#PanamaPapers: Africa’s richest man, Dangote, his brother, Dantata, linked to shell companies in tax havens

A network of companies for Aliko Dangote and Sayyu Dantata
A network of companies for Aliko Dangote and Sayyu Dantata

With a staggering $15.4 billion wealth, Nigeria’s businessman and industrialist, Aliko Dangote, is on Forbes Rich List as the richest man in Africa. But does Mr. Dangote pay his fair share of tax in Nigeria or is he hiding assets abroad? That remains unclear. Yet that question has become even more relevant across the globe following discoveries of several secret shell companies linked to the businessman, his allies and relatives.

According to internal data of the Panama-based offshore-provider, Mossack Fonseca, obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ) with PREMIUM TIMES and over 100 other media partners in 82 countries, Mr. 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.

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.

The 2.6 TB files, involving 214,488 entities, also reveal hundreds of details about how former gun-runners, contractors and other members of the spy world use offshore companies for personal and private gain.

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.

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.”

Aliko Dangote
Aliko Dangote

Mr. Dangote and the game of shares

Mr. Dangote is one of the most prominent clients of Mossack Fonseca, and in Panama alone, based on company registration addresses provided by shareholders, 13 shell companies registered by the firm are directly linked to persons and companies who in turn are linked to the billionaire and his allies.

Mr. Dangote, alongside his half brother, Sayyu Dantata, the founder of MRS Holdings (a leading West African oil-marketing firm, which acquired Chevron-Texaco’s downstream assets in 2007) bought equal shares of 12,500 each from OVLAS S.A, a shell company registered in Seycheles, on October 6, 2003.

Seychelles is a well-known tax haven used by businessmen and politicians and celebrities to perpetrate shady business deals. 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.

According to the documents, three years after they existed as shareholders of the company, the trio – Dangote, Dantata and M.R.S Oil and Gas Company Limited – ceased to be shareholder in the company. That was on April 12, 2006.

But in an arrangement that seems curious, Mr. Dangote was issued a higher amount of shares – 250,000 – on the same day he resigned.

In the same manner, his brother, Mr. Dantata, was issued the same amount of 250,000 shares. That means the businessmen simply resold the shares back to themselves. Their company, MRS Oil and Gas, was re-issued 500,000 shares.

Mossack Fonseca's office Panama ... Picture Credit: ABC Australia
Mossack Fonseca’s office Panama … Picture Credit: ABC Australia

After three years of holding the shares, they all ceased to be shareholders. Again, they resumed possession of the shares again as in the previous time, but this time it seems Mr. Dangote sold his shares to Mr. Dantata and M.R.S Oil and Gas Company Limited.

Mr. Dangote ceased to be shareholder permanently on July 6, 2009, and Mr. Dantata’s amount of shares doubled to 500,000 shares while MRS Oil and Gas CO, LTD retained its 500,000 shares. Documents show Mr. Danatata never sold, transferred his shares or ceased to be a shareholder till date.

Petrowest S.A: Same folks, same tricks

Before Mr. 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.

Messrs 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. That was also dated April 12, 2006.

Sayyu Dantata... Photo Credit: http://joblanda.com/
Sayyu Dantata… Photo Credit: http://joblanda.com/

Like in the case of Ovlas S.A, Mr. Dangote suddenly ceased to be shareholder. According to documents available to PREMIUM TIMES, on the same day, Mr. Dangote was re-issued a higher amount of shares – 250,000. In the same manner, his brother, Mr. Dantata, was issued the same amount of 250,000 shares. This literary means they resold the shares back to themselves. Their company MRS Oil and Gas was re-issued 500,000 shares.

Shady Petrowest and Ovlas name swap in Seychelles

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, 1994…Company No: 018606…

This is to certify that OVLAS SA. has changed its name and is now incorporated under the name of PETROWEST S.A. on this 27‘” day of April 2011. Given at Victoria, Seychelles.”

Differrent story with Petrowest S.A and Ovlas S.A in Panama

In a separate document, it was shown that while Petrowest swallowed Ovlas S.A in Seychelles in 2011, courtesy of the name change, Petrowest S.A Panama only bought 100 units of shares at $100 each from Ovlas to become shareholder in the company. That happened on October 12, 2012.

