NewsRescue
This one comes as no surprise to our well informed readers and many Nigerians. As could be predicted, Aliko Dangote, his brother Sayyu Dantata and related persons have multiple shell accounts in tax havens as released in the Panama Papers leaks.
We have written multiple articles on the “beggar-thy-countrymen” Dangote business model involving serial government facilitated monopolies that allow Dangote undue advantages while purposefully depriving his competition, small businesses and peasants of life.
- See: NewsRescue-Cementing Dangote’s Oligopoly And Nigerians In Poverty, CBN Bans Importation Of Cement
- See: NewsRescue-Nigeria’s Terror: Between Die-to-rule spymaster Gusau and Beggar-thy-countrymen Dangote
Documents reveal Dangote operates as many as a dozen secret companies in tax havens like panama, Belize, the BVI and other small countries that further enable his companies to evade tax and perpetrate frauds against the people of Nigeria.
MRS Holdings., Ovlas Trading, M.R.S Oil and Gas Company Limited are some of these.
According to PremiumTimes, “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.”
It can be extrapolated that with the size of Dangote’s companies,. the amounts he avoids paying through Tax havens will be several times what he gives Nigerians in so-called charities which also help him write-off taxes. And then also, these paper companies are used for other purposes including all forms of shady deals with governors and presidents and advantage loans.
As Jonathan, the former President of Nigeria kept doing, current President Muhammadu Buhari has similarly given Dangote multiple undue advantages including in purchasing foreign exchange to continue allowing him grow rich at the expense of Nigerians becoming more poor.
Aliko Dangote was recently exposed with leaked CBN documents, to have collected raw billions of dollars from the Goodluck Jonathan administration to finance his personal businesses across Africa. There is no evidence these were ever paid back to Nigeria or that Nigeria made any profit from these investments in Dangote.
It is left to see if Buhari will investigate and prosecute Dangote who he has appointed along with another tax haven exposed entity, Theophilus Danjuma as heads of the Northeast rehabilitation and reconstruction project.
