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MUST READ!!! The many Implications for Nigerians Named in Panama Papers

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As in the era of WikiLeaks, the world has once again been rattled by revelations about leaked information on secret accounts and other holdings of influential people around the globe.
The Panama papers are documents that were leaked by consortium of investigators across continents, after they hacked the database of shell companies that were lodged in an enforcer’s records.
In this kind of issue, it is usually predictable to find Nigeria on the list. It was, therefore, not surprising when, within days of the leakage, some serving public officers, and other retired ones, as well as oil moguls from Nigeria were named among those on the list.
Facilitator of the hidden interests and companies for Nigerians and other world leaders in British Virgin Island, as shown by the leaked database of Mossack Fonseca, a Panamanian law firm, has brought grey hairs to some Nigerian public officers and has elicited denials and staccato statements from others.

So far, those named in the documents are; the former governor of Delta State, Chief James Ononefe Ibori, who is serving term in a London prison; embattled Senate President, Senator Bukola Saraki, currently having his time in court on charges that border on alleged false asset declaration; former military General and predecessor to Saraki from Benue State, Senator David Mark; and retired Army General and oil mogul, T. Y. Danjuma. Also on the list are; the world’s richest Blackman, according to Forbes, Alhaji Aliko Dangote and his business partner, Sayyu Dantata. Their names featured as operators of shell companies.

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The question has been if it is an offence to register an offshore company in a tax haven. What are the implications if a public office holder has such interest, and what the Nigerian law has to say about it. Also of interest, is how such a holding can affect a non-public office holder. Tax havens are described as places where the influential can engineer their holdings in a sub-surface manner that takes attention off them and their investments. In the process, since such holdings are usually not directly linked to them, taxes that are supposed to be paid from such earnings are usually not paid and are, instead pocketed by the operators of the company.

Directors are appointed to hold forth within short periods, which the laws of incorporation in such places, mostly remote and small islands, allow till attention shifts and then they bring in those to run the company and operate without the extant laws of their home country and, where they can, navigate the laws of their hosts to take all profits without paying full or any taxes.
Interestingly, lawyers who spoke to THISDAY on the issue were in agreement on the central issues of the leaked papers, though with different angles of explanation.
While Chief Abiodun Owonikoko, SAN, a Lagos-based Lawyer agreed with Mr. Onuoha Kalu, an Abuja-based lawyer on the fundamental that there was no law banning the operation of an offshore company in a tax haven, they however pointed out that it would become an issue if a political or public office holder was involved.
Owonikoko said that, “There is no law banning a public officer from being a shareholder in a foreign company but the officer has to declare his interest fully in it. This is because he pays tax from his salary under the Pay As You Earn PAYE while the shareholding in foreign company also brings in dividends in hard currency which has to be paid into a foreign account that the officer is forbidden from operating.

“The real issue will be when the officer fails to fully disclose such interest and what accrues from it. It affects both political office holders and private sector operators when they fail to pay their taxes correctly. To the political office holders, such offence as under-declaration of assets and tax evasion could be established while the private sector operator could be guilty of tax evasion.”
To him, Iceland’s Prime Minister, Sigmundur David Gunnlaugsson, who has already resigned, because he was named in the leaked papers, may have done so out of moral burden and not necessarily for fouling any law unless there were other facts available to him to have prompted that. In Nigeria, however, resigning from ones position based on such leaks is rare.
Kalu, who sees Nigeria as a “tax haven or sorts” since the country was not strict on ensuring filing of tax returns yearly, submitted that while having shares in offshore companies in tax haven was not an issue, lack of full disclosure on interests in such havens could pose a legal problem.

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“Lack of declaration of interest or lack of full disclosure fouls the law on asset declaration for political and public office holders and comes with issues of paying the correct tax. To those in the private sector, it would be a problem when tax is either evaded or avoided. It is evaded when someone who should pay tax does not do so, and avoided when mechanisms are creatively applied either to pay less than one should or not pay at all,” he explained.