A web of intrigues, companies within companies

Specifically, Messrs. 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.

The M.R.S Investments Companies mentioned earlier is a subsidiary of MRS Holdings.

Anil Kumar Ahluwalia, whose company name is Santosh Investment Limited S.A is connected to a Panama shell company called Lotus Trust Services Sarl.

Similarly, MRS Investments Company Limited is a shareholder company to Chalmers Shipping Incorporation, which in turn is directly connected to another shell company named Afrex Sal, also domicilled in Panama.

Afrex Sal is a client company for Mr Dantata and Dangote’s Ovlas Trading based in Monaco France. 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.

Messrs Dangote and Dantata have allegedly used their multiple companies in Nigeria and other countries to secure huge loans. For instance in 2010, the management of Bank PHB, a Nigerian bank, dragged M.R.S Holdings Limited, owned by Mr. Dantata, to court over the non- payment of Fifty-Eight million dollars ($USD 58M) loan the bank granted it to purchase Chevron Texaco in 2008.

In a similar development in September 2014, Sani Dangote, younger brother to Mr. 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.

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.

A network of companies for Aliko Dangote and Sayyu Dantata
A network of companies for Aliko Dangote and Sayyu Dantata

A dark corridor
Shell companies constitute some of the darkest, sometimes convoluted, corridors in global illicit finance. 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.

Owners create Shell companies for a host of dodgy business reasons. 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. Some others set up shell companies to raise funds before starting operations, to attempt a takeover or as a front for an illegal business. The purpose (s) for which Mr. Dangote and his allies set up their own secret companies is not exactly clear. But shell companies are not illegal, and not all owners use them to avoid tax or hide assets.

However shell companies are at times used for tax avoidance. 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.

Evidence abounds in the data that the Panamanian company, Mossack Fonseca, offers clients aggressive “reinvoicing” services that are specifically designed to help companies avoid/evade taxes. It remains unclear whether Mr. Dangote and his associates used their shell companies to buy any such service from Fonseca. Many people using offshore companies do so legally and offshore companies indeed have many legal purposes.

Shell companies, experts say, are entities that have no active businesses and usually exist only in names as vehicles for another company’s business operations. In essence, they are corporations that exist mainly on paper, have no physical presence, employ no one and produce nothing. They are frequently used to shield the identities of owners and/or to hide money.

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).

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.

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.

More actors uncovered

Using data-mining techniques and working in collaboration with a global network of investigators with access to secret databases, PREMIUM TIMES was able to uncover several Nigerian business players associated with shell companies.

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. Mariya Dantata also has a registered location at Plot 70, Sharada Industrial Area, Phase 3, Kano, Nigeria.

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.

A few other other allies of Messrs Dangote and Dantata were also flagged as shareholders in the shell companies used for their Panama deals. They include Ola Rosiji, a shareholder of Excalibur Holdings Services Incorporation; and Alex-Duduyemi Oyekunle, a traditional chief known as the Aro of Ife Kingdom.

Mr. Oyekunle is a shareholder of Sunnigdale 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.

MRS Holding particularly popped up regularly as multiple shareholder company for other companies linked to Messrs Dangote and Dantata in Panama.

Corlay Global S.A. and SID Holdings Group are among other companies owned by MRS Holdings and Dantata. They are Afrex S.A clients in Panama.

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 Mr. Dangote and Dantata’s companies. 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.
Other business allies who are shareholders in companies located at Plot 70 Sahrada Industrial Area, Phase 3, Kano, Nigeria, include Ayokunu Tajudeen Sowemimo and Arjun Thadani.

Mr. Arjun Thadani controls 2,500 units of shares in Mitarj International Corporation, a client company to USA Corporate Services Incorporated (New York), which also operates from Seychelles.

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. Samoa is one of the various countries used as tax havens by large corporations.

Dangote and a business of secrecy

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 Mr. Dangote among some of Nigeria’s wealthiest industrialists, former government officials and their relatives, who operated highly secretive foreign accounts with the Swiss branch of banking giant, HSBC.

Some of those named in that global investigation were found to have concealed their identities for years and using codes perhaps to shake off tax authorities from accounts, some of which held illicit assets from criminals, traffickers, arms dealers and other outlaws.

