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. 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. He is widely regarded as the presumed winner of the 1993 presidential elections. But dont feel sorry for him: Ovia still remains the banks largest individual shareholder, controlling nearly 10%. Leave Application Oil mogul Sayyu Dantata has chiselled his name on the stone which the names of members of the exclusive club of billionaires is etched. Money laundering, billing schemes, fictitious service schemes, bankruptcy fraud, tax evasion, and market manipulation are some of the fraudulent activities facilitated by shell companies, several past investigations by ICIJ and this newspaper have shown. He also owns a property on Banana Island, which explains his inclusion on this list. Dangote and Dantata have allegedly used their multiple companies in Nigeria and other countries to secure huge loans. We only incorporate companies, which just about everyone acknowledges is important, and something thats critical in ensuring the global economy functions efficiently. 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 . The young Alhassan was brought up in the care of an old slave woman, who was known as "Tata" from which circumstance young Alhassan became known as Alhassan Dantata because of her role as his mother. In 2012, her blog was worth $1.2 million. She was accused of organising a diversion of $6 billion (N1.2 trillion) from the Nigerian treasury and was arrested in London in 2015. Thereafter, he moved on to start his own business and now serves as the Chief Executive Officer of the MRS Group. ALHAJI SAYYU DANTATA is a mechanical engineer by training having attended the Morris Brown College in Atlanta, Georgia, USA. He was in the real estate and groundnut business when his father died in 1955. I've been playing her and it will be my second winter with her. Some people own shell companies so that when they acquire assets like private jets and real estates, governments do not find out to demand tax. It was the only club in the nation to stage two 20-goal fall tournaments in addition to the International Cup and Legends of Polo Carlos Gracida Memorial. Jane I. Guyer. 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Over the past few years, her net worth has been a subject of heated debate. MARCO STORARI manages all aspects of oil storage terminalsoperations at MRS Terminals in West Africa which is over 350,000m3 storage depots. Thereafter, he added groundnut produce buying and transport and haulage as part of his enterprise. A 2015 investigation by Premium Times, in partnership with French Daily, Le Monde , the International Consortium of Investigative Journalists, and a host of other major media organisations around the world, had named Dangote among some of Nigerias wealthiest industrialists, former government officials and their relatives, who operated highly secretive foreign accounts with the Swiss branch of banking giant, HSBC. Sayyu is Africa's Wealthiest Man Aliko Dangote's cousin. Sayyu Dantata ranks as one of the best Polo Players in Nigeria. When he was 16 years old, he was given a share of his father's cattle business, the purchase of cattle in the north and transport by rail to Lagos for sale. Of this, the facility is expected to deliver about 200 million litres of lubricant per year. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. Alhaji Dantata has been the Chairman of MRS Oil Nigeria Plc since 2009. Africa's Business Space At Your Finger Tips! Sayyu Dantata, chairman MRS Oil chairman, has tendered his resignation as chairman of the company. //]]> He is the Founder and CEO of MRS Holdings Ltd (Formerly, MRS Group). Earlier this month, he received Nigerian Central Bank approval to invest $4 billion outside the country. The business magnate also served as a Director at MRS Holdings Ltd and Transnational Corporation of Nigeria Plc. But in an arrangement that seems curious, Dangote was issued a higher amount of shares 250,000 on the same day he resigned. He began his career as Director of the Engineering and Transport Division of Dangote Group, considered the Largest Nigerian conglomerate. founder and chairman of MRS Holdings Company Limited, Egyptian businessman Hisham Talaat Moustafas group pledges $167 million toward community development, Nairobi-based entrepreneur Jit Bhattacharyas BasiGo to assemble 1,000 electric buses in Kenya, How Jay-Z made his money: Four deals that propelled his net worth to $2.5 billion, Transcorps market cap up by $55 million following Femi Otedolas acquisition, Aliko Dangote hits $20-billion net worth, joining elite ranks of worlds billionaires, James Mwangis Equity Group invests $76.7 million in Congo unit, Segun Agbaje-led GTCO records $367.4-million profit in 2022. 