FG, United States Partner To Sell $42M Aluko's Yacht
Kola Aluko Yacht (Image: Twitter)

The Federal Government of Nigeria in partnership with the United States Government have sold off a yacht belonging to Kola Aluko, the oil tycoon accused of defrauding the country of $1.8 billion (N648 billion) in crude oil sales.

The 65-metre Galactica Star superyacht is worth $42 million (N15.1bn).

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Aluko who is a close ally of former Minister of Petroleum Resources, Diezani Alison-Madueke, 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.

The US government had accused Aluko and another oil businessman, Jide Omokore, 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 the corruption case against two Nigerian nationals,” the report reads in part.

“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 Yacht which was sold on July 25, 2019, had once been rented by American music couple Jay Z and Beyonce for a holiday cruise.