He could speak some English and already had direct dealings with Europeans in Lagos and Accra. By Godwin Oritse. The lubricant plant, which is located at Tincan Island in Apapa, Lagos, is set to contribute immensely to Nigerias economy and will boost employment, generate revenue, and reduce the countrys import dependence. After the usual reading of the Qur'an, he had to go and beg for food for his mallam and himself. How Billionaire Sayyu Dantatas $450 Million Bestaf Lubricant Plant Will Impact Nigerias Economy, Medview Airline to buy two CRJ-900 Bombardier aircrafts on lease, Expert Discusses Biggest Challenges Facing HMOs in Nigeria and possible Solutions, Buhari to Get Copy of 2018 Budget this Week House of Reps, USAID COMMITS ADDITIONAL $7 MILLION TO COMBAT EBOLA, AfDB, others Commit to Joint Action to Speed up Special Agro-Industrial Processing Zones in Africa. 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. 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. He also owns a property on Banana Island, which explains his inclusion on this list. The chunk of his wealth is believed to have been inherited from his father. Nigerian businessman Sayyu Dantata, a cousin of billionaire Aliko Dangote, has launched a $450-million lubricant plant in Lagos through Bestaf Lubricant Limited. According to documents available to Premium Times, on the same day, Dangote was re-issued a higher number of shares 250,000. Dantata is the founder and chairman of MRS Holdings Company Limited. As was the tradition, the bulk of his earnings went to his mallam. Dantata, who is Dangotes stepbrother, is the founder and chairman of MRS Holdings Company Limited. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. Amina has worked in various strata in the oil and gas industry,some of which include retail and marketing, terminal andshipping operations, financial reporting and strategy formulationfor various business entities such as, Marc Rich Investments Ltd,Aurora Energy amongst others. Tukur received his religious training from a Tijaniyya scholar and received the support of the Agalawa. His company, Globacom has over 27 million subscribers, which makes it the second largest telecom company in Nigeria. ", He said Banana Islands exclusivity always will remain attractive to "the highest echelon of the society.". For additional information on our products/services or our industry expertise, please visit the appropriate page on our site. Banana Island, which is Nigerias answer to Pariss Seventh Arrondissement, San Diegos La Jolla, New York Citys Tribeca and Tokyos Shibuya and Roppongi, is a small man-made island in the Ikoyi neighborhood of Lagos. At the time of his death he was the wealthiest man in West Africa. She was also accused of awarding multi-billion Naira contracts without recourse to due process. Corlay Global S.A. and SID Holdings Group are among other companies owned by MRS Holdings and Dantata. 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. He was particularly concerned about the company he had established (Alhassan Dantata & Sons). 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. It is dedicated to teaching polo to all ages, particularly grass roots youth. [8], In 1955, Dantata fell ill. Because of the seriousness of his illness, he summoned his chief financial controller, Garba Maisikeli and his children. He is widely regarded as the presumed winner of the 1993 presidential elections. [3] Abdullahi died in Bebeji around 1885. Sayyu Dantata is the son of Alhassan Dantata who was the wealthiest man in Africa at the time he passed away in 1955. "A big set of people are tenants in the high-rises," Ms. Nouboue said. Managing Director of Bestaf Trading Company Andreas Wielsch stated that, with the lubricant plant, the company will be able to produce about 50 percent of Nigerias annual lubricant consumption of about 364 million liters. House heights were to be capped at three stories. When the British disposed the successor of Yusufu in 1903, they appointed Abbas as the Emir of Kano. Leave Application Sayyu Idris Dantata is Former Chairman at Mrs Nigeria PLC. 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. Amarya, like her mother-in-law, was a trader of wealth in her own right. The newer ones are more modern, with straight angles, and they are less elongated because they are on less land. Sign up with your email address to receive news and updates. However, this did not happen. He was the first to develop this route. [6], Dantata maintained a house in Bebeji and had no property in the larger trading town of Kano. 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. This started in 2009 and he has gone on to be named the richest man in Africa; year after year. Sayyu Dantata is the son of Alhassan Dantata who was the wealthiest man in Africa at the time he passed away in 1955. Earlier this year, Bestaf Funding secured $300 million (the same amount in question) in the form pre-export finance facility from PAC Capital Limited, the investment banking unit of . Oriental Weavers is a leading carpet manufacturer and distributor. This drop was driven by an increase in raw material costs as well as a surge in both production costs and operating expenses. newsheadline247-February 9, 2023. Thats the price for each of the twin townhouses on 600 square meters of land. Headed by Director of Operations Juan Bollini, The Polo School has nurtured several men and women polo players now playing in the pro and amateur ranks since its inception. I love her. ", More:Click for more profiles of high-end neighborhoods around the world. His son, Alhaji Aminu Dantata and his grandchildren like Hajiya Mariya Sunusi Dantata as well as his great-grandchildren, Aliko Dangote still finance pilgrimages of other Muslims to Mecca every year. ", More:Fiesole, Italy, Offers a Village Feel Just Outside Florence. See Sayyu Idris Dantata's compensation, career history, education, & memberships. WhatsApp. [citation needed], Dantata applied for a licence to purchase and export groundnuts in 1940, on the same level as the United Africa Company. Nigerian billionaire, Aliko Dangote owns the Dangote Group, which has interests in commodities. 