That investigation, published in February last year showed how HSBC profited doing business with people who stole from their countries and some of the world’s most notorious con artists, including people who made a fortune fuelling wars in Africa.

The bank helped questionable characters conceal their wealth despite knowing their sources, and devised ways to hide the identities of the owners of the secret accounts from governments around the world.
At least 100,000 secret bank account operators who owned about $100 billion were exposed in the leaks, unsettling investigators in several countries.

Among those accounts were that of Mr. Dangote, who became an HSBC private account client in July 2003. The account appeared in the name of Development Projects Corporation, its registration address in Tortola, in the British Virgin Islands, a notorious tax haven, where individuals and corporations usually incorporate shell companies to hide assets. Mr. Dangote’s account was in operation till August 2004.

It is not clear to what use Mr. Dangote put the account and perhaps because he closed it long before the data were stolen, bank records did not indicate any balance on the account.

Our hands are clean – Dangote Group

Despite several documents linking Mr. Dangote to those offshore companies, the businessman’s spokesperson insisted he never had any relationship with the offshore entities.

The spokesperson for the Dangote Group, Tony Chiejina, in response to enquiry by PREMIUM TIMES, said, “Thank you for your enquiry concerning our alleged relationship with the following off shore companies namely: Paseo Trading Ltd, Seychelles; Petrowest S.A.,Seychelles; SID Holdings Corp, Panama and Chalmers Shipping Inc, Panama.

“I wish to state categorically that neither Aliko Dangote nor Dangote Industries Ltd (DIL) has any form of relationship with these alleged four off shore companies. 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.

“Our reputation is paramount to us and we are conscious of the downside of it. We thank you for upholding the principal ethics in journalism – ‘when in doubt, check’.

Mr. Dantata could not be reached. The contact numbers listed on MRS Holdings website failed to connect the several times our reporter called.

We’re not liable for crimes by companies we register

Mossack Fonseca, the company behind the registration of the shell companies, said it does not direct the companies it incorporates for its clients and therefore cannot be held liable for the uses to which the firms are put.

“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 company’s public relations director, said in a statement to ICIJ.

“We only incorporate companies, which just about everyone acknowledges is important, and something that’s critical in ensuring the global economy functions efficiently. In providing those services, we follow both the letter and spirit of the law.

“Because we do, we have not once in nearly 40 years of operation been charged with criminal wrongdoing. We’re proud of the work we do, notwithstanding recent and willful attempts by some to mischaracterize it.”

The African Network of African Reporting Centres (ANCIR) contributed reporting for this story.

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  • AFRICANER

    I believe that it is more sinister than these issues. A real investigation should be conducted in Nigeria to see and ascertain the relationship between past and present heads of state, the character named in this article, and the exclusive deals, and our country’s assets stolen by any such cabal; the country could solve most of its problems by going after these real huge operations, than the little ones harassed daily due to tribe, or political leanings.

    • Basketmouth

      If you know how these transaction works and how the monies get routed, you will know that getting to know who they are fronting for may be a mirage. While I am not saying that Dangote is clean because in the capitalist world you cannot find a clean successful businessman, but it takes a lot of gut and vision to redirect whatever perceived illicit funds he has been used to launder in a way to benefit thousands of Nigerians. He may have chosen to look the other way and enjoy the loot like Melaye who are the international errand boy for Sarakis of this world. I will still take Dangote over Abiola any day. Talking about waivers and some perks enjoyed by Dangote, all the nations of the world does that to help employers of labor enjoy some advantage that will keep the company afloat and keep thousands employed in the process. We have to understand that there is a meeting point for politics and business at a point and in a capitalist environment ethic is a strange language.

