Our reputation is paramount to us and we are conscious of the downside of it. 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. "The way he plays, his style, he is just unique. wealth and financial magazine, Forbes namedBanana Islandin Lagos as themost expensive neighbourhoodand place to live in Nigeria. 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.. 5 Female Nigerian Politicians Involved In Corrupt Practices, 5 African Billionaires Empowering the Younger Generation, 5 Ways Aliko Dangote will become even Richer via His Refinery, Aliko Dangote to Launch $19 Billion Oil Refinery in January 2023, African Billionaires: An Overview of 2022, 4 Tough Economic Decisions Awaiting Nigerias Next President, 5 Most Controversial Policies of the Buhari Administration, 5 Ways CBNs Naira Redesign Policy Will Affect 2023 Election, 5 Likely Ministers in a Tinubu Presidency, Dont Enter 2022 without Knowing the Difference between a Customer and a Consumer, 5 Reasons Why Youre Not as Successful as You Should Be, 6 Proven Ways Your Small Business Can Multiply Social Media Audience in 60 Days, #Cryptocrash: If You Panic Sell, You Wont be Crypto Rich, says Binance Founder, Why Hadiza Bala Usman, Nigerian Ports Authority MD, was Suspended by President Buhari. "I won my debut, that's a good thing. Thats the price for each of the twin townhouses on 600 square meters of land. He urged them to avoid clashes with other wealthy Kano merchants. Sayyu Dantata is the son of Alhassan Dantata who was the wealthiest man in Africa at the time he passed away in 1955. After a rest of only one day, she took him to a mallam and asked Dantata to stay there until he was ready to return to Bebeji. This strategic move aims to enhance the companys reputation and further expand its already significant presence in the market. Shell companies constitute some of the darkest, sometimes convoluted, corridors in global illicit finance. Kola Abiola is one of Nigerias low-key millionaires. Among them are Sayyu Dantata, Aisha Dantata and Mariya Dantata who are listed as shareholders of Koggi Shipping Incorporation with registered location as Plot 688, No 4 Winnipeg Close Street, Maitama, Abuja, Nigeria. Privacy Policy | Of this, the facility is expected to deliver about 200 million litres of lubricant per year. Africa's Business Space At Your Finger Tips! We only incorporate companies, which just about everyone acknowledges is important, and something thats critical in ensuring the global economy functions efficiently. "Banana Island is a piece of heaven in the middle of noisy Lagos," said Ms. Nouboue, adding that the island has two parks. Its' mission is to provide individuals opportunities in polo at every economic and ability level. There are three mixed-use high-risesthe Adunola, the oldest, and Lakepoint Towers and Desiderata, which were built in the last two years. Re: Billionaire Sayyu Dantata Launches $450m Lubricant Plant In Lagos by KingKO22: 9:20am On Jan 25 Asiwaju Tinubu has created the enabling environment for all business to thrive and become successful The Nyamirin Zombipigs have created death nd chaotic environment in Alaigbo Land therefore making it a dead trap for investors. 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. He holds aBachelors degree in Economics from the ParisAcademy and has been with the MRS Groupsince 2004. 2023 Billionaires.Africa. Oyekunle is a shareholder of Sunningdale Assets, S.A, a company that also shares same registered location with MRS Holdings Limited at Plot 70 Sharada Industrial Area, Phase 3 Kano, Nigeria. In 1929, when the Bank of British West Africa opened a branch in Kano, Dantata placed 20 camel-loads of silver coins in it. "Dantata plans to move up into 12-goal league play in February, he said. Ten of the richest businessmen in Ethiopia most of whom youve likely never heard of, Abdul Samad Rabiu becomes Nigerias second-richest man, net worth surges above $7 billion, African billionaire heirs are making their mark in philanthropy, Billionaire mining mogul Patrice Motsepe acquires luxury wine farm in South Africa, Egyptian billionaire Naguib Sawiris Orascom Investment sells stake in TWA in $35-million deal, Mohammed Akoojees Imperial Logistics partners with UbiPharm to create Africas largest healthcare distribution network, Sam Darwishs IHS Towers to acquire tower assets in Brazil in $315-million deal. He began his career as Director of the Engineering and Transport Division of Dangote Group, considered the Largest Nigerian conglomerate. 