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Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens - Business - Nairaland

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Panamapapers: How Tinubu Operated 12 Shell Companies In Tax Havens / Panama Papers: Dangote And Sayyu Dantata Linked To Shell Companies In Tax Havens / Dangote And His Brother, Dantata, Linked To Shell Companies In Tax Havens (2) (3) (4)

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Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by snailspeed: 10:49pm On Apr 18, 2016
Last October, Nigeria’s biggest indigenous oil and gas company, Oando Plc, made history for the wrong reason when it announced a loss of N184 billion in the 2014 financial year. The loss was the biggest ever recorded by any Nigerian company.

While its shareholders bore the brunt of the bleak financial year, the company’s group chief executive, Wale Tinubu and his deputy, Omamofe Boyo, might be doing just fine as they had for years incorporated and operated a cluster of shell companies in notorious offshore jurisdictions.
Mr. Tinubu seems to be making so good a return from his shell companies that in 2008 he agreed to pay a front as much as $20,000 monthly to manage all of his offshore transactions.

Details of the offshore assets of the two top bosses at Oando Plc were among the revelations contained in the leaked massive internal data belonging to Panamanian law firm, Mossack Fonseca.

The revelations are products of an investigation, spanning over a year by the International Consortium of Investigative Journalists, German newspaper Süddeutsche Zeitung and more than 100 other global news organizations across the world.

PREMIUM TIMES is the only Nigerian media organisation involved in the investigation.
Documents obtained by PREMIUM TIMES from the huge database linked Mr. Tinubu to at least 12 shell companies.
Mr. Tinubu, documents show, secured the services of Mossack Fonseca to help him incorporate the companies in Seychelles, one of the fastest growing offshore jurisdictions in the world and notorious tax haven, the British Virgin Islands (BVI).


The documents also reveal that Mossack Fonseca coordinated the operation through its offices in Geneva, the British Virgin Islands and Panama.
The documents show that Mr. Tinubu is director in the following companies incorporated in Seychelles and the BVI.

Sigma Technology Inc.
Techventure Inc.
Anglesey Management SA
Caine Trading Corp
Keligh Engineering Corp
Hud Trading Corps
Meridian Procurement International Services Ltd
Lynx Shipping Ltd
Equinox Shipping Ltd
Everglade Oil Inc.
Framlingham Ltd
Triton Trading Ltd

Investigation reveal that Mr. Tinubu is either sole director of most of the companies or has unlimited powers to make decisions.
For Instance, files from the data revealed that on November 26, 2009, after a meeting of the “board of directors” of one of his shell companies, Keligh Engineering Corp, Mr. Tinubu was granted a general power of attorney as the sole signatory of the company.

The “board meeting” where this decision was made was attended by three nominee directors, – Yvette Rogers (Chairman), Jaqueline Alexander(secretary), Verna de Nelson, who are actually employees of Mossack Fonseca.

Nominee directors are appointees used in offshore tax havens to hide true owners of shell companies.
Mrs. Rogers had also served as nominee director in Stanhope Investment Ltd, Seychelles, one of the shell companies used by the imprisoned former governor of Delta State, James Ibori, to steal the resources of his oil-rich state.

As part of its #PanamaPapers series, PREMIUM TIMES had revealed how Mossack Fonseca helped Mr Ibori, who is serving a 13-year jail term in the United Kingdom for money laundering, hide funds stolen from Delta State treasury through a web of offshore companies.
In May 2007, Just like Mr. Ibori, the Oando boss also secured the services of Swiss asset management firm, Clamorgan SA, to help him incorporate Techventure Inc., Anglesey Management SA, Caine Trading Corp and Keligh Engineering in Seychelles while appointing Mossack Fonseca Geneva as registered agent and administrator for the shell companies.

On May 2, 2007, Sebastien Thierry of Clamorgan S.A, who had acted as signatory for one of Mr. Ibori’s shell companies, wrote a letter to Sonia Scampa of Mossack Fonseca, thanking her for verifying and assisting in registering the companies, as well as granting Mr. Tinubu the power of attorney.

“Following my mail yesterday and our conversation today, I reiterated the confirmation sent yesterday morning taken the following companies – Anglesey Management SA, Caine Trading Corp., KLeigh Engineering Corp. Thank you for making a power of attorney for Mr. Wale Tinubu for three companies,” he wrote in French.

It remains unclear why Mr. Tinubu hired the same offshore consultants used by Mr. Ibori to run his offshore companies. But in September 2013, British prosecutors told a court that Mr. Ibori confessed to owning “significant” shares in Oando Plc.

