Sometime ago, I was astounded by the headlines of certain newspapers. The story was that a bank has commenced winding up proceedings against one of the largest oil marketing companies in Nigeria over unpaid loans.

These loans were related to part of the acquisition cost the current management incurred when they bought the oil retailing giant from its previous owners.

This was not amusing, but juicy bit came towards the end of the article informing us that the owner (the majority shareholder of this publicly traded oil company) lives like a sheik, owning several elite properties in highbrow area of Ikoyi, Lagos State, a fleet of exotic cars, a number of private jets, and a herd of expensive ponies. He was obviously not feeling the pains of the company which was badly haemorrhaging.

This scenario pervades the Nigerian corporate world.

Read More:.....http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/taxation/188-tax-governance-and-the-wise-investor