Expect to see much more of him this year. As was the tradition, the bulk of his earnings went to his mallam. This is true, at least, some of us believe it. Leave Application Africas richest man, Aliko Dangote, and his brother Sayyu Dantata have been linked to shell companies in tax havens, writes Joshua Olufemi and Emmanuel Mayah. Given at Victoria, Seychelles.. Documents show that Sayyu Dantata owns 250,000, 125,000 and 50,000 share units in PetroWest S.A., Paseo Trading Limited, and Arkinton International Limited respectively. Download Opera News APP, By studio.opera.com (self media writer) | 2 years ago. Diezani was charged with responsibility for $20 billion missing from the Petroleum agency. Before Dangote ceased to be shareholder of M.R.S Oil and Gas Limited, himself, Mr. Dantata and their co-owned company, M.R.S Oil and Gas Co. Limited, was used to buy shares in Petrowest S.A, another company registered in Seychelles on October 6, 2003. However, he is revered in the growing Nigerian polo community as a patron and also ranks as a strong player. Facebook. That investigation, published in February last year showed how HSBC profited doing business with people who stole from their countries and some of the worlds most notorious con artists, including people who made a fortune fuelling wars in Africa. Richemont recently announced an 18 percent increase in sales at actual exchange rates for the nine-month period ending December 31, 2022, according to its recent trading update for the third quarter of its fiscal year 2023. She's turned into one of my best horses. //]]> Details available show that the plant has the capacity to produce about 50 percent of Nigerias lubricant consumption, which today stands at about 364 million liters. He had substantial amounts of capital. Banana Island, which is Nigerias answer to Pariss Seventh Arrondissement, San Diegos La Jolla, New York Citys Tribeca and Tokyos Shibuya and Roppongi, is a small man-made island in the Ikoyi neighborhood of Lagos. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Some established merchants of Kano like Umaru Sharubutu, Maikano Agogo accepted their offer. The 1.63-million-square-meter sand-filled island in Lagos Lagoon is a little more than 5 miles east of Tafawa Balewa Square, the commercial and ceremonial heart of Lagos. He dealt not only in groundnuts and kola but also in other merchandise. He supplied large British trading companies with raw materials and also had business interests in the Gold Coast. Nigerian businessman Sayyu Dantata, a cousin of billionaire Aliko Dangote, has launched a $450-million lubricant plant in Lagos through Bestaf Lubricant Limited. Mariya Dantata also has a registered location at Plot 70, Sharada Industrial Area, Phase 3, Kano, Nigeria. PAIA Manual | Sayyu Dantata, a chip off the old block of the Dantata family has come to establish himself as a major player in the Oil and Gas sector. She left the children in Bebeji, in the care of an old slave woman named Tata. Seychelles is a well-known tax haven used by businessmen and politicians and celebrities to perpetrate shady business deals. LVMH Mot Hennessy Louis Vuitton, a leading luxury goods conglomerate helmed by French billionaire Bernard Arnault, is reportedly pursuing the acquisition of Switzerland-based luxury goods holding company, Richemont, led by South African billionaire Johann Rupert. Read the full response from Mossack Fonseca, African Network of African Reporting Centres. Earlier this year, Bestaf Funding secured $300 million (the same amount in question) in the form pre-export finance facility from PAC Capital Limited, the investment banking unit of . But shell companies are not illegal, and not all owners use them to avoid tax or hide assets. ", More:Click for more profiles of high-end neighborhoods around the world. Owners create Shell companies for a host of dodgy business reasons. At the time of his death he was the wealthiest man in West Africa. Staffs hail billionaire Sayyu Dantata, as he personally flies his chopper to work to beat the Apapa traffic, today, in Lagos. Olivera led Mashomack with a team-high five goals. Dantata is the founder and chairman of MRS Holdings Company Limited, one of Nigeria's largest marketers of refined petroleum products like gasoline, marine fuels, and aviation fuels. Anil Kumar Ahluwalia, whose company name is Santosh Investment Limited S.A is connected to a Panama shell company called Lotus Trust