Dantata, who is Dangotes stepbrother, is the founder and chairman of MRS Holdings Company Limited. Owners create Shell companies for a host of dodgy business reasons. Alhaji. Iyabo Obasanjo, the daughter of Nigerias former President Olusegun Obasanjo also resides on Banana Island. Two Nigerian startups chosen for Migrants Accelerator Program. "I love it. It was then followed by a major order from Wale Tinubu, who contracted him to supply diesel. Dangote and Dantata bought equal shares of 12,500 each from Petrowest S.A. MRS Oil and Gas Co. Ltd also bought 25,000 numbers of shares from Petrowest, just as was done with OVLAS S.A. Again, three years after they existed as shareholders, the trio Dangote, Dantata and M.R.S Oil and Gas Company Limited ceased to be shareholders in the company. Documents show Dantata never sold, transferred his shares or ceased to be a shareholder till date. Shell companies, experts say, are entities that have no active businesses and usually exist only in names as vehicles for another companys business operations. The surge in Dangote's net worth makes him the 82nd richest man in the world. Aliko Dangote is widely known for his staggering wealth. This literary means they resold the shares back to themselves. Nigerian billionaire and CEO MRS Holdings Ltd, Sayyu Dantata, was recently spotted flying his chopper from Victoria Island in Lagos to Apapa. Content created and supplied by: studio.opera.com (via Opera [4], He was also a personal friend of the Qadiriyya scholar, Ali Kumasi and supported some of the latter's religious works in Kano. Seychelles is a well-known tax haven used by businessmen and politicians and celebrities to perpetrate shady business deals. He's built a network around his hit YouTube series, "The Cave," landed deals and produced records for some of the biggest artists in music, and still found time to release his first album, "Louie. Marco ensures that all activities carried out in the terminals, areperformed according to highest international standards (API,Ocimf, Isgott). 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. 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.. Otudeko is also the largest individual shareholder in First Bank of Nigeria, one of West Africas largest financial institutions, where he holds a roughly 1% stake. Because shell companies are at times associated with fraud, their activities are of big concerns to international bodies such as the Organisation for Economic Co-operation and Development (OECD). His father left a will to be shared among his nineteen children and three wives following Maliki law. Note: these figures exclude private assets. 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. In what appears a plot to blur the trace to the Ovlas in Seychelles, the shareholders quickly filed for a change of name to Petrowest S.A. A document seen by Premium Times, reads Republic of Seychelles, INTERNATIONAL BUSINESS COMPANIES ACT, 1994Company No: 018606, This is to certify that OVLAS SA. It was a super fun team. Worth a staggering US$15.4 billion, Nigeria's businessman and industrialist, Aliko Dangote, is on the Forbes Rich List as the wealthiest man in Africa. Not if you saw Sayyu Dantata arrive at his polo club in his $2 million chopper. Sayyu Dantata's $450 million Bestaf lubricant plant. Education: Morris Brown College, Atlanta-Georgia, USA, Foundation or organization founded: MRS Holdings Ltd (Formerly, MRS Group). Alhaji Alhassan Dantata was a Nigerian businessman who was the wealthiest man in West Africa at the time of his death on August 17, 1955. Ancestors and Heritage Dantata's father was Abdullahi, a man from the village of Danshayi, near Kano. MRS Holding particularly popped up regularly as multiple shareholder company for other companies linked to Dangote and Dantata in Panama. At least 100,000 secret bank account operators who owned about $100 billion were exposed in the leaks, unsettling investigators in several countries. 1 Like 1 Share Re: Owner Of The Mansion Chris Brown Stayed In Nigeriaby RickyRoss1(m): 11:27pmOn Dec 25, 2012 He has a degree in economics and is a certificate holder of the CFA Institutes Investment Foundation Program. Among those accounts were that of Dangote, who became an HSBC private account client in July 2003. The commodities titan reigns supreme in Nigerias capital markets. It has been said that his half-brother, Aliko Dangote, was the one who paid his fees. "I am happy I won," Dantata Jr. said. The Group has four quoted companies on the Nigerian Stock Exchange and we cannot afford to tarnish our reputation or conduct our business in an unethical manner given this profile. [CDATA[ 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. For additional information on our products/services or our industry expertise, please visit the appropriate page on our site. Through his holding company, Dangote owns about 95% of the