According to crown prosecutor, Sasha Wass, a Queen’s Counsel, while opening an account at Swiss bank, PKB, through a shell company called Stanhope Investment, Mr. Ibori told the bank he owned 30 per cent of Oando.

Oando had denied that Mr. Ibori’s wealth was hidden in the company. The company at the time circulated a statement claiming that Mr. Ibori only had 443 shares of the company’s 6.8 billion ordinary shares.

The documents also revealed that apart from relying on nominee directors appointed by Mossack Fonseca to hide his ownership of shell companies in tax havens, Mr. Tinubu also hired a paid front who acted on his behalf in some of the offshore companies.

In a December 10, 2008 email to Marie-Ange (an employee of Mossack Fonseca in Geneva) Sebastien Clamorgan of Clamorgan SA revealed that Mr. Tinubu hired a front, Patrick Bastin, to act on his behalf in his offshore companies.
According to the email, Mr. Bastin was handsomely rewarded for this role. He was paid a salary of $10,000 monthly and given a corporate visa card which allowed him to spend up to $10,000 monthly.
Mr. Bastin was paid from Everglade Oil Inc’s account with a private bank in Beirut, Lebanon.

“It is agreed that M. Patrick Bastin will be acting as director for certain of Mr J.A. Tinubu companies and in this capacity will be managing all upcoming administrative commercial and financial tasks, inclusive the relationship with the several banks the companies may have bank accounts with,” the email reads.

“For this task M. Patrick Bastin will be compensated by a monthly payment of US $10 000,00 (ten thousand US $) to be paid to the bank account he will indicate.
“The account of EVERGLADE OIL INC No 239783 with Audi Saradar Private Bank seal in Beirut Lebanon will be responsible to set up a standing instruction for those payments to start on November 1 -2008.
“In addition, M. Patrick Bastin will be entitled to a Corporate Visa card from EVERGLADE OIL INC for expenses up to SS 10,000 per month to be justified after to M. J A Tinubu.

“This agreement can be terminated at any moment by M. JA. Tinubu with one month notice.”


The documents also showed that some staffers of Oando Plc were in on some of Mr. Tinubu’s incorporation of shell companies.
After the resignation of one Kirk Thompson, who is believed to be the original nominee director for Mr. Tinubu in Everglade Oil Inc., on December 14, 2007, Daniel Boyo (it is not clear whether he is a relative of Omamofe Boyo), a London-based business development consultant with Oando Trading Limited, a subsidiary of Oando Plc, sent an email on January 11, 2008 to Mr Thierry instructing him to contact Everglade Oil agents in Seychelles to draft a new certificate of incumbency for the company, mentioning Terry Cunningham as its new single director.

Documents show that Seychelles is particularly an attractive offshore destination for several top Nigerian businessmen.
Several shell companies owned by Nigerians in tax havens were incorporated in the small Indian Ocean country, with a population of just under 90,000 people. They were registered as International Business Companies (IBC).
Seychelles IBCs are among the most popular IBCs in the secretive world of offshore jurisdictions. IBCs incorporated in the Seychelles are prohibited from doing businesses within the country or owning real estate. They are not required to pay taxes, submit financial details or carry out audits on their finances.

An email sent from Mossack Fonseca’s office in Seychelles to Saria Rahme Kali of Afrex and Mr Clamorgan requesting details of the bearers of the shares of a cluster of IBCs domiciled in Seychelles revealed the extensive involvement of Nigerians in offshore tax havens.
The document revealed that Sayyu Dantata, the half-brother of Africa’s wealthiest man, Aliko Dangote, is linked to seven IBC – Appelby Holding Ltd, Juno Equities Incorporated, MRS Holding Ltd, MRS Oil and Gas, Nisco Holding Ltd (60 per cent), and Oval Refining S.A, Ovlas S.A (50 per cent).

Similarly, Adetokunbo Sijuwade, the son of the late Ooni of Ife, Okunade Sijuwade, is the director of Mandhari Water Investment Inc. and Izwelethu Aluminium and Steel Inc.

Mr Tinubu’s deputy, Boyo, was listed as director in three IBCs- Everglade Oil Inc, Meridian Procurement International Services, and QVS Ltd.
Nigerians Abiose Eldred Ogan-Cole and Mojisole Adeniran both own 50 per cent share each in Qaisar.
Messrs. Wale and Boyo are yet to respond to an email sent by PREMIUM TIMES through the corporate communication manager of Oando, Alero

Ms. Balogun and the company’s head of corporate communications, Ainojie Irune, had promised that responses would be provided to our questions. But several days later, no response has come from the officials.


http://www.premiumtimesng.com/news/headlines/202000-panamapapers-tinubu-operated-12-shell-companies-tax-havens.html

10 Likes 4 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by White007(m): 10:54pm On Apr 18, 2016
I was ready to bet my balls that if the Tinubu's wasn't on the panamaPapers list, let the Gods shrink both of my balls. Alas, i was damn right on the money. He is even fronting for Ibori, wonders shall never end. We have not heard the last of these looters, expect more revelation in the coming days/months.

