ADP Gov Aspirant, Gbadamosi Vows To Free Lagos From Stranglehold Of Tinubu’s Alpha Beta
A governorship aspirant in Lagos on the platform of African Democratic Party, ADP, Mr Babatunde Gbadamosi has vowed to free the state from the stranglehold of Apha Beta, a tax consulting firms allegedly owned by former Lagos State Governor Bola Tinubu.
Gbadamosi stated this in response to the widely circulated petition to the Economic Financial Crimes Commission, EFCC by the former Managing Director of the firm, Dapo Apara alleging that Apha Beta is a conduit for fraud and money laundering. Apara said a whopping N150b had been laundered so far.
The ADP governorship aspirant in an article titled, “The Alpha Beta Scandal and Lagos State’s Financial Predicament”, averred that the Apara’s figure of N160bn was largely under-reported stating that by 2019, Tinubu’s consultancy must have earned N522bn.
He wrote, “I am of the opinion that the ₦150b in commissions the MD of Alpha Beta claims they have made from their dubious activities in Lagos State since 2002 is grossly under-reported. The claim that Lagos has made just ₦1.5 trillion since 2002 is more than likely grossly incorrect too.
“During the Fashola administration, from inception, Lagos State Internally Generated Revenue was reported at between ₦30b and ₦40b per month. This claim was made as part of the argument to keep Alpha Beta on as a fat-cat “tax consultant”.
“That translates to a minimum of ₦2.88 trillion for the Fashola era alone! This means that between 2007 & 2015, if the 10% commission story is to be believed, Alpha Beta made a cool ₦288b in commissions from Lagos State.
“In the Ambode era, the figure has remained strangely, the same. By May 29, 2019, Lagos State would have made bout ₦1.44 trillion in IGR, with Alpha Beta carting away a cool ₦144b in commissions.Note that I haven’t calculated the figures from 2002 to 2007, a period of 60 months, which we may average out at ₦15b per month IGR.
“We can therefore surmise that Lagos made about ₦900b in that period, giving Alpha Beta a whopping ₦90b in commissions, and bringing their earnings by May 29th 2019 to a grand total of ₦522 billion!!! This is more than $2b, when the rapid depreciation of the Naira from 2015 is taken into consideration.
“Lagos State’s external debt, according the the Debt Management Office of the Federal Government of Nigeria, currently stands at about $1.45b!
The above figures suggest that we’ve been borrowing to feed Alpha Beta and its owners, both actual and the figureheads.
“That cash could have built a better Lagos for you and me, and I plan to end Alpha Beta’s stranglehold on the finances of Lagos State.”