  • Höly Wähala

    I said the names on the list will blow your mind if only one concentrates on the Nigerians involved in fraud/scams and tax evasions. Mr. Aliko Dangote is not a billionaire by his own sweat, he is a Capo (a fence) who keeps stolen wealth for a slew of sleazy ex-Nigerian leaders, officials and individuals, and reinvests same in sundry businesses home and abroad. A very stingy and conservative character, Aliko Dangote is the only “Untouchable” and corrupt Nigerian serially mentioned in all forms of mega illegal practices yet, somehow manages to steer clear of the courts… or the Law steers clear of him. About 5yrs ago, Dangote and Femi Otedola nearly destroyed the NSE with share manipulations that resulted in heavy losses for unskilled brokers… and recently, Dangote was mentioned in the Rice Mafia and fertilizer importation scam that defrauded the Ministry of Agriculture (under Dr. Akin Adeshina) of N170bn which is still being probed as-now. Despite his long rap list of actionable crimes against the motherland, Dangote remains today the Chairman of the Nigerian Stock Exchange, the Head of Dev. Cmte for the NE, etc. Hence, it’s no surprise that Aliko Dangote is a billionaire, most corrupt Nigerians “bank” their stolen monies with Dangote and now we know where he keeps such loots safe… in Tax-free Safe Havens! Aschloch!!

    • joe

      Arschloch indeed! This very true – “Mr. Aliko Dangote is not a billionaire by his own sweat……” , Give a monkey or an he-goat an absolute monopoly for several years to import rice, cement, and flours in a country 200million strong. That monkey (and the he-goat) would be as rich as Mr Dangote.

      • Intellectual Zam

        The Monkey and He goat analysis , I like that

      • Emancipation

        And ban ibeto etc

  • Rumournaire

    One thing Nigerians should understand is that having assets outside the country is not in itself a crime. If your business is international, you would have to have assets outside your country. The real crime is when you make money in Nigeria and, without paying tax on it, you take it out of Nigeria. So, the scrutiny of these people should be the lodgements into the offshore accounts – if any of those lodgements came from Nigeria and, if so, whether appropriate taxes were paid on them.

    • okpada

      Great brain, thank you very much for this great post. God bless you. People come to this forum with fish brain to say and publish all manner of ignorance

    • Screw-em

      Thanks @ Rumournaire, your analysis or comment is devoid of any prejudice.Therefore, as at today, we can all conclude that there is no known traceable unpaid taxes by Dangote or Dangote Group of Companies stashed away in any offshore entity accrue able to the FGN. Dangotes COY is as transparent as they come especially in a muddle-up chaotic economy as ours.

  • owhonda

    If the entire names of that list is made bare, virtually every serious billionaire in Nigeria is on that list

    • Emancipation

      Dantata and co is the name representing all the names you have been looking for.. Obj Dem ooo etc.

    • Okafor

      Amaechi will be there, that Full Time Thief

  • agbobu

    NIGERIANS SELF MADE BILLIONIERS INDEED. TELL THAT TO THE MARINES!!!

  • Dr Pat Mumuwole Awosan

    The truth is that Thief Dangote has all along been the middle man helping the past Northern military ex Presidents to launder their money. It is also rumoured to be what MKO Abiola did for the Northern Generals in the 70s and 80s and he too was called the “Richest” man in Africa. Neither MKO Abiola nor Dangote are real business men who worked for their monies. No. They can never prove a modest beginning. It seems they lauder and try to wash the dirty monies stolen by their faceless top govt officials. If Nigerians know the WAIVERS Dangote gets in import and excise duties and so on, I am sure some of our Igbo brothers will faint because they (Igbos) pay for everything they import unlike Dangote…and Duncee tells us he had no money for election when Dangote was by his side…and till date his name is never mentioned in the funding of APC.

    200 million Mumus. That is what Nigerians are. Thieves everywhere and we are looking. No protests. No demonstrations.

    • okpada

      Dangote equally funded PDP unlimitedly in all their elections since 1999. Please check your records before posting. Thanks

      • Okafor

        He did just in case

      • Fuzio

        He funded PDP to keep his tap flowing. See how Obasanjo rewarded him by crippling competitors with outright import bans, sole distributorship, and so on.

  • qwerty2016

    WHEN WILL PROFESSOR WOLE SOYINKA AND GENERAL OLUSEGUN OBASANJO APOLOGIZE?

    THEY WERE BOTH WRONG AS THEY MISLED NIGERIANS THAT BUHARI IS THE BEST CHOICE.

    THEY SAID IF NIGERIA MUST AVOID COLLAPSE BUHARI HAS THE ANSWER. BUT SEE NIGERIA NOW!

    HAS IT NOT COLLAPSED AS A RESULT OF BUHARI’S INCOMPETENCE, OMISSIONS, AND, ACTIONS?

