This piece is a revelation on how some Nigerians hid multibillion-dollar assets in two tax haven banks, according to the Pandora Papers.
According to the most recent release of the Pandora Papers by Premium Times, filings of these individuals’ businesses with their offshore financial managers, Trident Trust Company (BVI) Limited, showed that as of October 2016, they had a combined treasure worth about $100 million and £77.3 million in assets, cash, bonds, equities, mutual funds, and property holdings controlled by the Standard Chartered Bank in Guernsey, Jersey, and the United Kingdom.
Two more had assets in Standard Bank, Jersey, totaling $511,860 and 50,000 pounds.
These individuals’ assets total around N84 billion, according to the Central Bank of Nigeria’s exchange rates.
The assets are also valued N117 billion on the parallel market (black market).
According to Premium Times, the Pandora Papers investigation, which involved over 600 journalists and over 100 media organizations, revealed the financial dealings of former British Prime Minister Tony Blair, Kenyan President Uhuru Kenyatta, Russian President Vladimir Putin’s image-maker, and many others.
Financial secrets of politicians, former and serving public officials, including Governor Atiku Bagudu of Kebbi State, former PDP Vice-Presidential candidate Peter Obi, APC chieftain Senator Stella Oduah, and Governor Gboyega Oyetola of Osun State, among others, were uncovered during the investigation.
Two former Military Governors, a former Minister, a former Presidential Adviser, and some of Nigeria’s most powerful business people are among the Nigerians named in the latest exposé. Here are a few examples:
Hakeem Adebayo Folawiyo and Lisa Folawiyo
Hakeem Adebayo Folawiyo and Lisa Folawiyo are members of the Folawiyo dynasty, a wealthy family whose forefathers were well-known in the southwest of Nigeria, particularly Lagos, for their wealth.
According to public records, Mr. Folawiyo is a stakeholder and one of the two directors of Kinexus Data Service Limited, a Lagos-based firm founded in 2016. In addition, he serves on the Board of Directors of Folawiyo Energy Limited.
The 48-year-old business tycoon was a Director of Lacemere (UK) Limited until it was disbanded 14 years ago.
Lisa Folawiyo, 45, is the creator and director of Lisa Folawiyo Studio, which she created in 2005 and sells ready-to-wear Ankara textiles by blending “ancient patterns with contemporary forms that are hand completed.”
Lisa Folawiyo
She was named to the Business of Fashion’s BOF500 list in 2015 after winning the 2012 Africa Fashion Award.
The Zayzac Trust, which is owned by their offshore firm, Capela Holdings Limited, is settlors and beneficial owners of both Folawiyos. Standard Chartered Trust handled the trust, which had a value of $300 million as of October 2016 and £2.2 million (approximately N1.7 billion) in cash, bonds, equities, mutual funds, and property interests (New Jersey).
Allendale Properties, a co-owned BVI business valued at $1.5 million and £2.5 million (about N2.8 billion), is held by Standard Chartered Bank Jersey.
The two have a total bank balance of N4.5 billion.
Harry Thakurdas Thadani and Bindu Deepak Bakshani
Mr. Thadani is a Nigerian of Indian descent who currently resides in Nigeria.
Mr. Thadani, who was born in October 1969, is an industrialist who has served as a director of a number of firms, including Good Food Product UK Limited, a UK-based packaging firm that was founded in 2004 but has since been dissolved.
Mr. Thadani owns a firm, Divina Holdings Limited, with a value of £1,554,000 (N593.5 million) in cash, bonds, equities, mutual funds, and property holdings with Standard Chartered Trust, alongside Bindu Deepak Bakshani, also a Nigerian but of Sri Lankan ancestry (Jersey).
The pair also owned Pink Coral Trading Limited, an offshore company with a Standard Chartered Bank , Jersey, investment portfolio of 808, 900 pounds (approximately 627 million Naira).
Gregory Friday Uanseru
Gregory Friday Uanseru, the President and CEO of Greg Continental Agency (GCA) Energy Limited, is the owner of Heritage Group International Limited. His credentials show that he deals in oil and gas machines and equipment.
