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FG Sells $48m Kola Aluko’s Luxury Yacht



FG, US Sell $48m Kola Aluko Luxury Yacht

The Federal Government of Nigeria in collaboration with the help of the United States Government has sold off the controversial yacht belonging to Kola Aluko, the oil magnate accused of defrauding Nigeria $1.8 billion (N648 billion) in crude oil sales.

The 65-metre Galactica Star superyacht, once rented by Jay Z and Beyonce for a holiday cruise, worth $42 million.

Investorsking, however, couldn’t confirm the exact amount the luxury yacht was sold.

Kola Aluko was declared wanted by the EFCC and has been on the run since the anti-graft agencies commenced an investigation into his dealings four years ago.

Mr Aluko, a close ally of former Minister of Petroleum Resources, Diezani Alison-Madueke, and Jide Omokore were accused of laundering money in the US and using it to acquire the yacht and other assets.

“In April 2019, the vessel was offered for sale in a sealed bid arrangement proposed by the US Department of Justice and the Federal Republic of Nigeria and approved by US federal court. The sale process roots back to corruption case against two Nigerian nationals,” the report reads in part.

It was sold on July 25, 2019.

The report adds, “The US and Nigerian governments received Federal Court approval to sell the arrested superyacht due to high maintenance and dockage fees, estimating the combined cost at around $170,000 per month. Managed by Fraser, the vessel was listed at $42m.”

The vessel features exterior styling by Omega Architects, engineering by Van Oossanen & Associates, finished by interiors from the boards of Bannenberg & Rowell.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.