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Enron legacy returns in battle over $80 million yacht

Almost two decades after the collapse of Enron Corp., a former unit of the energy-trading giant is sparring with US and Nigerian authorities over the proceeds of the sale of a luxury yacht.

The dispute pivots on the Galactica Star — a 213-foot vessel once worth more than $80 million. The boat features a glass-bottom jacuzzi, a sky lounge bar and marble bathroom fittings.

US authorities seized the Galactica in 2018 after filing a lawsuit to recover assets it said were acquired by Nigerian businessman Kolawole Aluko. Prosecutors alleged in a forfeiture complaint that Aluko bought the yacht with the spoils of bribes paid to Diezani Alison-Madueke — the first female president of OPEC and a former Nigerian oil minister.

To defray the costs of maintaining the Galactica while the case progressed, the boat was auctioned for $37 million in 2019 and then renamed Illusion. In May, after Nigeria dropped its own claim to the funds, a Texas court agreed that the proceeds should be retained by the US government.

Enron Nigeria Power Holding (ENPH) says it’s entitled to part of the takings and is demanding $22 million. The company is trying to collect on an arbitration award issued against the Nigerian government after the state suspended a contract signed with Enron in 1999 to build and operate a power plant.

ENPH says the Nigerian government’s recent repudiation of the country’s claim to the yacht constitutes an attempt to fraudulently transfer assets to prevent its creditors from accessing them. The US Department of Justice said in court filings that Nigeria’s shift was “simply a recognition of the factual and legal basis” of the US’s case.

A spokesman for the DOJ declined to comment, while a spokesman for Nigeria’s Justice Ministry didn’t respond to calls and messages.

The US and Nigeria have so far successfully opposed ENPH’s application, according to filings at the District Court for the Southern District of Texas. Once a subsidiary of Enron, ENPH was bought out of bankruptcy for $750,000 in 2004 by a Cayman Islands-registered entity.

ENPH’s claim to the yacht stems from the Nigerian government’s decision to reject a request by the company’s new owners to revive the power contract that was suspended before Enron’s demise. An arbitration tribunal ruled in 2012 that Nigeria had breached the agreement and awarded ENPH damages of $11.2 million plus interest. US courts later confirmed the award.

Battle Galactica

While ENPH’s current shareholders aren’t publicly disclosed, some are former Enron officials who were involved in negotiating the power plant deal with Nigeria, the company’s lawyer Kenneth Barrett said in an interview. One of the US’s largest corporations, Enron hid billions of dollars in losses and debt which, when revealed in 2001, propelled the company into insolvency and top executives to prison.

“None of the principals of ENPH have ever been implicated in any of the criminal activities or criminal proceedings pertaining to Enron Corp.,” Barrett said.

The legal tussle pitting ENPH against the US and Nigeria over the yacht is an offshoot of a protracted saga centering around Alison-Madueke, who served as Nigeria’s oil minister from 2010 to 2015. The country’s anti-graft agency has accused her of corruption and says it’s trying to extradite her from the U.K., where she’s also being investigated by law-enforcement authorities. While a lawyer for Alison-Madueke didn’t respond to questions, she’s previously denied wrongdoing.

‘Lavish Lifestyle’

The DOJ says Aluko and his business partner Olajide Omokore funded “a lavish lifestyle” for Alison-Madueke in exchange for lucrative contracts from Nigeria’s state oil company that generated more than $1.5 billion. The two “laundered their illicit revenues into and through the US,” according to the complaint filed in 2017.

Tokunbo Jaiye-Agoro, Aluko’s lawyer, declined to comment on ENPH’s lawsuit. Jaiye-Agoro added that he can “say very little at this stage” about the contracts his client secured when Diezani-Madueke was minister because they are subject to an ongoing court case in Nigeria.

Omokore wasn’t involved in the purchase of the yacht, isn’t party to the case before the Texas court and can’t comment on it, his lawyer Rafiu Lawal-Rabana said in an e-mailed response to questions. He declined to comment on the DOJ allegations.

The vessel, which the DOJ says Aluko bought for $82 million in 2013, was sold last year to avoid monthly maintenance costs of $170,000 that were eroding the sum that stood to be recovered from the vessel, according to court filings. The overarching forfeiture claim against $144 million of assets the DOJ says were acquired by Aluko is currently on hold pending the resolution of a criminal investigation into related allegations, the filings show.

The Texas court in May granted a joint motion filed by the two nations’ governments to withdraw Nigeria’s longstanding counter-claim to the yacht and to vest ownership of the proceeds from its sale in the US. The states plan to use the proceeds “for the benefit of the Nigerian people,” according to the motion.

ENPH will seek the court’s permission to appeal that decision, Barrett said.

