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Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko - Politics - Nairaland

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Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by SRS2: 10:51am On Oct 06
PANDORA PAPERS: Inside the secret offshore companies, London properties of NPA chief, Bello-Koko


The acting Managing Director of Nigerian Ports Authority, Mohammed Bello-Koko, is involved in offshore business, hiding behind two shell companies incorporated in a tax and secrecy haven to anonymously invest in the United Kingdom property market and potentially violating Nigeria’s public service code of conduct laws, the ongoing Pandora Papers reporting has revealed.Mr Bello-Koko is possibly hoping to be confirmed the substantive NPA chief by President Muhammadu Buhari. The current substantive head of the agency, Hadiza Bala-Usman remains on suspension following her disagreement with Transportation Minister, Rotimi Amaechi. It’s unclear if she would be recalled with a probe of her tenure seemingly unending.

Mr Bello-Koko, with his wife, Agatha Anne Koko, enlisted the services of financial secrecy seller, Cook Worldwide and Alemán, Cordero, Galindo & Lee (Alcogal), an offshore law firm, to secretly register Coulwood Limited (reg. number: 1487897) and Marney Limited (reg. number: 1487944) in the British Virgin Islands (BVI), one of the world’s most commonly used tax havens, in 2008. Both companies were registered the same day, June 19, 2008.

However, Mr Bello-Koko remains a director of the two companies even as a public servant in violation of Nigeria’s Code of Conduct Bureau and Tribunal Act (Sections 5 and 6). The regulators in the BVI also had his companies under watch for suspected money laundering, a problem Alcogal appeared to have helped him avoid with some misinformation provided to the regulators.

The revelations came from Pandora Papers, a trove of 11.9 million leaked confidential records obtained by the International Consortium of Investigative Journalists, ICIJ. The ICIJ then coordinated a team of 617 journalists from 150 news outlets, including those from PREMIUM TIMES, to dive into the data. The reporters spent two years sifting through the leaked records, tracking down sources, and digging into court files and other public records from dozens of countries. It is the biggest collaboration of investigative journalists – from 117 countries and territories – in history.

The leaked records came from 14 offshore services firms from around the world that set up shell companies and other offshore nooks for clients like Mr Bello-Koko, who seek to shroud their financial activities, often suspicious, in secrecy.


Using the two companies, Coulwood Limited and Marney Limited, tucked away offshore, Mr Bello-Koko then anonymously acquired five London properties, Pandora Papers, and public records from the UK Land Registry showed, based on collaborative research by PREMIUM TIMES and Finance Uncovered of London within the larger Pandora Papers project.

One of the properties was acquired in May 2017, after Mr Bello-Koko had taken office at the NPA. He was appointed executive director for finance and administration in 2016 and later acting MD in 2021.

Headquarters of Nigerian Ports Authority
The other four properties were acquired between 2009 and 2012, making Mr Bello-Koko potentially exploit UK tax loopholes that allowed the owning of UK properties using so-called envelope structure, that is, anonymously owning properties through offshore companies.

For instance, up to 2012, when former Finance Minister, George Osborne, declared new rules, owning property via an offshore company meant that ownership could be transferred by selling the company’s shares rather than the property itself, and in doing so, no U.K. property sale tax or capital gains tax would be paid.

Mr Bello-Koko is a former banker with responsibility for managing accounts of energy firms at the defunct FSB International Bank and later Zenith Bank, where he managed Rivers States government accounts in Nigeria’s oil-abundant Niger Delta region.

Although shell companies have been a key feature in illicit financial flow and are used to facilitate drug deals and terrorism financing, owning one is not necessarily illegal and can be for legitimate purposes.

In Mr Bello-Koko’s case, having the shell companies at the time he did as a private-sector worker was not, on the face of it, criminal under Nigerian law.

Experts, however, say shell companies are frequently used to conceal assets and avoid or evade taxes. They are also used by players in corruption high-risk sectors such as banking, government contracting, petroleum, and real estate to facilitate the flow of dirty money, sometimes for shadowy political patrons.

PREMIUM TIMES and Finance Uncovered sent Mr Bello-Koko a written request for comment. For weeks, he declined to explain his acquisition of the properties and provide evidence that he declared them in his Code of Conduct fillings, in accordance with the law. He also declined to provide clarity on why he remained director of the offshore company while a public office holder in Nigeria, in violation of the law.

