He stressed on the strong man hold and self enrichment tactics that Tinubu and his cronies have imposed on the Lagos State government’s revenue system.

Payments to associates

The records also show:
– Two transfers totalling nearly ₦1 billion to Apara’s Infiniti Systems (₦593.25 million on 2 October and ₦500 million on 23 December). Apara described these as his share of Alpha-Beta profits.

– Two payments of ₦15 million each (total ₦30 million) on the same day to Adeola Awofisayo, then a director of The Bola Ahmed Tinubu Institute Ltd. alongside Tinubu and then-Vice-President Yemi Osinbajo. The purpose of the transfers was not stated. Awofisayo could not be reached for comment.

Apara has alleged in sworn statements that former EFCC chairman Ibrahim Magu provided protection to Tinubu on corruption-related matters. Magu has publicly denied shielding anyone. It remains unclear whether Okedele’s status is connected to any such claims. Magu did not respond to requests for comment.

Alpha-Beta’s 2014 bank statements were published alongside the original reporting.