• Diezani Alison Madueke
• Enron Nigeria Power Holding (ENPH)
• Galactica Star
• Olajide Omokore
• Tokunbo Jaiye-Agoro

After Selling Yacht For $42m, U.S Moves To Seize Kola Aluko’s $25m LA Mansion

The move to seize Kola Aluko’s mansion comes after US sold his Galactica Star luxury yacht for $42m (₦15b).

Galactica Star used to be popular for charter among celebrities, including Jay Z and Beyonce.

Aluko is an ally of Diezani Alison-Madueke, former Minister of Petroleum Resources in Nigeria.

He is one of four defendants accused of cheating Nigeria out of almost $1.8b (₦648b) in siphoned crude oil sales.

U.S accused Aluko and Omokore of using laundered money to acquire yacht; 58 exotic cars; houses; expensive watches and several private jets.

The United States Department of Justice money laundering and asset recovery section has initiated proceedings at the US District Court for the Southern District of Texas to seize a $25m mansion in Los Angeles owned by Kola Aluko.

According to a civil forfeiture complaint, Aluko and Olajide Omokore, an ally of Diezani Alison-Madueke, a former Minister of Petroleum Resources in Nigeria; alledgedly conspired with others to bribe Alison-Madueke in order to win oil production contracts worth $1.5bn.

From 2011 to 2015, the duo won major service contracts with the NNPC through their company, Atlantic Energy Oil.

See Also : Assassination Attempt : Damaged Oshiomhole’s Bulletproof SUV After A Trailer Rammed Into His Convoy (Photos)

Africa Intelligence reports that the Department of Justice is tirelessly pursuing its hunt for assets acquired on American soil by the two.

It said that the luxurious property, located at 755 Sarbonne Road in western Los Angeles, was acquired through “specified illegal activity” that justifies its confiscation.

The villa is estimated to be worth nearly $25m. It includes an infinity pool and 1,400 square metres of land on the city’s heights.

Aluko also bought three other mansions in US through shell companies. He has one in Beverly Hills worth $15m and two in Santa Barbara for $33m. These properties are not yet involved in seizure proceedings.

The move to seize Kola Aluko’s mansion comes over a year after the US sold his 65-metre Galactica Star luxury yacht for $42m (₦15b).

Kola Aluko is one of four defendants accused of cheating Nigeria out of almost $1.8b (₦648b) in siphoned crude oil sales.

See Also : Inside Kola Aluko’s Seized Galactica Star Superyacht That Just Sold For ₦15 Billion 

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Inside Kola Aluko’s Seized Galactica Star Superyacht That Just Sold For ₦15B

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A closer overview of kola aluko’s n15bn superyacht galactica star that was auctioned.

The second Heesen largest superyacht, 65-metre Galactica Star, was announced sold on July 25, with Fraser representing the seller and Burgess representing the buyer. The vessel was listed for sale earlier this year asking $ 42,000,000, as a result of a notorious corruption case in Nigeria.

Custom-built by Dutch yard Heesen in 2013, the vessel seconds only to the builder’s 70-metre Galactica Super Nova in terms of LOA. She features exterior styling by Omega Architects, engineering by Van Oossanen & Associates, finished by interiors from the boards of Bannenberg & Rowell.

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

Allegedly, the superyacht was originally owned by Nigerian oil magnate Kolawole Aluko, who is one of four defendants accused of cheating Nigeria out of almost $1.8 billion in siphoned crude oil sales, reports The Marine News. The U.S. government also accused Aluko and another oil executive, Olajide Omokore, of laundering money in the United States and using it to acquire the yacht, among other assets.

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 $42,000,000.

Galactica Star accommodates up to 12 guests overnight in 6 cabins, comprising a master suite, 1 VIP stateroom, and 4 double cabins. She is also capable of carrying up to 13 crew onboard to ensure a relaxed luxury yacht experience.

Powered by 2 MTU 5,592 HP diesel engines and propelled by twin screw propellers, Galactica Star is capable of a top speed of 27 knots, and comfortably cruises at 24 knots. With her 90,000 fuel tanks she has a maximum range of 4,200 nautical miles at 14 knots. Her water tanks store around 30,000 litres of freshwater.

The yacht used to be popular for charter among celebrities, for instance, once rented by American music industry power couple, Jay Z and Beyonce for a holiday cruise as reported in the media.

These are some of the images of this power crusier

Specifications

Structural Yard : Heesen Type : Motor yacht Guests : 12 Crew : 13 Cabins     : 6 Length     : 65 m / 213′4″ Beam : 11.5 m / 37′9″ Draft : 3.1 m / 10′3″ Year of build : 2013 Classification : Lloyds Displacement : Full displacement

Mechanical Model : 20V4000M93L Engine power : 5592 hp Total power : 11184 hp Maximum speed : 27 knots Cruising speed : 24 knots

Design Gross tonage : 984 Hull : Steel

Superstructure : Aluminium Decking         : Teak Interior designer : Bannenberg & Rowell Exterior designer : Omega Architects Watch the video

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Fugitive nigerian playboy’s yacht spotted at marina in mexico.