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. He is the Founder and CEO of MRS Holdings Ltd (Formerly, MRS Group). They should take care of their relatives, especially the poor among them. 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. But shell companies are not illegal, and not all owners use them to avoid tax or hide assets. This highlights the substantial value creation and significant untapped potential at GB Capital, which is one of the groups operating subsidiaries. Exclusive shops include the handbag purveyor Zashadu, the high-fashion clothier named for the Nigerian designer Ejiro Amos Tafiri, and the functional/fashionable clothing designs of Grey. Despite the famine in Kano in 1914, he quickly dominated the groundnut purchasing business via promotions, loans and contacts. In addition to Dantata Jr., Hope Arellano had three goals and Peco Polledo added two goals. Because we do, we have not once in nearly 40 years of operation been charged with criminal wrongdoing. The lubricant plant comes with a capacity to produce as many as 1,700 different products in the petroleum chain. Tinubu owns a growing list of properties in Lagos (over 22) and Abuja including his property on Banana Island. It was the first time he played against polo great Adolfo Cambiaso. He had substantial amounts of capital. After her husband's death, she decided to leave Bebeji for Ghana, where she had commercial interests. "Typically, a very large percentage of homes are customized, while a few are large estates accommodating a number of prototype houses," he said. 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. As a result, LVMHs pursuit of Cartier may not yield the expected outcome. Despite this challenge, the management team is focused on enhancing the companys global market position. "Its a beautiful concept store designed by architect David Adjaye, and it has everything from fashion to furnishings," she said. The billionaire recently launched Bestaf Lubricant Plant, a subsidiary of MRS Group. On this trip he also went to England and was presented to George V.[2] Dantata financed the pilgrimages of other Muslims to Mecca, a tradition that continues among his descendants. Ms. Nouboue also praised Alara, the Victoria Island shop that celebrates African craft. He began his career as Director of the Engineering and Transport Division of Dangote Group, considered the Largest Nigerian conglomerate. He has 31 years experience gained in shipping, oil trading, supplyoperations, fleet tanker management, maritime claims, andinsurance amongst others from various companies in Italy,Monaco and Nigeria. 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 companys public relations director, said in a statement to ICIJ. In 195354 he became a licensed buying agent, which allowed him to sell directly to the Nigerian Groundnut Marketing board instead of another firm. He was also a good financial manager. Their company, MRS Oil and Gas, was re-issued 500,000 shares. In addition to Nigerias wealthiest people, Banana Island draws a variety of ex-pats from the United States, Britain, Lebanon, India and France. Content created and supplied by: studio.opera.com (via Opera This literary means they resold the shares back to themselves. "They are very ostentatious and have nice gardens. 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. He urged them to avoid clashes with other wealthy Kano merchants. 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). PAIA Manual | "I just don't like to lose so I said lets go for Nigeria. Olivera led Mashomack with a team-high five goals. 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.. Advertisement. In providing those services, we follow both the letter and spirit of the law. Instead of bringing kola nuts on pack animals, he used steamships to transport them between Accra, Kumasi, Sekondi and Lagos. Mr. Alhaji Sayyu Idris Dantata is the Founder and Chief Executive Officer of MRS Holdings Ltd (Formerly, MRS Group). He had several advantages over other Kano business men: language, wealth and age. Now you might be familiar with the Dantata family name, but the question is: do you know who Sayyu Dantata is? Oriental Weavers, a prominent carpet manufacturer based in Egypt and led by accomplished business tycoon and executive Yasmine Khamis, faced a decline in profits below the EGP950 million ($31 million) mark at the end of its 2022 fiscal year. The brand has more than 400 retail service stations across the country, and operations span several West African countries, including the Benin Republic, Togo, Cameroon, and Cote dIvoire. One of the greatest mistake people make is to think that happiness can be . Her favorite restaurants include NOK by Alara, which serves new African cuisine; Z Kitchen, which offers succulent steaks; and R.S.V.P., which specializes in international dishes. PATRICE ALBERTI is currently the Vice Chairmanof MRS Group of Companies. Dantata started his career as Director of the Engineering and Transport. He asked them not to allow the company to collapse. An engineer by profession, he started his career as the transport director with his uncles company and rose through the organization. Dantata, who is one of Dangote's cousins, is the founder and chairman of MRS Holdings Company Limited. Every time I see horses I just want to go and spend time with them. 