The oil magnate used Standard Chartered Bank in Jersey to manage £2.9 million in property, $66.1 million in cash, bonds, equities, and mutual funds, and £2.3 million in cash, bonds, equities, and mutual funds.
Stanley Adeniyi Jegede
Latote Assets Limited, HG Properties Limited, and Latote Trust were all held by Mr. Jegede. He had $1.7 million in assets with Standard Chartered Bank in Jersey through the three businesses, as well as £1 million.
This means that the 54-year-old chairman of Phase 3 Telecoms has N1.8 billion in offshore accounts.
Andrew Folorunso Alli
Andrew Folorunso Alli is the CEO of Southbridge Group, a pan-African financial advisory firm, and a non-Executive Director of MTN Nigeria, CDC Group, a U.K. government-owned DFI, and the Development Bank of Nigeria, among other top corporate positions he has held at home and abroad, including being the CEO of Africa Finance Corporation.
The ultimate beneficial owner of the offshore companies Zigzag Africa Limited, Zigzag Trading Limited, and the Zigzag Trust was a Nigerian-British national. The three companies have $3.9 million in assets with Standard Chartered Bank (about N2.3 billion) (Jersey).
Aderemi Muyinudeen Makanjuola
Aderemi Muyinudeen Makanjuola, the Makanjuolas’ patriarch, chaired the Board of Caverton Offshore Support Group, and he had assets of $4,000 and £3 million with Standard Chartered Bank through his company Bramble Offshore Limited (Jersey).
Adeniyi Ibraheem Makanjuola
Caverton Helicopters, a subsidiary of his father’s parent company, is co-owned by Adeniyi Ibraheem Makanjuola, 41. He co-owned Templefield Investments Holdings Limited with Oludarafunmi Clarissa Makanjuola, 39, and held its assets with Standard Chartered Bank worth £9.5 million (N7.4 billion) (Jersey).
Chukwudalu Udemezue Mba
The Goree Trust, which is held by his offshore corporation, Aravale Investing Limited, has Standard Chartered Trust (Guernsey) as a trustee. With Standard Chartered Bank in Jersey, the company retained £606,700 (N470.2 million) in cash, stock, and bonds.
Emmanuel Chukwuma Edozien
In 2019, the late economist, who served as President Shehu Shagari’s senior economic adviser, died at the age of 82.
Erico Investments Limited, Larimer Holdings Limited, Mayqueen Properties Limited, Petalina Investments Limited, BEC Trust, and Betemen Trust were among the offshore companies he controlled.
All of the assets are valued at $42 million (N24.1 billion) and £2.7 million (N2.1 billion), for a total of N26.2 billion in shares, bonds, and property held by Standard Chartered Bank in Jersey and London.
Anwar Mansour Jarmakani
The self-made industrialist is the founder and executive chairman of Jagal, a Nigerian conglomerate holding that deals in energy businesses and manages a diverse portfolio of investments. He migrated from Syria to Nigeria in 1963 and has since become a naturalized Nigerian.
Mr. Jarmakani, 72, had $2,300 and £8.9 million (both N6.9 billion) in assets, which included properties, through his Starstone Holdings Limited. Standard Chartered Bank of Jersey held the assets.
Jonathan Tunde Ogbeha
During the military era, the former General served as administrator of Akwa Ibom and the defunct Bendel States, as well as a two-term senator for Kogi State’s Kogi West seat.
He was involved in wireless telecommunication business, according to documents from his financial dealings. He stored $5 million (about N2.8 billion) at Standard Chartered Bank, Jersey, using his BVI firm, Red Devils Investments Limited.
Jubril Adewale Tinubu
Sloane Square Limited Investment Holdings is owned by Jubril Adewale Tinubu, the group chief executive of Oando PLC, and has a $4.9 million (N2.8 billion) account at Standard Chartered Bank in London.
Rilwan Olakunle Tinubu
Trojan Estates Limited, based in Nigeria, is led by Rilwan Tinubu. He did, however, have $14,100 and £4.9 million in assets with Standard Chartered Bank, Jersey, through his Wren Finance Limited and The Madison Trust (for a total of N3.8 billion).