How it affects those named

Ibori: Allegedly working through a Swiss asset management firm, Clamorgan S.A. in Geneva, Ibori established several offshore companies, including Stanhope Investments Limited, Julex Foundation and The Hopes Trust, enlisting himself, his wife and daughters as beneficiaries. Ibori allegedly cooked transactions and even tried to obtain loans using some of the shell companies. He was later stopped and tried, before what appeared like a failed plea bargain landed him in jail in the United Kingdom. Most of the assets linked to him have relations and children as holders of interest in the companies. He was a governor and political office holder; so if it is proved that he had interests in such offshore companies without declaring them in his asset declarations, he may still face the law since time does not run against federal offences. His could be failure to fully declare his assets, as well as tax evasion.

T.Y. Danjuma: The retired general and former Defence Minister was named in Panama papers as a user of offshore companies. The Mossac Fonseca files exposed his interest in Eastcoast Investments Inc, allegedly incorporated in Nassau, in the Bahamas. An online medium, Premium Times reported that aside Danjuma running such shell interests, he was fingered among global personalities found to maintain secret accounts, operated with codes, with the Swiss branch of banking giant, HSBC. “He was linked to HSBC account 15731CD, which was opened in 1993 and closed in 2001,” the medium said. If he was earning dividends and profits from such companies and did not pay his taxes accruing from them, he may have fouled tax laws and may be charged. Also, if such foreign accounts were being run when he was still in the Army or as minister, then it may mean trouble for the big fish.

Mark: No fewer than eight companies were reportedly linked to David Mark and they are: Sikera Overseas S.A, Colsan Enterprises Limited, Goldwin Transworld Limited, Hartland Estates Limited, Marlin Holdings Limited, Medley Holdings Limited, Quetta Properties Limited, and Centenary Holdings Limited.  However, Section 6 (b) of the Code of Conduct Act provides that a public office holder shall not, “except where he is not employed on full-time basis, engage or participate in the management or running of any private business, profession or trade. If the companies linked to him were not declared in his asset declaration form, which requires that interests of your agents, nominees and trustees must be disclosed, he may be put in the dock for false asset declaration while failure to pay taxes from such companies may earn him another tax evasion or avoidance charges, depending on the results of the investigations. He has already denied complicity in running the shell companies, insisting that he had looked through the document without seeing anything linked to him and has even threatened legal action.

Saraki: He is majorly linked on issues bothering on hidden interests of his wife, Toyin, whose holdings in some companies, he failed to declare in full. There are at least four of such offshore assets listed under his wife’s name. The assets include, a property in London’s plush Belgravia neighborhood, two companies registered in the British Virgin Islands and a third in the Seychelles. The hidden property is said to be located at #8 Whuttaker Street, Belgravia, London SW1W 8JQ. It has title number NGL802235. He was, however, silent on the number of shares the former first lady had in Haussmann and Tiny Tee (Nig) Limited, among others. It will only further his charges at the Code of Conduct Tribunal where he is already contesting allegations of false asset declaration. If it is proven that he had undisclosed interests, more charges could be filed or fortified, while issues of tax payment may also be introduced.

Dangote and Dantata: Dangote is reported to be one of the most prominent clients of Mossack Fonseca, with 13 Shell Companies registered by the firm directly linked to persons and companies connected to the billionaire and his allies. Dangote and Sayyu Dantata, the founder of MRS Holdings, which bought Chevron-Texaco’s with equal shares of 12,500 each from OVLAS S.A, a Shell Company registered in Seycheles, a well-known tax haven used by businessmen and politicians and celebrities. On the same date also, a company they both own as at 2003, MRS Oil and Gas Co. Limited, bought 25,000 shares from OVLAS S.A. If the law can get at people of Dangote’s stature in Nigeria, then issues of tax evasion might be pressed against him, aside from the law looking at the manner of takeover of companies, whether they comply with extant provisions.

