Nigerian Government Sells $42 Million Yacht Belonging To Kola Aluko

Nigerian Government Sells $42 Million Yacht Belonging To Kola Aluko

By News Agency of Nigeria on July 31, 2019
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Kola Aluko
Kola Aluko

The Federal Government, alongside the United States, has sold off a 65-metre Galactica Star super yacht worth $42 million, N15.1 billion, belonging to oil magnate Kola Aluko.

The News Agency of Nigeria, NAN, reports on Monday, July 29, 2019, that Aluko, an ally of a former Minister of Petroleum Resources, Diezani Alison-Madueke, has been defrauding Nigeria out of almost $1.8 billion (N648 billion) in siphoned crude oil sales.

The yacht, which was custom-built by Dutch yard Heesen in 2013, is the second-largest ever built by Heesen, according to Yacht Harbour,

The sales report reads in part, “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 US and Nigerian governments received Federal Court approval to sell the arrested super yacht 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 million.”

Galactica Star accommodates up to 12 guests and 13 crew members overnight in six cabins, comprising a master suite, one VIP stateroom, and four double cabins.

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