    • Emancipation

      Abeg go sleep.

      • EKI

        @Exedos:disqus

        Why should he go and sleep in the office? Tell me! Is it not true that Soyinka and Obasanjo
        were telling lies all over the place to make people vote for Buhari? Now that their lies have
        been exposed, are we supposed to praise them as big liars? No, we are to condemn them
        for destroying their country with fat lies. Both of them have no shame. Old men are not
        supposed to tell fat lies to the youths. Old people are supposed to tell the truth always.

        • Emancipation

          These administration is yet to prove their worth but the difference is clear, a continuous PDP would’ve been a disaster. If there have been more options in the ballot other than APC PDP, it’ll would’ve been justified.

          • EKI

            @Exedos:disqus

            BUHARI IS THE WORST CHOICE FOR A COUNTRY FACING ECONOMIC CRISIS

            BECAUSE HE DOES NOT HAVE RELEVANT OR ADEQUATE EDUCATION FOR THAT.

          • Emancipation

            Eki my brother, you don’t have to come from the moon to understand basic economic. Stop supporting forex that has made our people lazy, and they’ll go back to farm. Simple. Buhari got only 4 years so the need to act urgently.
            Before you blame us for voting buhari, who’ll we blame for sticking with PDP for 16years with no progress. No legacy project for 16 they left us with economy monopoly. We have only dangote and Nnpc. To start is to start, if we get it wrong this Time doesn’t mean the end we keep moving. I urge every Nigerian to keep 2015 behind and plan on the days ahead. It’s only the scavengers that will want us to look back so as to scoop us as salts. Who will save us, wole wants good road, stable light, health etc. Same as you. GEJ wants to be successful also with his name written in gold but the cabals don’t. How do we deal with them? How do we get them off our track of progress?? That was what gave Buhari.

          • joe

            Beautiful! 🙂

    • Okafor

      Yes it has

  • Emancipation

    I have been searching for the names of our past and present leaders, now I search no more. They are the dantata and dangote’s.

  • emmanuel

    Dangotes case is what will drag all the military heads of states to the EFCC, else the whole show has ended. Nigeria cannot make any progress on this Panama issue.
    case closed!
    Cash flows from the defunct PTF must have entered directly to some of the accounts flagged in Panama. If you ask me, Na who i go ask? e plenty for my mouth.
    Meanwhile, hundreds of thousands of accounts used by the CIA to funnel cash to dissident groups for toppling national governments are captured too. Abiola’s name dey sef!

    • Okafor

      It is a Drag Net. Many many people are involved across the world, from Africa to Asia to Europe to North America to South America to Australia, name it. Trust Nigerian ‘big men’ their names will future in the long list.

  • O T. Isichei

    Excuse me. What i want to ask is very simple. Why did Premium Times go
    to Panama in the first place? There is an ulterior motive here. Panama
    is very far. It is far more than United States of America, very far. Why did
    Premium Times go there to go and expose the bank account of all these
    people? Premium Times just wants to disgrace these people that we were
    thinking were very big people before, not knowing that they are big thieves
    and criminals. Premium Times must explain why they went to Panama.

    • joe

      Are you really from this planet or are you an alien? You guys don’t get news where you “crawl” from ? 🙂

      • Fuzio

        Wonders will never end. What is the guy insinuating? In this day and age of the internet where information is at everyone’s fingertip, it boggles the mind that someone could be asking these embarrassing questions.

      • Julius

        lolz. Good question sir . He has no anser oo !!

    • Imma Osho

      Follow me! Panama is a country. It has a government. Okay? Premium Times went there to Panama because the government and the people of Panama love Premium Times and have tremendous respect for journalists working in that organization. Therefore the Panama government gave Premium Times the visa to enter their own country. So, what is your own business if Panama is very happy to receive Premium Times in their own country? What concerns you with that? Is Panama your own country? I am thinking that you to may be a money-launderer to be complaining!

    • lanre

      when you get control of yourself, you will be asking the right questions.

    • Julius

      You are an uneducated moron for asking that question.

  • Fuzio

    Where is Femi Falana? Where are all the pseudo anti-corruption campaigners from the SW who have been trying to embarrass Ms Ngozi Iweala for non existent official misbehavior? Their silence on this matter is deafening.