Services Sarl. Sayyu Dantata is the son of Alhassan Dantata who was the wealthiest man in Africa at the time he passed away in 1955. GB Auto, a Cairo-based automaker led by the family of the late Egyptian auto tycoon Raouf Ghabbour, achieved a record-breaking profit of EGP 10.5 billion ($344 million) at the end of its 2022 fiscal year. However shell companies are at times used for tax avoidance. The son of the slain businessman, politician, publisher and winner of the 1993 presidential elections in Nigeria, M.K.O Abiola. This drop was driven by an increase in raw material costs as well as a surge in both production costs and operating expenses. He had several advantages over other Kano business men: language, wealth and age. As a result, LVMHs pursuit of Cartier may not yield the expected outcome. That happened on October 12, 2012. Nigerian oil and gas billionaire Sayyu Dantata will be playing on the field at the International Polo Club Palm Beach this season with his SD Farms team alongside Peco Polledo, Juan "Tito" Ruiz Guiazu and Jesse Bray. with legendary father/son duo of Adolfo Cambiaso and his 14-year-old son Poroto, ready . A few other other allies of Dangote and Dantata were also flagged as shareholders in the shell companies used for their Panama deals. Mossack Fonseca has, however, in a statement to ICIJ denied wrongdoings, saying, as a registered agent, it merely helps incorporate companies, and that before agreeing to work with a client in any way, it conducts a thorough due-diligence process, one that in every case meets and quite often exceeds all relevant local rules, regulations and standards to which we and others are bound.. Alhaji Dantata started his career as Director of the Engineering and Transport Division of Dangote . They are Afrex S.A clients in Panama. Thats the price for each of the twin townhouses on 600 square meters of land. In line with its strategy to solidify its leadership position across various sectors, the Cairo-based automaker, owned by the family of the late Egyptian auto mogul, announced earlier this year its plans to rebrand to GB Corp.. Documents show that Sayyu Dantata owns 250,000, 125,000 and 50,000 share units in PetroWest S.A., Paseo Trading Limited, and Arkinton International Limited respectively. Dantata did not manage from behind a desk but involved himself with his workers. Established in 1985 by the late Egyptian auto mogul Raouf Ghabbour, GB Auto has grown under his guidance to become one of the leading automobile distributors and assemblers in the Middle East and North Africa. Dantata, who is Dangotes stepbrother, is the founder and chairman of MRS Holdings Company Limited. But does Dangote pay his fair share of tax in Nigeria or is he hiding assets abroad? If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform Ovlas Trading is co-owned by Sayyu Dantata and Patrice Alberti in the name of Ovlas Trading S.A., for 75 shares with a par value of US$ 100,00 each; and in the name of Karbelina Investments LLC, for 25 shares with a par value of USS 100,00 each. Yusufu received his religious training from Qaadiriyya schools. His venture into the Oil and Gas industry in 1993resulted in the establishment of the MRS Group in1995. He traded in cattle, cloth, beads, precious stones, grains, rope and other things. Grand Champions Polo Club13444 South Fields RoadWellington, FL 33414. Africa's richest man, Aliko Dangote, and his brother Sayyu Dantata have been linked to shell companies in tax havens, writes Joshua Olufemi and Emmanuel Mayah. ", She said its possible to buy a unit for about NGN363 million "because value has dropped significantly in the last three years with the devaluation of the naira. "It offers security, tranquility and privacy. She owns a property on Banana Island that has been the subject of very many controversies. Bola Ahmed Tinubu popularly known asJagabanis a former Lagos State Governor (1999-2007) and astute politician. Billionaire Moves as Sayyu Dantata Dazzles Many at Polo Club with His Chopper Lifestyle June 26, 2022 HighLife There will always be several critical differences between the rich and the poor. The newer ones are more modern, with straight angles, and they are less elongated because they are on less land. "I have been riding horses since I was a kid but this is the first year I have been playing polo and I'm starting here," Dantata said. Presently, the Ghabbour familys 62.9-percent stake in the company is valued