Government & Politics

How I Became An “Instant Millionaire” – Tinubu


Bola TinubuA former Governor of Lagos State and national leader of the All Progressives Congress, APC, Asiwaju Bola Ahmed Tinubu, has revealed how a working trip he made while serving as an auditor for auditing giant, Deloitte and Touche, instantly turned him into a millionaire.
A kingmaker and somewhat controversial political figure, Mr. Tinubu first served as a senator in the short-lived third republic and was one of the arrowheads of NADECO, a group of pro-democracy Nigerians, who confronted the late dictator, General Sani Abacha.
Following threats to his life, he went on exile and returned to the country only after General Abacha had passed away.
Following the return to democratic rule in 1999, Mr. Tinubu contested and won elections as Lagos State governor and served for two terms.
The former governor, however, has endured years of inquisition into the source of his stupendous wealth with many alleging that he made a fortune from politics, especially when he served as governor of Lagos – the nation’s economic nerve centre – between 1999 and 2007.
In response to the speculations surrounding the source of his wealth, the APC chieftain said “At Deloitte and Touche, I chose to travel more than 80 per cent of my working years there. And that is because if a staff chose to travel, he would make more money because he would get travel allowances”.
He stated this in a lengthy interview he granted TheNews Magazine on March 29 about his journey through life as he celebrated his 64th birthday.
According to Mr. Tinubu, it was during an assignment to help set up an accounting and auditing system for a joint-venture between National Oil and Aramco in Saudi Arabia that he got his “financial break”.
“We had gone there to set up their accounting and auditing system. It was while on that service that I got my financial break. When I returned to the United States, my employers gave me a huge bonus, which instantly turned me into a millionaire.
“The bonus was $850,000, before taxes. My salaries were also being paid into the bank and I was not touching them. At the time, my salary deposits in the bank had risen to about $1.8 million”.
In response to a question if he was not frightened by the development, Mr. Tinubu said, “No. This is because I had a strong grasp of financial matters. I was happy. I bought a house from the money and invested the rest in the U.S. I was living well. I was living in one of the most affluent neighbourhoods in the south of Chicago”.
He added that he stayed back working for several years in the United States after completing his degree in Chicago and worked in Deloitte and Touche before returning to Nigeria to serve as an accounting executive for Mobil.

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