Nigerian fugitive and New York playboy Kola Aluko, who is wanted for his role in a $1.76 billion oil scam , may be hiding in plain sight on his $80 million yacht in Mexico, sources told The Post.

American tourists at a swanky resort in Playa Mujeres spied the 213-foot yacht, which dwarfed the other boats, docked in a local marina. They also noted the vessel’s bold name, Galactica Star. “We were curious to find out more about the yacht, so we looked it up,” one tourist told The Post.

Besides the boat, Aluko also owns a sprawling $50 million penthouse on West 57th Street’s “Billionaire’s Row,” which the feds want to seize.

He once courted Naomi Campbell and partied with Leonardo DiCaprio. He is also known for spending $1.5 million on champagne.

According to a Department of Justice civil suit, Aluko and a pal bribed Nigeria’s former oil minister in return for lucrative contracts. They allegedly used the proceeds to buy $144 million in assets.

Under the DOJ’s Kleptocracy Asset Recovery Initiative, the feds have filed a civil forfeiture action to seize the Galactica Star, which Aluko once rented to Jay-Z and Beyoncé for $900,000 a week, according to the Daily Beast.

The yacht is registered in the Cayman Islands and flies under the British flag. It comes with its own helipad, outdoor Jacuzzi and plenty of space for dancing and dining. Beyoncé celebrated her 32nd birthday on the yacht in 2013.

A DOJ spokesperson said the department “can’t comment on an ongoing investigation.”

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According to a Department of Justice civil suit, Aluko and a pal bribed Nigeria’s former oil minister in return for lucrative contracts. They allegedly used the proceeds to buy $144 million in assets.

Under the DOJ’s Kleptocracy Asset Recovery Initiative, the feds have filed a civil forfeiture action to seize the Galactica Star, which Aluko once rented to Jay-Z and Beyoncé for $900,000 a week, according to the Daily Beast.

The yacht is registered in the Cayman Islands and flies under the British flag. It comes with its own helipad, outdoor Jacuzzi and plenty of space for dancing and dining. Beyoncé celebrated her 32nd birthday on the yacht in 2013.

A DOJ spokesperson said the department “can’t comment on an ongoing investigation.”

Earlier in the year, Naija247news reported that Mr Aluko who has courted Naomi Campbell and celebrated a birthday with Leonardo DiCaprio was targeted in a federal lawsuit aiming to seize his $80 million yacht and his $50.9 million One57 penthouse.

The suit claims the yacht, which Aluko once rented to Jay-Z and Beyoncé, and the full-floor penthouse apartment on Manhattan’s Billionaire’s Row were bought in a money-laundering scheme by frauds who bribed Nigeria’s oil minister.

But the feds will have to get in line.

The 6,240-square-foot condo on the 79th floor of 157 W. 57th St. is in foreclosure. Aluko hasn’t paid the mortgage, and the bank that lent him $35.3 million to buy the pad is forcing a sale, the city’s biggest foreclosure ever.

The four-bedroom, four-bath condo also has liens on it of more than $20,000, and owes $61,000 in taxes to the city as of July 1. The apartment is due to go to auction Wednesday.

Nigerian authorities in February tried to freeze Aluko’s assets, including the apartment and the yacht, as part of the money-laundering probe.

The 48-year-old energy tycoon, whose full name is Kolawole Akanni Aluko, is accused of financing his high-flying lifestyle with money generated from a $1.76 billion scheme to defraud the Nigerian government of oil sale profits.

The scam allegedly involved millions of dollars in bribes to former Nigerian oil minister Diezani Alison-Madueke, who oversaw the state-owned oil company.

The federal lawsuit — a civil forfeiture action filed in Houston — claims that Aluko and another Nigerian oilman named Olajide Omokore conspired with others to pay bribes to Alison-Madueke.

In return, the minister steered contracts from a subsidiary of Nigerian National Petroleum Corp to shell companies owned by Aluko and Omokore.

Despite being unqualified and in some instances performing no services at all, the companies received more than $1.5 billion through the sale of crude oil, the lawsuit said.

The Justice Department’s suit said Aluko and Omokore laundered their illicit revenue by buying $144 million in assets, including the One57 condo and the yacht.

Alison-Madueke was charged with money laundering in Nigeria, the country’s financial crimes agency said in April. She has denied wrongdoing. Aluko also previously denied the accusations.

Aluko was last seen in public offshore of the ill-fated Fyre Festival in the Bahamas in April. Since then, he’s been on the lam, and may be hiding out on the 213-foot yacht.

The boat, registered in the Cayman Islands, was last tracked in the Caribbean in early May. It’s now listed as “out of range,” by a worldwide ship locator.

The Luxembourg-based Banque Havilland, which issued the mortgage on the One57 condo, seeks to collect what it’s owed plus interest, court papers say. It is unclear how the feds and the bank might divvy up the auction proceeds.

With Post Wire Services

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