Kola Aluko, a Nigerian energy mogul, is allegedly under investigation for money laundering in Nigeria. Among other things, Aluko is one of the founders of Made in Africa (MiAF), a foundation for infrastructure projects across Africa which, in 2013, joined the African Development to launch the Africa50 Fund on NASDAQ, Africa’s largest infrastructure investment vehicle. It seems to have no projects to date.
Mr. Aluko was the subject of a mareava injunction freezing his assets worldwide. Those assets are listed as including 3 mansions in Los Angeles, 2 high-end apartments in New York City, properties in Santa Barbara, California; numerous properties in Lagos, including 43 apartments in Banana Island, 58 vehicles, the Galactica Star yacht, and three airplanes.
The New York Times reported last year how Aluko made extensive use of shell companies and beneficial ownership structures to move money around the world through tax havens.
Aluko is a politically exposed person and was subject to enhanced due diligence by banks, law firms, wealth management firms as to the source and legitimacy of any funds he transacted in respect of. Persons connected to him at the Africa50 Fund are also each politically exposed persons.