68 Likes 5 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by dunkem21(m): 11:01pm On Apr 18, 2016
..Did I hear Ibori? shocked

Ogidigbodigbo grin

11 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by Brimmie(m): 11:05pm On Apr 18, 2016
White007:
I was ready to bet my balls that if the Tinubu's wasn't on the panamaPapers list, let the Gods shrink both of balls. Alas, i was damn right on the money. He is even fronting for Ibori.

grin grin

21 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by DaBullIT(m): 11:07pm On Apr 18, 2016
Which of the Tinubu's?
Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by buharisbae(f): 11:09pm On Apr 18, 2016
oloshi man
grandfather of kwaruption meanwhile
obj is the ancestor

38 Likes 3 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by ogba20: 11:09pm On Apr 18, 2016
dunkem21:
grin Chukwudi44, leave everything you dey do ..

Take speed come grin
when you fight corruption it's will fight you back. Let see how it goes because I know danjuma is also involved hahaha APCCCCCCCCCCCCCCCC.=saint

39 Likes 2 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by Brimmie(m): 11:09pm On Apr 18, 2016
dunkem21:
grin Chukwudi44, leave everything you dey do ..

Take speed come grin

At least before Pa Shukudi go follo Saraki to Kuje, mae come wànk small for here! tongue

Abi what gives him Orgàsm than Negative Report on APC?

Pa Shukudi, oya start coming o!! Food don land! Agba dindinrin! undecided

13 Likes 2 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by yhemsy62(m): 11:10pm On Apr 18, 2016
Hmm! 12 wetin?

2 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by dunkem21(m): 11:12pm On Apr 18, 2016
..

1 Like

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by Sunofgod(m): 11:12pm On Apr 18, 2016
Chineke meeh..... [but to be truthful I already suspected]

11 Likes 1 Share

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by dunkem21(m): 11:16pm On Apr 18, 2016
..

1 Like

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by Princewill1(m): 11:16pm On Apr 18, 2016
Everyone know that the notorious thief-nubu is a criminal,a drug baron and an overnight biggest landlord in Africa.

29 Likes 2 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by Brimmie(m): 11:22pm On Apr 18, 2016
dunkem21:



Oga, what's your take on the topic


My Take?? Are you surprised about the report or what? I knew his name is gon' show up.

9 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by tigerclaws: 11:23pm On Apr 18, 2016
you won't see apc bastards on this thread especially those on Tinubu's payroll

39 Likes 6 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by tigerclaws: 11:24pm On Apr 18, 2016
cc
ngeneukwenu omenka demdem passingshot midolian abduljabbar4 HungerBAD koboko69 modath Mynd44
make una show your lawd and master Tinubu don cast

Lalasticlala goodnight

15 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by dunkem21(m): 11:24pm On Apr 18, 2016
..

1 Like

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by OmoOlomu(m): 11:26pm On Apr 18, 2016
tinubu na surname. wale lo da eshe, spot d difference

12 Likes 2 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by tigerclaws: 11:31pm On Apr 18, 2016
You'll never see the useless SaharaReporters say this because Tinubu the bastard is involved
they are angry at saraki because he doubled crossed their useless brown teeth bastard Tinubu.
the same apc gave him ticket
the same apc supported late Audu even when he confessed openly on corruption
the same apc gave Silva ticket and supported him
the same apc supported Rochas the bastard thief
etc
now they're screaming corruption like useless people and think everyone is stupid like them
Thunder scatter any apc bastard that supported those mentioned but is against saraki
may that person die by bomb Insha'Allah amin

one day monkey (sowore) will go market i no go come back mark my words

64 Likes 5 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by White007(m): 11:33pm On Apr 18, 2016
OmoOlomu:
tinubu na surname. wale lo da eshe, spot d difference

Forget story, Bola and Wale are the same. Didn't Wale front for Bola?. Before Bola who was Wale?. Isn't Wale the junior sibling of Bola?

Well for ur information wale Tinubu a younger brother to Bola tinubu got his first hit in 2001 when he bought Agip petroleum, when Tinubu was a lagos state governor...if I may ask where did a lawyer that runs a family law firm get $67 million to buy Agip? Definately if u want to get Bola Tinubu trace wale Tinubu's sudden wealth then u'd ave ur answer. Its as simple as that...Bola Tinubu is not so smart after all....

