Former governor of Lagos state and National Leader of the
All Progressives Congress, Bola Tinubu’s nephew has been named in the Panama
Paper scandal that is rocking the world at the moment.
No fewer than 12 offshore companies have been linked to
the Group Chief Executive of Oando PLC, Mr. Wale Tinubu.
The companies include 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. and Triton
Trading Ltd.
The latest revelation was contained in the leaked massive
internal data belonging to Panamanian law firm, Mossack Fonseca which was
obtained by German newspaper, Süddeutsche Zeitung.
The Oando boss and his deputy, Omamofe Boyo, have been
operating foreign accounts in tax havens for over seven years.
Tinubu, according to the documents, may have made huge
returns from his shell companies in 2008 as he agreed to pay a front as much as
$20,000 monthly to manage all of his offshore transactions.
Tinubu, documents showed, 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.
The documents also revealed that Mossack Fonseca
coordinated the operation through its offices in Geneva, the British Virgin
Islands and Panama.
Investigation revealed that “Tinubu is either the 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, 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.
Rogers had also
served as nominee director in Stanhope Investment Ltd., Seychelles, one of the
shell companies used by the convicted former Governor of Delta State, James
Ibori, to embezzle funds.
In May 2007, Just like Ibori, the Oando boss allegedly
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.
No comments:
Post a Comment