425 Views

#PanamaPapers: How Tinubu Operated 12 Shell Companies In Tax Havens

The Panama leak that rocked the world has exposed Wale Tinubu, the relative of the All Progressives Congress national party leader.

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 the online news platform 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.

(1) Sigma Technology Inc.

(2) Techventure Inc.
(3) Anglesey Management SA
(4) Caine Trading Corp
(5) Keligh Engineering Corp
(6) Hud Trading Corps
(7) Meridian Procurement International Services Ltd
(8) Lynx Shipping Ltd
(9) Equinox Shipping Ltd
(10) Everglade Oil Inc.
(11) Framlingham Ltd
(12) 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.

ALSO READ  Photos And Video Of Senator Ovie Omo-Agege Being Arrested By The Police For Snatching Mace (Video)

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.

Source: Tori.ng

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Mace Theft: How Ike Ekweremadu Redeemed Lawmakers’ Image
Politics
7 views
Politics
7 views

Mace Theft: How Ike Ekweremadu Redeemed Lawmakers’ Image

PH - April 20, 2018

A member of House of Representatives, Rep. Joseph Akinlaja (Ondo-PDP), has said Deputy President of the Senate, Mr Ike Ekweremadu’s wisdom saved Nigeria a greater embarrassment on…

Why Federal Government Wants Rail Line Between Nigeria And Niger – Amaechi
Business
11 views
Business
11 views

Why Federal Government Wants Rail Line Between Nigeria And Niger – Amaechi

PH - April 20, 2018

The Minister of Transportation, Rotimi Amaechi, has explained that the rail line from Kano in Nigeria to Maradi in Niger Republic was mainly to encourage business owners…

Government Policies Making It Hard For African Youth To Succeed – Tony Elumelu
Business
12 views
Business
12 views

Government Policies Making It Hard For African Youth To Succeed – Tony Elumelu

PH - April 20, 2018

Tony Elumelu, chairman of Heir Holdings, says government policies have been making it hard for African youth to succeed in their endeavours. Speaking on Thursday at a…

How Maryam Sanda Threatened To Cut Late Husband’s Part – Witness Makes Shocking Revelations In Court
Shocking
14 views
Shocking
14 views

How Maryam Sanda Threatened To Cut Late Husband’s Part – Witness Makes Shocking Revelations In Court

PH - April 20, 2018

The first prosecution witness in the trial of Maryam Sanda over the alleged murder of her husband, Bilyamin Bello yesterday gave evidence in court. The witness revealed…

This Is What Singer Wande Coal Has to Say About His Alleged BabyMama’s Child Claims
Best of Nigeria
28 views
Best of Nigeria
28 views

This Is What Singer Wande Coal Has to Say About His Alleged BabyMama’s Child Claims

MT - April 20, 2018

After being accused by his babymama, Temitope Ogunnusi of abducting his son since 2010, Nigerian singer, Wande Coal has finally broken his silence. Ogunnusi had accused Wande…

How My Skin Colour Almost Made Me Lose My First TV Commercial – Ireti Doyle
Best of Nigeria
34 views
Best of Nigeria
34 views

How My Skin Colour Almost Made Me Lose My First TV Commercial – Ireti Doyle

MT - April 20, 2018

Actress Iretiola Doyle has shared a post to encourage ladies who are dark-skinned. The legendary Nollywood actress wrote on how her skin color almost made her lose…

Moment Nollywood Actress, Onyii Alex Got Robbed At Gunpoint At Night (Video)
Entertainment
18 views
Entertainment
18 views

Moment Nollywood Actress, Onyii Alex Got Robbed At Gunpoint At Night (Video)

MT - April 20, 2018

Popular Nigerian actress, Onyii Alex has told a story, detailing how she was robbed recently. She took to her Instagram page to share the testimony. According to…

SEE What Nigerian Big Boy Did With Money At His Sister- in-law’s Wedding (Pics/Video)
Entertainment
21 views
Entertainment
21 views

SEE What Nigerian Big Boy Did With Money At His Sister- in-law’s Wedding (Pics/Video)

MT - April 20, 2018

Nigerian billionaire, Nwanta Anayoeze Yonaracha popularly known as TMT who is an Oil and Gas magnate was pictured spraying some millions at his sister- in-law’s wedding, Mrs…