77 Likes 11 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by ifyan(m): 11:34pm On Apr 18, 2016
According to them this the work of his enemies and Tinubu is SAINT.

Hmmmm

18 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by Dcomrade(m): 11:37pm On Apr 18, 2016
Finally!!!
The Tinubu's still maintaining their world record like Usain bolt. grin grin grin


Next will be OBJ personally grin grin grin

BUHARI right now be like: OSINBANJO I nor tell you? grin grin grin

35 Likes 2 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by Dcomrade(m): 11:38pm On Apr 18, 2016
grin

1 Like

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by mike404(m): 11:52pm On Apr 18, 2016
BUT WHERE IS LALASTICLALA SEF sad

5 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by cedar3: 11:55pm On Apr 18, 2016
#inNollywoodstyle# ghenghen

1 Like

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by cedar3: 11:55pm On Apr 18, 2016
Baba, I hate to break it to you, but you have to start warming up. oku di over!!! o ga adi kpor kpor

9 Likes

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by mapet: 12:12am On Apr 19, 2016
White007:


Forget story, Bola and Wale are the same. Didn't Wale front for Bola?. Before Bola who was Wale?. Isn't Wale the junior sibling of Bola?

Well for ur information wale Tinubu a younger brother to Bola tinubu got his first hit in 2001 when he bought Agip petroleum, when Tinubu was a lagos state governor...if I may ask where did a lawyer that runs a family law firm get $67 million to buy Agip? Definately if u want to get Bola Tinubu trace wale Tinubu's sudden wealth then u'd ave ur answer. Its as simple as that...Bola Tinubu is not so smart after all....

Bros,

Unfortunately you post some inaccuracies and misrepresentation of facts. I'm sure if you can google search, you will see certified case studies that relates the story from the 90s. from the days of Ocean and Oil holdings, to international oil trade deals they made, when other were sleeping.....I reviewed the OANDO case back then in business school and your submissions are inaccurate

14 Likes 1 Share

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by anonimi: 3:59am On Apr 19, 2016
Princewill1:
Everyone know that the notorious thief-nubu is a criminal,a drug baron and an overnight biggest landlord in Africa.

Confirmed.
Certified.
Indicted.








17 Likes 3 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by anonimi: 4:06am On Apr 19, 2016
ogba20:
when you fight corruption it's will fight you back. Let see how it goes because I know danjuma is also involved hahaha APCCCCCCCCCCCCCCCC.=saint

Corruption can only fight its FELLOW corruption, not so
How did the Asiwaju Asiwere of area boys go from being a SQUATTER in 1998/99 to become the richest Yoruba after forfeiting $460,000 to settle his drug case with the US authorities?
How, if not by stealing & corruption

I remain grateful to Gbenga Daniel – Tinubu dismisses rift rumors







A national leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu has cleared the air on the alleged enmity between him and a former two-term Governor of Ogun State, Otunba Gbenga Daniel.

Tinubu, who spoke through Mr. Wale Edun at the 25th anniversary celebration of Otunba Gbenga Daniels’ Kresta Laurel, said there is no truth in the stories that he has been fighting with Gbenga Daniel, adding that they are still good friends.

Edun said: “I am here representing Asiwaju Bola Tinubu and my presence is to show that there is no friction between Asiwaju and Otunba Gbenga Daniel”


Mr. Edun went on to explain that whenever Tinubu drives past the Kresta Laurel building in Maryland, Lagos, he remembers the enormous contributions Daniel made to the take off of his administration in 1999 and was immensely grateful.

He revealed that the Peoples Democratic Party chieftain was very gracious to donate the Kresta Laurel building to Tinubu’s campaign team at the time it was just being completed.

“The Daniels also made a section of their home available to Asiwaju Bola Tinubu whenever he worked too late and could not go home.
After the election, he also allowed us to use it for the Transition Committee where he was a member”


More from: http://dailypost.ng/2015/10/21/i-remain-grateful-to-gbenga-daniel-tinubu-dismisses-rift-rumors/

10 Likes 3 Shares

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by raumdeuter: 4:12am On Apr 19, 2016
Illiterate fools see Wale TInubu don dey shout Bola Tinubu

Maye they need to start educating wailers en masse that Salisu Buhari isnt the same with Mohammadu Buhari

17 Likes 1 Share

Re: Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens by BeardedMeat: 4:18am On Apr 19, 2016
Everyday is for the thief but one day is for the owner of the house! Go after Wale Tinubu, and before long, he will sing for you like a canary bird. But forget it, it will never happen under Buhari. He will be well protected!

1 Like

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