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. Dantata, who is Dangotes stepbrother, is the founder and chairman of MRS Holdings Company Limited. Built on a beach, it has water views and roads like those in the U.S. There, Tata continued to insist that he must save something every year[citation needed], Dantata started to be a long-distance trader himself. Given at Victoria, Seychelles.. Were proud of the work we do, notwithstanding recent and willful attempts by some to mischaracterize it.. Thereafter, he moved on to start his own business and now serves as the Chief Executive Officer of the MRS Group. 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. They are frequently used to shield the identities of owners and/or to hide money. newsheadline247-February 9, 2023. 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. 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. [citation needed], Dantata made a pilgrimage (hajj) to Mecca via boat in the 1920s. Content created and supplied by: studio.opera.com (via Opera The source of his wealth has been easily traced to his business dealing in the telecom and oil sector. 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. Staffs hail billionaire Sayyu Dantata, as he personally flies his chopper to work to beat the Apapa traffic, today, in Lagos. The first homes were built on the south side of the island, but as land prices skyrocketed through the years, high-rise condo developments were built on the north side, which also houses the areas commercial corridor. On his part, Mr. Sowemimo owns 15,000 share units in Capital Development Solutions Limited which is a client company to Orion House Services (HK) Limited operating in Samoa. As originally planned, Banana Island was to be an uber-exclusive enclave of single-family detached estates divided into 535 property plots that ranged from 1,000 to 4,000 square meters. Tundun leads a largely quiet lifestyle with the exception of rare appearances at social events. Ms. Nouboue said prices for detached houses, which rarely come on the market because there are not many on the island, start at NGN1 billion (US$2.75 million). Sanwo-Olu described the facility as an integrated first-class factory and highlighted the presidents excitement that the countrys captains of industry had continued to rise above all odds despite the global pandemic challenge. 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. He remained in Bebeji until matters had settled down. Nigerians who live on Banana Island include a growing list of prominent Nigerians and expatriates who have incredibly deep pockets and can afford to spend millions of naira on a property. This is true, at least, some of us believe it. She's turned into one of my best horses. Mr. Onyenze said the islands security network, good roads, 24/7 street lighting and proximity to the waters of Lagos Lagoon make it special. He is largely regarded as being socially invisible and this stems from the low profile he has maintained over the years. Grand Champions Polo Club13444 South Fields RoadWellington, FL 33414. 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. ", He said Banana Islands exclusivity always will remain attractive to "the highest echelon of the society.". BILLIONAIRE businessman, Femi Otedola and Founder of MRS Group, Alhaji Sayyu Dantata, are some of the first set of Nigerian business leaders to pre-order the yet to be released . To mitigate the impact of rising raw material costs on earnings in the current fiscal year, the management is now pursuing strategic restructuring and operational re-engineering efforts to reduce both fixed and variable costs. With its impressive collection of premium brands such as Chloe, Dunhill, Alaa, Cartier, and Delvaux, Richemont has secured its place as the fourth-largest luxury company globally, boasting a market capitalization of almost $79 billion. He did not own a house there, but was satisfied with the accommodation given to him by his patoma (landlord). They should take care of their relatives, especially the poor among them. Aliko Dangote's brother, Sayyu Dantata's MRS Oil head office shut down by Government over Tax Evasion. Unknown to many, there are other several relatively unknown billionaires who make power moves behind the curtain and are controlling enormous wealth through several businesses. Sayyu Dantata is the son of Alhassan Dantata who was the wealthiest man in Africa at the time he passed away in 1955. Nigerian is a Nigerian politician and the first female President of OPEC. Some descendants of Alhassan Dantata includes: "Alhaji Alhassan Dantata, An Appreciation", "Biography of Select Kano Merchants, 18531955", "Alhassan Dantata: Things You Didn't Know About Him", "Meet the wealthy but simple Nigerian merchant behind Dangote's success story", "Biography of Select Kano Merchants, 1853-1955", "Nigerian Tycoon