PH
As the Panama Papers scandal continues to unravel, Africa’s richest man Aliko Dangote has become the latest bigwig to be mired in the shadowy financial conspiracy.
Documents released by the Panama-based law firm Mossack Fonseca, reveal that Dangote, his relative, Sayyu Dantata, as well as his business allies have over the years used shell companies domiciled in numerous tax havens to run their business dealings.
Dangote, with an estimated worth of $15.4 billion, is one of the most prominent clients of Mossack Fonseca, with over 13 shell companies directly linked to persons and companies who in turn are linked to the billionaire and his allies.
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 a number of shares (from OVLAS S.A, and Petrowest S.A,) in well-known tax haven, Seychelles, and resold to themselves at marked-up prices after claiming to relinquish ownership of such shares.
However, the Dangote Group has denied involvements in shady dealings, claiming they have no relationship with off-shore entities.