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. Content created and supplied by: studio.opera.com (via Opera This they do through Transfer Pricing, a complex structure that allows businesses often in third world countries to shift profits to shell companies overseas to allow them pay little or no tax in the country where they made the money. Seychelles is a well-known tax haven used by businessmen and politicians and celebrities to perpetrate shady business deals. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Grand Champions Polo Club13444 South Fields RoadWellington, FL 33414. Given at Victoria, Seychelles.. Marco ensures that all activities carried out in the terminals, areperformed according to highest international standards (API,Ocimf, Isgott). Sayyu Dantata. Yes! He then started buying diesel from AP, Unipetrol, and the Kaduna Refinery. His presence as a resident of Banana Island doesnt come as a surprise. "I just don't like to lose so I said lets go for Nigeria. A few other other allies of Dangote and Dantata were also flagged as shareholders in the shell companies used for their Panama deals. The club also hosted a full schedule of successful and highly-competitive medium goal tournaments.Grand Champions and Santa Rita Polo Farm is the largest and most unique polo facility, nestled in the heart of the world's winter equestrian capital Wellington. Owners create Shell companies for a host of dodgy business reasons. Sayyu Dantata is the son of Alhassan Dantata who was the wealthiest man in Africa at the time he passed away in 1955. Limited since 2008. The purpose (s) for which Dangote and his allies set up their own secret companies is not exactly clear. Overnight on Wall Street is morning in Europe. I love her. He is a seasoned mechanical engineer by training. But does Dangote pay his fair share of tax in Nigeria or is he hiding assets abroad? Like in the case of Ovlas S.A, Mr. Dangote suddenly ceased to be shareholder. In a notice sent to the Nigerian Stock Exchange (NSE), the management of MRS Oil said. The horses make you love them. Thank you for your interest in MRS Holdings Ltd. Not if you saw Sayyu Dantata arrive at his polo club in his $2 million chopper. March 25, 2022. Given that they at times have nominee directors, often have no phone number, no e-mail address, no physical address, no company logo, no contact person and no federal identification number and because the host country deliberately did not collect enough ownership information on company formation documents, there are usually no paper trails for law enforcements to trace back to a particular individual or individuals in most financial investigations. The investigation unveiled the cloak of secrecy provided by Mossack Fonseca, a Panamanian law firm that specializes in creating offshore companies, some of which have been used by con men and women to hide Ponzi schemes, predatory lending scams, and other financial frauds from their victims and from the authorities. Dantata stated that the plant will not only generate foreign exchange for the country through product exports but also meet the needs of neighboring countries. The contact numbers listed on MRS Holdings website failed to connect the several times our reporter called. At the time of his death he was the wealthiest man in West Africa. She survived an assassination attempt in 2003 and is known for her political ambition and affiliations. Sign up with your email address to receive news and updates. She obtained a B.Sc in Business Administration from the AhmaduBello University, Zaria, Nigeria in 1998. The reclusive banker co- founded the Zenith Bank Group in 1990, and grew into one of West Africas largest financial services providers by market capitalization ($2.5 billion) and asset base. The unprecedented year-long investigation involving 11.5 million secret documents which stretch from 1977 to December 2015 expose the hidden underground of the world economy, a network of banks, law firms and other middlemen that utilize shell companies, sometimes using them to hide illegal wealth. He snubbed overvaluation claims which trailed the public listing of Dangote Cement last fall. "Arellano got the opportunity to play with her brother Lucas, 20, who subbed for Dantata Sr. "It was so much fun today," Arellano said. Caverton releases statement following VPs crash landing], SON partners Nigerian Army to actualise vehicle assembly initiative], Is Forte Oil Plc considering changing its name following acquisition? 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