at nearly $125 million, making them one of the wealthiest investors on the Egyptian Exchange. Prior to foundingMRS in 1995, Alhaji Dantata was the Director ofDangote Transport (Dangote Group), Lagos,Nigeria. It's definitely different playing mixed polo but I love it.". For many, this did not come as a surprise as Banana Island is largely considered to be on the same level of exclusivity with Saint Germain-des-Prs in Paris, Malibu in California, Beverly Hills in the United States, Burj Khalifa in Dubai and the elegant Calle Serrano in Spain. This highlights the substantial value creation and significant untapped potential at GB Capital, which is one of the groups operating subsidiaries. He had the good sense to employ Alhaji Babba Na Alhassan who served as his chief accountant and Alhaji Garba Maisikeli as his financial controller for 38 years. After her death he focused his attention on new opportunities in Lagos and Kano. [citation needed], In 1918, the UK-based Royal Niger Company (later became the United Africa Company) searched for an agent to purchase groundnuts for them, and Dantata responded to their offer. Despite the decline in earnings, the board members approved a cash dividend distribution of EGP0.60 ($0.0196) per share for 2022, totaling EGP399.06 million ($13.03 million). Over the past few years, her net worth has been a subject of heated debate. The lubricant plant, which is located at Tincan Island in Apapa, Lagos, is set to contribute immensely to Nigerias economy and will boost employment, generate revenue, and reduce the countrys import dependence. XE Currency Converter They paid it and Dantata returned to the trading business without his family lands around Kano. According to documents available to Premium Times, on the same day, Dangote was re-issued a higher number of shares 250,000. MRS is a non-discriminatory, equal employer, providing gender equal opportunities and remuneration that is competitive within the industry. An American-educated mechanical engineer, Dantata returned home to his native Nigeria to begin the energy . In addition, Sayyu Dantata owns a total of 25 million units of shares in Corlay Global S.A, a company that is a client to Afrex Sal and also located at Plot 70, Sharada Industrial Area, Phase 3 Kano, Nigeria. The Worlds Best Cross-BorderInvestigative Team, ANCIR is not responsible for the content of external sites | As a result, the market value of the Khamis familys 56.58-percent stake in the leading carpet manufacturer is now worth EGP4.06 billion ($132.5 million). Dangote was hurled into prominence when Forbes listed him as one of the richest men in the world. In its suit, Union Bank alleged that in a bid to evade payment of the loan, Sani Dangote made efforts to deplete funds in his accounts by diverting them to Dubai, Canada and Switzerland. Dantata is the founder and chairman of MRS Holdings Company Limited, one of Nigerias largest marketers of refined petroleum products like gasoline, marine fuels, and aviation fuels. An engineer by profession, he started his career as the transport director with his uncles company and rose through the organization. [citation needed], In 1906, he began broadening his interests by trading in beads, necklaces, European cloth, and trade goods. It is home to Arthouse Contemporary, a local auction house; the Wheatbaker hotel, which holds art exhibits and art-related events; and the Nigerian National Museum, which features the best in Nigerian art. He was particularly concerned about the company he had established (Alhassan Dantata & Sons). On the same date also, a company they both own as at 2003, MRS Oil and Gas Co. Limited bought 25,000 numbers of shares from OVLAS S.A. Her home is currently valued at N800 million. Sayyu Dantata is the billionaire cousin of Alhaji Aliko Dangote, Africa's richest man and Chairman of the Dangote Group. Additionally, the company is developing a pricing strategy with alternative product offerings. "The first houses that were built are in British and Dubai traditional styles," Ms. Nouboue said. No doubt the addition of Bestaf Lubricant Plant to the pool of already existing plants and brands is a big boost to the nations economy, and the man behind it all, Sayyu Danatata, certainly has his eyes set on the mega bucks. Rupert has taken steps to secure his position in the company, including appointing his son Anton to the board to ensure a long-term strategic vision for the