Muhammed Sani Bello
The current Niger State Governor’s father is a retired colonel who served as Kano State’s military administrator and as an ex-ambassador to Zimbabwe. Dantata and Sawoe Construction Company Limited, as well as Mainstream Energy Solutions Limited, are under his leadership.
With a net worth of $500 million, Forbes listed him as the 38th richest person in Africa in 2013. That is N287.5 billion in today’s currency.
Mr. Bello, 78, is the owner of Sandel Holdings Limited, an offshore company that has $39,800,000 (N22.9 billion) in cash, bonds, shares, and mutual funds at Standard Chartered Bank London. Standard Chartered Trust, Guernsey, is responsible for the assets.
Narenda Lakhi Chukni
The 56-year-old Indian-Nigerian owns BVI company Javelin Properties Limited, which specializes in real estate management. Standard Chartered Bank, Jersey, held his $3.3 million (N2.6 billion) in assets.
Olufemi Peter Otedola
Hampshire Venture Property Holdings Limited, a British Virgin Island corporation owned by the billionaire businessman with interests in oil and gas and power generating. Mr Otedola’s Fenman 2 Settlement and that business kept $34.4 million (N19.8 billion) in Standard Chartered Bank’s Jersey account.
Omatseyin Akere Ayida
Mr. Ayida is the CEO of Ruyat Oil Limited and a member of the board of directors at Mainstream Energy Solutions Limited. He owns Sunnysky Ventures Limited and the Akene Ayida Trust, through which he maintained $545,800 (N313.8 million) at Standard Chartered Bank in London.
Standard Chartered Trust, Guernsey, oversees the investment portfolio.
Atedo Peterside (former Chairman of Stanbic IBTC Bank) and Abayomi Aderemi Awobokun (CEO, Enyo Retail & Supply Limited) had accounts with Standard Chartered Bank offices in Jersey and Singapore, according to Trident Trust data. The assets’ value, however, is uncertain.
Mr. Peterside owns ANAP Overseas Investment Limited and the Atedo N.A. Peterside Overseas Trust, whereas Mr. Awobokun owns Kun-Smata Limited and the Kun-Smata Trust.
Two additional Nigerians, one a former permanent secretary, were also found to have assets at Standard Bank, Jersey, which claims to provide offshore banking for individuals, corporations, and high-net-worth individuals, according to Trident Trust’s data.
Adedoyin Adebusola Adeyinka
Mr. Adeyinka, 50, is the CEO of Acorn Petroleum Plc, a Nigerian oil and gas company. CS Offshore S.A., a Panamanian shell corporation, was also linked to him.
Through his Zang Worldwide Limited, a company he formed in the Isle of Man, the businessman held 511, 860 dollars in Standard Bank Jersey. The company’s sole director is Lumbro Nominees Jersey Limited.
The Phillips Trust is also owned by Mr Adeyinka (for which Access Trustee Company Limited serves as trustee).
Asiodu Phillips
Mr. Asiodu, a retired Permanent Secretary, advised Presidents Shehu Shagari (1983) and Olusegun Obasanjo on economic problems (1999 to 2001). He also served as the Minister of Petroleum and Mineral Resources (1992 to 1993).
Mr. Asiodu founded the Philip Asiodu 1992 Voluntary Settlement on October 23, 1992, and owned the offshore business, Apolina Limited.
The Trust’s income came from “savings, rents from existing properties, gratuity and retirement benefits, and afterwards re-investment of some dividends,” according to the former minister’s offshore business manager.
In one document, Trident Trust stated, “The UBO (ultimate beneficial owner) retired from the Nigerian Civil Service in 1975 after serving in the position of Permanent Secretary for 10 years. He then set up a company incorporated in Nigeria called Medife Limited for consultancy, feasibility studies, advisory services on mobilisation of funding for new ventures,”.
The trust was dissolved on December 12, 2016, with a balance of 50,000 pounds in its bank account.