However, if he did not declare the BVI shell companies or any of the properties they hold, that would be a violation of Nigeria’s code of conduct law for public officials, which requires the declaration of “all” assets and liabilities owned by a person, their spouse and unmarried children under 18 “immediately” after taking office.

https://www.premiumtimesng.com/pandora-papers/488346-pandora-papers-inside-the-secret-offshore-companies-london-properties-of-npa-chief-bello-koko.html

4 Likes 4 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Illuminatiship(m): 10:56am On Oct 06
If Nigeria security fit steal who come be politicians when dey office.everyone in Nigeria is fantastically corrupt...

12 Likes 2 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by arthurwillia(m): 10:59am On Oct 06
Na wa o
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by FactBoyz: 11:52am On Oct 06
grin

2 Likes

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by merits(m): 11:52am On Oct 06
cry just sit down here am coming back for you.

12 Likes 1 Share

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by MrOON: 11:52am On Oct 06
Pikcho bukonu
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by nairavsdollars(f): 11:52am On Oct 06
Even Hadiza Bala Usman, the former NPA MD who was sacked for fraud, what has happened to her

32 Likes 2 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Egwim1993(m): 11:53am On Oct 06
arthurwillia:
Na wa o
an the list goes one

2 Likes

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by EmperorTolson: 11:53am On Oct 06
Plz what's the point of all this trash?
I don't seems to understand cos it's obvious that the end result of this rubbish is still nothing.

It's more or less like the author expect the culprit to silence them with money.
And obviously nobody pays them.

11 Likes 2 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Soljaboi44(m): 11:53am On Oct 06
..
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by nairalandankrah: 11:53am On Oct 06
These Aboki people can loot for Africa... How they still remain poor despite all their looting beggars belief..

34 Likes 4 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Soljaboi44(m): 11:53am On Oct 06
EmperorTolson:
.

Dot for dotun cool

1 Like 1 Share

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by murphyibiam15(m): 11:53am On Oct 06
embarassed
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Soljaboi44(m): 11:53am On Oct 06
nairalandankrah:
B

B for Buhari

7 Likes 2 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by GIANTPLUSHUB: 11:53am On Oct 06
Mheen! This pandora be like dodo. He just dey burn their dodo. grin grin

1 Like 1 Share

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Loverofpeace: 11:54am On Oct 06
Hmmmmm what's this Pandora all about ? Seff..


Meanwhile instead of writing jamb over and over again why not apply for yabatech part-time form get you OND result then use it gain direct entry into any Nigerian university,the form will close on October 31,if interested click the link below to get our contact..

https://www.nairaland.com/6786405/yabatech-partime-form-2021-2022#106468923
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by richmond500: 11:54am On Oct 06
nairalandankrah:
Is he contesting for President?
so because he is not contesting, should we overlook him?

11 Likes 1 Share

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Desurelink: 11:54am On Oct 06
nairavsdollars:
Even Hadiza Bala Usman who was sacked for fraud, what has happened to her
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Newton2024: 11:54am On Oct 06
I have noticed that Northerners love terrorism and corruption. They only pretend to hate them when they are committed by non Northerners.

22 Likes 4 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by KillAlabi2021(m): 11:54am On Oct 06
Pls niggis can 12m get me to Brazil


I'm banking on Alabi

3 Likes

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by NaijaFutbol: 11:54am On Oct 06
Ok o
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by JessetariahMD(m): 11:55am On Oct 06
On a low looting
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by nairalandankrah: 11:55am On Oct 06
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by GeneralPula: 11:55am On Oct 06
Not surprised at all..

We Nigerians are individually corrupt..

99% of Nigerians will loot the nation treasury if given the opportunity..

That’s who we’re. There’s no saint Nigerian, talkless of a saint Nigeria politician..

9 Likes 2 Shares

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by tradepunter: 11:55am On Oct 06
K
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by JavaScript90: 11:55am On Oct 06
He is not peter obi. He will not contest 2023 so the thread will not generate traffic

3 Likes

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Teewhy2: 11:56am On Oct 06
grin grin angry angry
Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by weblord1900: 11:56am On Oct 06
Premiumtimes keeping us at suspense. They don't want to release everything once. grin grin

3 Likes

Re: Pandora: Inside The Secret Offshore Companies, London Properties Of Bello-Koko by Mrnakeina(m): 11:56am On Oct 06
Abokis milking and looting and killing

1 Like

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