group. Linkedin. The company views the launch of the plant as a step in facilitating the growth of the Nigerian economy and as a positive indication of the potential for more such investments in the future. "Having a presence in Banana Island is an indication of your societal class," he said. Filing legal paperwork to help incorporate a company is a very different thing from establishing a business link with or directing in any way the companies so formed, Carlos Sousa, the companys public relations director, said in a statement to ICIJ. We thank you for upholding the principal ethics in journalism when in doubt, check. At least 100,000 secret bank account operators who owned about $100 billion were exposed in the leaks, unsettling investigators in several countries. "It offers easier access to the mainland, and its closer to the airport. Nigerian oil and gas billionaire Sayyu Dantata will be playing on the field at the International Polo Club Palm Beach this season with his SD Farms team alongside Peco Polledo, Juan Tito Ruiz Guiazu and Jesse Bray. Shares of the company are currently trading at EGP10.79 ($0.352), representing a 1.8-percent increase from their opening price on the Egyptian Exchange this morning. It features 120 stalls in five self-contained barns, exercise track, five climate-controlled tack rooms, vet room, staff quarters, guest house and four polo fields with state-of-the-art underground irrigation including one field for stick-and-ball and new parking lot.Grand Champions Polo Club and Santa Rita Polo Farm's expert staff can customize a complete playing experience including horses, pros and certified umpires in addition to lessons and practice sessions as part of its' Polo On Demand program, created by Melissa Ganzi when the club first opened.The Polo School, a stand-alone USPA-sanctioned polo club, is thriving at Grand Champions and Santa Rita Polo Farm. 26 Jan 2023 06:54:53 At some point he returned to Bebeji to his religious studies and work. Its illegal to market real estate in anything but naira.". They are frequently used to shield the identities of owners and/or to hide money. She obtained a B.Sc in Business Administration from the AhmaduBello University, Zaria, Nigeria in 1998. ALHAJI SAYYU DANTATA is a mechanical engineer by training having attended the Morris Brown College in Atlanta, Georgia, USA. Tukur received his religious training from a Tijaniyya scholar and received the support of the Agalawa. Were proud of the work we do, notwithstanding recent and willful attempts by some to mischaracterize it.. Marco ensures that all activities carried out in the terminals, areperformed according to highest international standards (API,Ocimf, Isgott). She is a lawyer by training and had cut her teeth in the legal profession by working at the famous FRA Williams chamber before going on to work with Senator Gbemi Saraki as her legislative assistant. Of the three condo developments, Ocean Parade is considered the most top-notch, she said, because of its many amenities, which include tennis courts, an Olympic-size pool, two gyms and childrens areas. He could speak some English and already had direct dealings with Europeans in Lagos and Accra. They serve cocktails, and theres a pool.". He urged them to avoid clashes with other wealthy Kano merchants. ", She added that because there is not much car traffic, "you can jog in peace.". He was also a good financial manager. Nairobi-based entrepreneur Jit Bhattacharyas BasiGo to assemble 1,000 electric buses in Kenya, Egyptian businessman Hisham Talaat Moustafas group pledges $167 million toward community development. Scholarships are available. For art, residents head to Ikoyi, which is five minutes away by car. Thereafter, he moved on to start his own business and now serves as the Chief Executive Officer of the MRS Group. These materials are essential to the companys operations and have resulted in higher unabsorbed costs. "Typically, a very large percentage of homes are customized, while a few are large estates accommodating a number of prototype houses," he said. Nigerian Gas Association. Apartment buildings, Mr. Onyenze said, come fully stocked with amenities that include fitted kitchens, walk-in-wardrobes, intercom systems, security surveillance systems and standby generators. Dangote has been repeatedly listed by Forbes for his wealth. She is the daughter of late Chief M.K.O Abiola. 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