Alleged N6bn Fraud: Tinubu’s Alpha Beta Fights Back

Posted by Ganiyu Nasirudeen African News, Featured, Latest Headlines, News, News Across Nigeria, News From The State Friday, October 9th, 2020

(AFRICAN EXAMINER) – Allegations and counter allegations have trailed financial misconducts by a former Managing Director of a Lagos based tax consulting firm – Alpha Beta, Mr Dapo Apara, as well as by the firm.

While the firm is accusing its ex-boss of diverting the sum of N6bn, the company’s money, Apara in a counter, in a writ of summons filed before a Lagos State High Court accused Alpha Beta of making mysterious payments of over N20bn to several private accounts.

However, the firm in a statement issued Friday by its Managing Director, Mr. Akin Doherty, alleged that Apara was the one that was actually culpable as he had diverted about $5m during his time as managing director by inflating a contract which was worth about $300,000 and then diverted a separate N6bn to personal use.

The firm said it had reported Apara’s alleged fraud to the appropriate authorities but he had refused to show up and rather remained in Dubai.

In the statement titled, ‘Alpha Beta: Facts of the Matter’, the firm said Apara was an aggrieved ex-employee who was bent on tarnishing the image of the company after being sacked for financial impropriety.

The statement read in part, “The fact is that Dapo Apara began making his untrue allegations in the aftermath of his removal as Managing Director of Alpha Beta for fraud and unethical practices. While he was MD, Apara used his position to siphon huge sums of money from the company including but not limited to fraudulently converting $5m; money allegedly used to pay for cloud based services that were eventually discovered to be worth less than $300,000.

“Mr. Apara, who was a signatory to all the bank accounts of Alpha Beta from inception until his removal, received all his payments and entitlements until June 2018 when he was removed after his fraudulent misconduct was discovered.

“In July 2018 further evidence of his fraudulent and unethical practices was uncovered, including the revelation that he converted approximately N6bn belonging to Alpha Beta to his personal use.

“This fraud was reported to the authorities and Mr. Apara was subsequently invited to return to Nigeria from his hiding place in Dubai to render account. To date, he has refused to do so. Instead, Mr. Apara chose to embark on an aggressive smear campaign seemingly in an effort to blackmail us into ending the investigations into his misconduct.”

“The uncorroborated allegations against Asiwaju Bola Tinubu by Dapo Apara, in particular, show that he is bent only on creating sensational headlines to deflect attention from his own criminal activities’’.

Alpha Beta revealed that Apara has filed many suits in Lagos and Abuja on the same matter, engaged in arbitration, the police, the Economic and Financial Crimes Commission and other agencies.

It also claimed that it had not been served with the court summons; assuring that it looked forward to the opportunity of publicly presenting the full picture of Apara’s misconduct, deceit and fraud and to have the matter resolved by the court once and for all.

Alpha Beta is owned by a former Governor of Lagos State and the ruling APC National Leader, Asiwaju Tinubu.

The firm collects monitors and reconciles tax on behalf of the Lagos State Government for a controversial percentage – of commission.