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Wednesday, 28 June 2017

Nigerian businessman declared wanted by EFCC to lose N15billion penthouse in New York

Nigerian businessman declared wanted by EFCC to lose N15billion penthouse in New York

The apartment would be sold to the highest bidder by a Luxembourg based Banque Havilland, in a foreclosure auction in July, the New York Post reported.

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Kola Aluko’s $50.9m New York penthouse to be auctioned

- Popular Nigerian businessman Kola Aluko, is still on the run

- Aluko has not turned himself in since he was declared wanted by the Economic and Financial Crimes Commission (EFCC)

- One of his properties in the United States of America is about to be auctioned

Nigerian energy businessman Kola Aluko, declared wanted by the EFCC, has been identified as the owner of Apartment 79, a penthouse apartment in One57, one of New York City’s most expensive residential buildings.

However, the apartment would be sold to the highest bidder by a Luxembourg based Banque Havilland, in a foreclosure auction in July, the New York Post reported.

The penthouse sale is seen as the most expensive foreclosure in New York City.

Aluko, 48, is believed to be hiding out on his yacht, which he rented to Jay Z and Beyoncé in 2015 for 900,000 dollars a week.

Nigerian businessman declared wanted by EFCC to lose N15billion penthouse in New York


Kola Aluko has refused to turn himself in to the EFCC

The energy businessman, who is a friend of stars such as Jay Z and Jamie Foxx, has not been seen for a while, which has sparked rumours that he is hiding away on his yacht, which was last registered in the Bahamas in May.

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Aluko was reportedly last seen in Hong Kong in May and his yacht is currently in the Bahamas, according to the report.

His bank has also listed the yacht, the Galactica Star, as collateral in the foreclosure, but the yacht is ‘out of range’ at the moment.

Aluko rented the Galactica Star to Jay Z and Beyoncé in 2015 for 900,000 dollars a week and allegedly showed up at the Ja Rule Fyre Festival in the Bahamas in late April with his yacht.

The businessman is also close friends with Leonardo DiCaprio and made a large donation to DiCaprio’s environmental charity as well as attended the actor’s birthday party in New York City in 2013.

The energy tycoon sold a 2.4-acre estate in Montecito, California, to Gwyneth Paltrow for an under-market 4.9million dollars.

In 2012, he bought an 11,478-square-foot house in Bel Air for 24.5 million dollars, then sold the property in 2016 for 21.5 million dollars.

He also owns a home in Beverly Hills that was also purchased in 2012 for 14.7 million dollars.

Aluko is also avoiding Nigerian authorities who tried to freeze his assets in February as part of a money-laundering probe.

Apartment 79 was sold to a Aluko in December 2014 for 50.9million dollars, making it the eighth most expensive unit in the building, according to New York City property records.

Less than a year later however, he took out a 35.5million dollars mortgage from Banque Havilland in Luxembourg to help pay for the apartment.

When Aluko failed to pay the loan back a year later, the bank took possession of the 6,420-square-foot apartment, according to court documents.

Now the bank is planning to auction off the four-bedroom apartment on July 19 to regain the mortgage plus interest.

“It’s probably the most-expensive foreclosure we’ve ever seen in luxury development. I don’t know of a foreclosure that’s larger than that,” Donna Olshan, president of high-end Manhattan brokerage Olshan Realty Inc., told newsmen.

One57 was built by Extell Development Co. and was the tallest residential building in Manhattan until 432 Park Ave was completed a few months later.

Construction started on the building in 2009 and finished in 2014, creating a trend of similar ultra-luxury high-rises on 57th street, which has now been coined ‘Billionaire’s Row’.

Amenities in the building include a 24-hour doorman and concierge, fitness center, yoga studio, private dining room, catering kitchen, library, valet service and on-site parking.

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Meanwhile, labour unions in Nigeria have called on the EFCC and the Independent Corrupt Practices Commission (ICPC) to probe the states which defaulted in the first tranche of the N516bn Paris Club loan refund.

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) said in a statement that probing the states which defaulted in the payment would help check the utilisation of the second tranche of the refund.

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