companys equity. He graduated in 1979 with a Bachelor of Science degree in Accounting and has been said to have a net worth of N10 trillion. The Advance of African Capital: The Growth of Nigerian Private Enterprise, University of Virginia Press. Sayyu Dantata, billionaire cousin of Africa's Richest person Aliko Dangote, has launched a $450 million lubricant plant in Lagos through Bestaf Lubricant Limited. Grand Champions Polo Club13444 South Fields RoadWellington, FL 33414. Sayyu Dantata comes from a wealthy his surname can prove dad; according to Forbes "Dantata" was once the richest man in Africa just like . It's definitely different playing mixed polo but I love it.". It is a similar story in Seychelles, an archipelago of 115 islands in the Indian Ocean off East Africa, where Afrex S.A and Bulldog Global Financial Services LLP act as client for Dangote and Dantatas companies. 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. Download Opera News APP, By studio.opera.com (self media writer) | 2 years ago. The son of the slain businessman, politician, publisher and winner of the 1993 presidential elections in Nigeria, M.K.O Abiola. Specifically, Dantata, Anil Kumar Ahluwalia and M.R.S Investments Company share same company address Plot 6, Block 2, Osborne Road, Ikoyi, Lagos Island in entities incorporated for them offshore by Mossack Fonseca. His venture into the Oil and Gas industry in 1993resulted in the establishment of the MRS Group in1995. His net worth has never been successfully estimated given his extremely private life and business dealings. To keep reading for free, please enter your email! 'Alhaji Dantata A Man of Means'. with legendary father/son duo of Adolfo Cambiaso and his 14-year-old son Poroto, ready . It is a clear indication that, despite the challenges posed by the global pandemic, Nigerian businessmen and captains of industries are determined to continue investing in and developing the countrys economy. "Dantata plans to move up into 12-goal league play in February, he said. But does Dangote pay his fair share of tax in Nigeria or is he hiding assets abroad? Lastly, Sayyu Dantata, you must have heard this name before, Dantata is one of the popular rich men in Nigeria and the name always ring a bell even to those that haven't seen him before. Corlay Global S.A. and SID Holdings Group are among other companies owned by MRS Holdings and Dantata. Their company, MRS Oil and Gas, was re-issued 500,000 shares. Peoples Reactions: Some Nigerians who are yet to recover from the Benin-Lagos Expressway helicopter stunt, were quick to relate both incidents. The purpose (s) for which Dangote and his allies set up their own secret companies is not exactly clear. In a similar development in September 2014, Sani Dangote, younger brother to Dangote, was dragged before a Federal High Court in Lagos over his alleged failure to liquidate about N5 billion loan granted him by Union Bank. Sanusi Dantata (c. 1919 15 April 1997) was a Nigerian entrepreneur and son of Alhassan Dantata. Scholarships are available. Some even pointed out that this might be the season of helicopters, even as wealthy Nigerians continue to showcase their opulence. Dangote Cement: his stake is worth NN 1.76 Trillion ($11.5 billion), Dangote sugar: stake is worth N87.95 billion ($574.8 million), Dangote Flour Mills: stake is worth N59.48 Billion ($389 million), National Salt Company: stake is worth NN7.57billion ($49.5 million). The Nation. 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. In the same manner, his brother, Dantata, was issued the same amount of 250,000 shares. He started his career as Director of the Engineering and Transport Division of Dangote Group, the biggest Nigerian conglomerate. He supplied large British trading companies with raw materials and also had business interests in the Gold Coast. Nigeria currently consumes about 250 million litres of engine oil per year, and this consumption grows by more than five percent every year due to the addition of new vehicles and machinery. Dantata owns MRS Petroleum. The 200-million-liter lubricant plant is the first of its kind in West Africa and covers the entire value chain of lubricants. Africa's Business Space At Your Finger Tips! There after he started his own business and currently sits as the Chief Executive Officer of the MRS Group. He has an estimated net worth of $4.1 billion and the figures continue to soar. Hippy Chic, a Chestnut mare owned and played by Hope Arellano in the second chukker, was Best Playing Pony. Breakdown Of Sayyu Dantatas NSE Fortune, MRS Oil: his stake is worth N10.2 billion ($67 million), Source: Honeywell Flour Mills, First Bank. However, by 1980, he had relinquished some of his business interest to his sons, including the eldest, Abdulkadir Sanusi Dantata, who co-founded Dantata and Sawoe and Asada Farms.[2]. 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