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Nigeria’s ADVAN Awarded for Championing Better Marketing Locally By The World Federation of Advertisers

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Nigeria’s ADVAN Awarded for Championing Better Marketing Locally By The World Federation of Advertisers

 

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In recognition of its efforts to enhance the marketing industry, the Advertisers Association of Nigeria (ADVAN) has been honoured with a special award for its brief writing Proogrammeme during the Global Marketer Week in Toronto, organized by the World Federation of Advertisers (WFA).
The annual President’s Awards, a prestigious accolade which forms a part of the Global Marketer Week, was launched in 2010 by the WFA to celebrate exceptional initiatives spearheaded by national industry associations that contribute to positive change in the marketing industry and society at large.
This year’s winners were selected from an impressive pool of 27 initiatives submitted by 14 associations from WFA’s expansive 60-strong membership of national associations worldwide, according to the WFA.
ADVAN’s visionary brief writing training and competition has been singled out for its remarkable impact in addressing one of the most persistent and pervasive challenges confronting the marketing ecosystem – poor briefing, which often leads to ineffective and lackluster creative output. The Programme seeks to infuse new and innovative creative methods into the art of brief writing, ultimately elevating the efficiency and effectiveness of marketing campaigns across the nation.
Alongside ADVAN’s special recognition, five other outstanding industry initiatives from around the world were honoured at the prestigious event. These included “Oneframe” by Union des marques in France, a standardized and open-source carbon calculation framework for measuring the greenhouse gas footprint of marketing campaigns; “The NMO Listening Survey” by bvA in the Netherlands, a new method of audio audience measurement enabling more targeted audio campaigns; “Campus Marketing” by Sveriges Annonsörer in Sweden, a training platform designed to help marketing teams gain new knowledge and implement strategies; “Responsible Retail Media Framework” by ISBA in the UK, a framework to standardize retail media measurement; and “AIMM Diverse Media GrowthFronts” by ANA in the USA, an initiative to gain greater equity in the media space by increasing visibility, access, collaboration, development, and investment in diverse media.
Speaking on the awards, Raja Rajamannar, WFA president and Chief Marketing and Communications Officer at Mastercard remarks, “Our national associations are doing incredible work on behalf of their brand members – and the broader marketing industry. Each of these six local initiatives exemplifies the power of collaboration to tackle big issues facing our industry and establish best practices for marketers everywhere.”

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Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility

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Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility

 

 

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As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, has renovated the Primary Healthcare Clinic along the Workers Village in the Tudun Amba Community of Lafia Local Government Area of Nasarawa State.

The bank also provided water facilities to ameliorate issues of water scarcity being experienced in the community in recent times.

Speaking at the inauguration ceremony, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, said the dignity of every human person is a shared responsibility. The bank decided to embark on the project as a means of improving the living condition of people in the community and as part of the bank’s social responsibility to its host community.

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Expressing gratitude to the leadership of the community for giving the bank the opportunity to execute the project, Nwagboh said, “What we are doing today is not different from what we have been doing in communities, local governments and states across the country over the years. As a socially responsible organisation, we take it upon ourselves to impact our host communities positively through developmental initiatives such as these.

“On behalf of the management and staff of Fidelity Bank, I want to say thank you to everyone who made it possible for us to touch the lives of the people positively in this community and we remain committed to playing our part in helping individuals grow, thrive and prosper”.

On his part, the Honourable Commissioner of Health, Nasarawa State, Gaza Gwamna, while commending Fidelity Bank for the donation of a water facility and the renovation works at the Primary Healthcare Clinic, reiterated the state government’s commitment to continue to support commercial banks to boost the economy of the state.

The Commissioner who was represented by the Permanent Secretary of the ministry, John Damina, further called on the Nasarawa State Primary Healthcare Development Agency to utilise the upgraded facility with care to encourage the bank and other private investors to continue to support the less-privileged people of the state.

