Business news in brief

$50.9M NYC foreclosure hits Nigerian

The owner of a $50.9 million Manhattan condo that is scheduled to be sold at a foreclosure auction next month is Kolawole “Kola” Aluko, a Nigerian businessman accused in court filings of defrauding that country’s government.

Nigerian officials have attempted to freeze Aluko’s assets, including a full-floor penthouse at Midtown’s One57 skyscraper, as part of a wider investigation. Aluko and others are accused of pocketing $1.8 billion meant for government coffers and spending it on luxury goods around the globe, court filings in that country show.

Foreclosure proceedings were started in January on Aluko’s apartment on the 79th story of One57, which would be the costliest ever residential seizure in New York City. The 6,240-square-foot condo was bought in 2014 by a shell company listed in New York City public records as One57 79 Inc.,

... read more at: http://www.arkansasonline.com/news/2017/jun/29/business-news-in-brief-20160629/?f=business