Revealed: 5 Times The Mace Has Come Under Serious Attack In Nigeria’s History
Politics
27 views
Politics
27 views

Revealed: 5 Times The Mace Has Come Under Serious Attack In Nigeria’s History

MT - April 20, 2018

No, the disappearance of the mace from the floor of the senate on Wednesday, April 18, 2018, isn’t the first time that lawmaking symbol of authority has…

#BBNaija: Emotional Cee-C Finally Apologizes to Tobi After Raining Insults On Him Yesterday (Videos)
Entertainment
84 views
Entertainment
84 views

#BBNaija: Emotional Cee-C Finally Apologizes to Tobi After Raining Insults On Him Yesterday (Videos)

MT - April 19, 2018

  Social media went abuzz yesterday when Big Brother Naija housemate, Cee-C went haywire and poured abusive words on fellow housemate, Tobi. Many Nigerians who became really…

P-Square’s Paul Okoye Seen Drinking Garri in His Lagos Mansion (Photos)
Entertainment
76 views
Entertainment
76 views

P-Square’s Paul Okoye Seen Drinking Garri in His Lagos Mansion (Photos)

MT - April 19, 2018

Multi award-winning Nigerian singer, Paul Okoye popularly known as Rude Boy of the defunct P-Square has taken to his Instagram page to share an unbelievable photo of…

Popular Comedian, Arole Reveals How He Nearly Died At An Event With Reekado Banks
Best of Nigeria
70 views
Best of Nigeria
70 views

Popular Comedian, Arole Reveals How He Nearly Died At An Event With Reekado Banks

MT - April 19, 2018

Woli Arole, one of the Nigerian comedians causing some serious buzz on social media, has stunned his fans with a story about his life. The comedian took…

7 Things You Probably Didn’t Know About Afropop Singer, Simi As She Turns 30
Best of Nigeria
59 views
Best of Nigeria
59 views

7 Things You Probably Didn’t Know About Afropop Singer, Simi As She Turns 30

MT - April 19, 2018

Simisola Bolatito Ogunleye simply known as Simi is one of the top female musicians in Nigeria. Simi warmed her way into the hearts of Nigerians with her soulful renditions…

9 Times Cee C Has Shown She is the Most Controversial BBNaija 2018 Housemate
Best of Nigeria
64 views
Best of Nigeria
64 views

9 Times Cee C Has Shown She is the Most Controversial BBNaija 2018 Housemate

MT - April 19, 2018

There is no doubt that BB Naija 2018housemate is trending right now and has always trended for being controversial.   She has said, acted, and behaved in…

BBNaija’s Lolu And Anto Hang Out With Singer Tekno
Best of Nigeria
63 views
Best of Nigeria
63 views

BBNaija’s Lolu And Anto Hang Out With Singer Tekno

MT - April 19, 2018

Former Big Brother Naija ,Housemate Lolu And Anto meets with Tekno. The former big brother naija who are currently on tour meets with Tekno at Naija fm…

Read Prophet Olagoroye Faleyimu’s Prophesies On Funke Akindele: ‘Marry A Gateman To Have Child’
Best of Nigeria
70 views
Best of Nigeria
70 views

Read Prophet Olagoroye Faleyimu’s Prophesies On Funke Akindele: ‘Marry A Gateman To Have Child’

MT - April 19, 2018

Popular Lagos-based prophet Olagoroye Faleyimu in a recent chat with Yoruba Movie Magazine has once again urged Funke Akindele to go for prayers if she ever wants…

Jayne Senior: Child Abuse Informer Invited To Nigeria
World Buzz
57 views
World Buzz
57 views

Jayne Senior: Child Abuse Informer Invited To Nigeria

PH - April 19, 2018

Rotherham child abuse whistleblower Jayne Senior is to lead a delegation to Nigeria offering advice on how to tackle child sexual exploitation (CSE). She will travel to…

5 Quotes that Show President Buhari is Bad at Diplomacy
Best of Nigeria
71 views
Best of Nigeria
71 views

5 Quotes that Show President Buhari is Bad at Diplomacy

MT - April 19, 2018

Nigeria’s President Muhammadu Buhari has again courted controversy with his statements at the ongoing Commonwealth Heads of Government Meeting in the United Kingdom. A recent comment belittling Nigeria’s young people has…

Loading...