Oil Tycoon Kola Aluko Sold $24.5m Mansion In L.A Under EFCC Probe


A controversial Nigerian oil tycoon, Kola Aluko, has sold his Bel-Air, Los Angeles mansion, as Nigerian (EFCC) and European authorities investigate him for a series of money-laundering and fraud-related crimes, the Los Angeles Times has reports.

According to the report, Kola Aluko bought the house at an initial price of $24.5 million four years ago (2012), but he allegedly sold the contemporary-style home last week for $21.5 million, plunging a $3 million loss in an apparently off-market (sold without any form of public advertising) transaction, using a limited-liability company.

The mansion located in the 700 block of Sarbonne Road, Los Angeles, designed by architect Paul McClean and built in 2011, sits on more than an acre, with a gated entrance, a subterranean garage and a 132-square-foot infinity-edge swimming pool.

As described by the source, the 15,000 square feet of interiors feature walls of glass, 16-foot ceilings, marble walls and Italian fixtures throughout. A wood-paneled library, wine cellar and screening room are among the amenities. The 19,485 Sq. ft. 9 bedrooms, 14 bathroom residence includes a 3-storey elevator equipped primary villa that includes three principal guest/family bedrooms on the upper floor, plus an exceptionally spacious 2,200 square foot master suite.

Oil Tycoon Aluko Sold $24.5m Mansion In L.A Under EFCC Probe Kola Aluko

The Forbes reports that the oil tycoon has business connections with 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.

See Also: FG Saves N16.4 Billion Monthly From Subsidy Removal – Kachikwu

According to the Sahara Reports, Kola Aluko who at present stays in Switzerland, has other homes in USA. Just before he bought the Los Angeles mansion in October 2013, in July of the same year, he shelled out $8.62 million for a four-bedroom duplex condo on Fifth Avenue in New York City.

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