“I want to use this opportunity to call on the management of the NAPHDA to ensure proper utilization of this facility for the good of the host community and beyond. This will go a long way in encouraging other private sector players to extend the same gesture to other communities in the state,” he said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

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Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

 

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NASRE Media Foundation, the humanitarian arm of the Nigerian Association of Social and Resourceful Editors (NASRE), extended support to media practitioners facing health or financial challenges, as well as the families of bereaved journalists, on Tuesday, May 14, 2024.

 

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Ably supported by Leadway Assurance, one of Nigeria’s leading insurance companies specializing in life-business coverage and prompt claims payment, and the office of the Special Assistant to the President on Community Engagements, South West, the Foundation provided cash and grains to selected beneficiaries in the first phase.

 

 

 

Mr. Omodele Adigun, a former Deputy Business Editor at The Sun Newspaper, who is currently battling partial stroke, received cash and grains for health support. Mrs. Esther Peter Thomas, wife of the late Peter Thomas, a renowned entertainment editor and publicist for the former Mo’Hits Records, also received cash and grains support.

 

 

 

Similarly, Mrs. Adewole, the widow of the late Qudus Adewole, publisher of Ebony Media who passed away in 2021, received educational support and grains on behalf of their daughter, Yesmee, who was born shortly after Adewole’s death. In the same vein, Mr. Bolu received equivalent support on behalf of Peter, the only surviving son of the late Foluso Samuel, who worked with Encomium Magazine but passed away in 2015. Foluso Samuel’s wife and two of their three children have also died, leaving Peter, a JSS student, in Mr. Bolu’s care.

 

Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

 

 

In a unanimous voice, the recipients prayed for the continued success of NASRE Media Foundation, Leadway Assurance, and the Presidency.

 

 

 

 

 

With discernible emotions and tears in their eyes, Mr. Adigun, Mrs. Esther Peter Thomas, Mrs. Adewole, and Mr. Bolu described NASRE as a dynamic group of experienced media professionals whose efforts are highly commendable. They prayed for the continued success of NASRE Media Foundation, Leadway Assurance, and the office of the Special Assistant to the President on Community Engagements, South West.

 

 

 

In an earlier remark, the President of NASRE and NASRE Media Foundation, Comrade Femi Oyewale, assured the recipients of continued support within available resources. He noted that NASRE Media Foundation was initiated to support media practitioners facing challenges. Stressing the need for support, Oyewale called on corporate organizations, public and private institutions, and individuals to support NASRE Media Foundation in whatever way possible.

NASRE Media Foundation Supports Journalists Facing Challenges

“Media work is hazardous. We take the highest form of risks. We are on the road even in the middle of the night, ensuring that governments and institutions’ actions are anchored in truth for the overall benefit of citizens and taxpayers. The risks we embrace daily take a toll on our health, and when most of us are either deceased or down with ailments, nobody cares for us. These are part of the reasons we set up this Foundation to provide hope for colleagues in the face of hopelessness,” he explained.

Oyewale emphasized that the support extended to the four beneficiaries is just a small step given the large number of media practitioners on NASRE Media Foundation’s list who have truly pathetic cases and need support. “We are not going to rest on our oars. We have a long list of journalists and families of late journalists who need help. Some of the cases are really pathetic. We are committed to this noble cause. This is just the first phase,” Oyewale assured.

“I thank NASRE members for their commitment and dedication. I thank Leadway Assurance Plc and the office of the Special Assistant to the President on Community Engagements in South West for their support. We couldn’t have done this without you,” he appreciated.

“I call on corporate organizations, public and private institutions, and individuals to team up with NASRE Media Foundation in supporting journalists facing challenges to minimize the suffering associated with the job,” Oyewale, who was represented at the event by Idumonza Isidahomhen, Vice President of NASRE, requested.

 

 

Presidency, Leadway Assurance Partner NASRE Media Foundation To Support Journalists With Challenges

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