    • lanre

      its not only Falana, all the people in power for the past 30 – 40 years are scared stiff.
      they do not know which way it will turn.

      • Fuzio

        Don’t worry, there will be more shoes to drop by the time the whole report is released. Stay tuned. God keeps away flies from tail-less cows. The tailless cow in this case is Nigeria. No body is looking out after her interest. All they are looking for is how to rape her further.

    • Paul Young

      Relax, these are all still allegations for now. Most likely to be true but still in infantile stages. And by the way Falana and the other anti-corruption campaigners have not said anything about Saraki, Ibori, and David mark who were also mentioned by premium times. Lets wait till the full report comes out and then we can cry foul if they dont talk

      • Fuzio

        OK. Let me put back my sword in its sheaths for now.

      • Julius

        Thank you. Reasonable post from a reasonable man !

    • Julius

      You didnt see or hear him fighting for the Islamic shiek that is locked up by the military ? Free of charge !!

  • Fuzio

    I have always known that Dangote is a huge beneficiary of crony capitalism in Nigeria. Remember the import duty waivers, sole importer, import ban on cement meant to prop up his companies and so on. That is why no one is celebrating him in Nigeria as the Nigerian equivalent of Warren Buffet. His fortunes can change overnight depending on the government in power.

    • arewethishopeless

      No word from Ministry of Finance or Justice, FIRS, EFCC ….. Just silence

    • Julius

      All billionaires are a huge beneficiary of crony capitalism in their respectful countries. He can whatever he wish with his money as long as the country money is not involved .

      • Fuzio

        Go and tell Bill Gates or Elon Musk that they are beneficiaries of crony capitalism in the US.

        • Julius

          i dont have to tell them. They know and they will tell you that without the government they would have found it hard making it. Do you know the government patronizes their businesses ? Government researches led to many Tech businesses in the U S (world )

          • Fuzio

            Government involvement in the economy does not always amount to crony capitalism as you are alluding to. The government is supposed to be regulating the economy. But that involvement becomes crony capitalism when it is geared towards advancing the interest of an individual or group as is the case with Dangote. See the Obasanjo sell of Kaduna refinery worth $2.5B to Dangote for a miserly $700M. Or the banning of importation of cement and rice so as to enable Dangote sell the ones he already imported

          • Julius

            Have you read about the defence contractors here in the U S. ? Even Microsoft had a big leg up by supplying computers to the government over any other computer company. Billionaires deals with the government in of the day a big major way. Doing businesses with the government. Thats a fact.Thats why they have lobby mix with the legal dept.

          • Fuzio

            There is no deliberate US government policy anywhere designed to give any individual or company a better competitive advantage. None.
            Lobbying the government for redress of grievances is enshrined in the US constitution and therefore legal. Even contracts by local authorities that are awarded without public bidding makes the local authority a target of lawsuits by interested parties. What Obasanjo did by banning importation of rice and cement and then making the law retroactive was designed to disable Dangote’s competition would have been successfully challenged and blocked were it to happen in the US.

          • Julius

            ‘There is no deliberate US government policy anywhere designed to give
            any individual or company a better competitive advantage. None’. wrong !. Ever heard of a company called GE..manufacturing Jet engine for the fighter jet planes , F16 e.t.c?. There is a special division of GE for that. Take care.

  • McAlfred Uta

    Very soon this Panama leaks will make Nigerians to forget Dasukigate and sing a new song. Just like wikileaks that started like childs play and went overboard with time, I am very certain that many would be political gladiators in 2019 may be suffering from insomnia as the Panama Mossack Fonseca unfolds. I will be surprised if Atiku and some other high caliber politicians escape mention in this case.

  • agbobu

    PLEASE PUBLISH YOUR TAX RETURNS AND THOSE OF ALL YOUR COMPANIES, FAMILY ETC THERE IS NO SMOKE WITHOUT FIRE.

  • Omotolaaraujo

    OUCH! That was pretty clear for even the blindest of fools to see. He not JUST the richest man in Africa. He should get a new label.

  • Nib

    Biafrans have been vindicated…again!

  • viva

    No wonder Buhari has not made any comment so far about it