Abdulkadir Dantata Is Dead", https://en.wikipedia.org/w/index.php?title=Alhassan_Dantata&oldid=1135608976, Mahmud Dantata, popularly known as Mamuda Wapa (19221983): son. Nigerian businessman Sayyu Dantata, the stepbrother of billionaire Aliko Dangote, has launched a $450-million lubricant plant in Lagos through Bestaf Lubricant Limited. The groups sales have surpassed 15 billion ($16.3 billion), up from 12.77 billion ($13.9 billion) during the same period last year, showcasing substantial growth. ", COPYRIGHT 2023 MANSION GLOBAL. His company, Globacom has over 27 million subscribers, which makes it the second largest telecom company in Nigeria. Samoa is one of the various countries used as tax havens by large corporations. Mr. Onyenzeconceded that prices have dropped about 30% in the lastthree-and-a-half years because of a combination of factors, including the devaluation of the naira, decreased prices for crude oil, inflation, high interest rates, job cuts and divestment by multinational organizations from the Nigerian economy. from penta:Ultra-Low-Mileage Bugatti to be Auctioned in Paris. The horses make you love them. According to internal data of the Panama-based offshore-provider, Mossack Fonseca, obtained by the German newspaper Sddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ), Dangote, his relative, Sayyu Dantata, as well as his business allies have over the years used shell companies domiciled in controversial tax havens in their business transactions. We generally think that death is the equalizer of all men and that we will all answer to God. She was elected to the Nigerian Senate representing Ogun Central Senatorial District of Ogun State. GB Auto is a Cairo-based automaker led by the family of the late Egyptian auto tycoon Raouf Ghabbour. First Avenue in the north and Second Avenue in the sound merge and run around its perimeter. In 2012, her blog was worth $1.2 million. Sayyu Dantata is the billionaire cousin of Alhaji Aliko Dangote, Africas richest man and Chairman of the Dangote Group. It will not be slowed down in perpetuity.". Sign up with your email address to receive news and updates. DPR Afrex Sal is a client company for Dantata and Dangotes Ovlas Trading based in Monaco France. "I am happy I won," Dantata Jr. said. However, he is revered in the growing Nigerian polo community as a patron and also ranks as a strong player. Dantata did not manage from behind a desk but involved himself with his workers. Staff Login It also offers status. He purchased some items in Bebeji, he sold half of them on the way and the rest in Accra. With this capacity, the company is thus set to give well-known brands such as Total Nigeria Plc, Ammasco International Limited, 11 Plc, Oando Plc, Tonimas Nigeria Ltd, Forte Oil Plc, and Conoil Plc a run for their money. 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. He began his career as Director of the Engineering and Transport Division of Dangote Group, considered the Largest Nigerian conglomerate. "It offers easier access to the mainland, and its closer to the airport. 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. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Three days later he died in his sleep on Wednesday 17 August 1955. Yusufu had been passed over when Bello became Emir. 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. News ), Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. During the announcement of the new brand identity for the group, Nader Ghabbour, the CEO of GB Auto, revealed that the companys new identity strategy focuses on two main pillars: digital transformation and sustainable development. 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.. She obtained a B.Sc in Business Administration from the AhmaduBello University, Zaria, Nigeria in 1998. He is the Founder and CEO of MRS Holdings Ltd (Formerly, MRS Group). 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. That was on April 12 2006. "The first houses that were built are in British and Dubai traditional styles," Ms. Nouboue said. Dantata and his brothers were held for ransom, under the threat of slavery. Everyone wants smaller homes because their kids leave and more people are selling their mansions to live in three-bedroom flats, where they dont have to worry about maintenance and using a generator for electricity. Shell companies are usually domiciled in notorious tax havens like Cayman Island, Monaco, Panama, Samoa, Switzerland, Luxembourg, Hong Kong, Singapore, Lebanon, Mauritius, British Virgin Islands, St. Lucia, Belize, Macao and close to a hundred others; usually tiny countries. He was the first to develop this route. 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