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. "Banana Island is all about location," she said. She lived in the United States for many years before finally relocating to Nigeria. Nigeria, Africas most populous nation, is home to some of the richest men on the continent. An American-educated mechanical engineer, Dantata returned home to his native Nigeria to begin the energy . In 2012, her blog was worth $1.2 million. 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. He holds aBachelors degree in Economics from the ParisAcademy and has been with the MRS Groupsince 2004. They are Afrex S.A clients in Panama. 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. Buyers have a choice of two- to four-bedroom en-suite flats, maisonettes and terrace houses, added Charles Onyenze, an associate at Knight Frank. 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. The 2.6 TB files, involving 214,488 entities, also reveal details about how former gun-runners, contractors and other members of the spy world use offshore companies for personal and private gain. He worked for money on Thursdays and Fridays. Yusufu received his religious training from Qaadiriyya schools. ", He conceded that prices have dropped about 30%, but said that "the economy will improve. He is a graduate of Mechanical Engineering from Morris Brown College Atlanta- Georgia, USA. LVMH Mot Hennessy Louis Vuitton, a leading luxury goods conglomerate helmed by French billionaire Bernard Arnault, is reportedly pursuing the acquisition of Switzerland-based luxury goods holding company, Richemont, led by South African billionaire Johann Rupert. One of such men is Sayyu Idris Dantata. His net worth has never been successfully estimated given his extremely private life and business dealings. ", She added that because there is not much car traffic, "you can jog in peace.". Correction: An earlier version of this text stated that Sayyu Dantata is Aliko Dangotes cousin. In some cases, the issues have had to do with his personal life, while at other times it had to do with his business. He is largely regarded as being socially invisible and this stems from the low profile he has maintained over the years. [citation needed], Dantata was still a teenager when the great upheavals occurred in the Kano Emirate from 1893 to 1895. 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. Given at Victoria, Seychelles.. Dantata worked harder in Ghana than he did in Bebeji. Its by invitation only. 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. 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 Dangote among some of Nigerias wealthiest industrialists, former government officials and their relatives, who operated highly secretive foreign accounts with the Swiss branch of banking giant, HSBC. 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. 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The plant, located at the Bestaf Facility, was inaugurated by Nigerian President Muhammadu Buhari on Monday evening in the presence of Lagos State Governor Babajide Sanwo-Olu and other dignitaries. "Its elegant, and they invite the biggest DJs in the world. We only incorporate companies, which just about everyone acknowledges is important, and something thats critical in ensuring the global economy functions efficiently. They paid it and Dantata returned to the trading business without his family lands around Kano. Mr. Onyenze said the islands security network, good roads, 24/7 street lighting and proximity to the waters of Lagos Lagoon make it special. At the time of his death he was the wealthiest man in West Africa. 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. ", Mr. Onyenze remains convinced that the "real estate market looks promising in the future, as there are visible signs of massive development in progress. Beauty and seclusion set Banana Island apart. His presence as a resident of Banana Island doesnt come as a surprise. "It offers security, tranquility and privacy. 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. 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. 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. It features 120 stalls in five self-contained barns, exercise track, five climate-controlled tack rooms, vet room, staff quarters, guest house and four polo fields with state-of-the-art underground irrigation including one field for stick-and-ball and new parking lot.Grand Champions Polo Club and Santa Rita Polo Farm's expert staff can customize a complete playing experience including horses, pros and certified umpires in addition to lessons and practice sessions as part of its' Polo On Demand program, created by Melissa Ganzi when the club first opened.The Polo School, a stand-alone USPA-sanctioned polo club, is thriving at Grand Champions and Santa Rita Polo Farm. , & amp ; memberships she added that because there is not much car,! Text stated that Sayyu Dantata is this literary means they resold the shares back to themselves company. Maintained over the years be capped at three stories the support of the Qur'an, he started career! 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