Pandora Papers: I’ve never had business dealings with Kola Aluko, says Oyetola – Newstrends
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Pandora Papers: I’ve never had business dealings with Kola Aluko, says Oyetola

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Gboyega Oyetola, governor of Osun, says he was never involved in the purchase of a mansion in London from a company belonging to Kola Aluko, a Nigerian businessman who is being tried for money laundering.

Leaked files, which were reportedly retrieved from 14 offshore service firms around the world and revealed in a Pandora Papers project led by the International Consortium of Investigative Journalists (ICIJ), and which Premium Times is a part of, had shown that in July 2013, the property with title number 340992, was bought for £11.95 million by Zavlil Holdings Ltd, a shell company incorporated in the British Virgin Islands, a tax haven.

Zavlil Holdings Limited is reportedly owned by Aluko, an ally of Diezani Alison-Madueke, former minister of petroleum resources, who has been the subject of various investigations in Nigeria and abroad for allegedly taking part in shady oil contracts.

According to Premium Times, documents obtained from the UK property register revealed that in 2017, Mr Aluko “sold the house for £9 million to Aranda Overseas Corporation, an offshore company incorporated in the British Virgins Island by two of Mr Tinubu’s most trusted surrogates – Adegboyega Oyetola, formerly chair of Paragon Group of Companies and incumbent governor of Osun State, and Elusanmi Eludoyin, Mr Oyetola’s successor at Paragon”.

The newspaper also reported that the governor, who became a shareholder and director of Aranda, did not resign his position even while he served as chief of staff to his predecessor, Rauf Aregbesola.

But reacting in a statement by his chief press secretary, Ismail Omipidan,Oyetola said he resigned from his position at the company when he became a government official and never bought the said mansion.

“We have seen reports in some online media platforms concerning the Pandora Papers’ allegations. This is, therefore, to set the record straight,” the statement reads.

“Mr Adegboyega Oyetola, governor of Osun State, resigned his directorship of Aranda Overseas Corporation in 2011, when he took up the political appointment. He also surrendered his shareholding of the same company.

“Since 2011 to date, he has had no association, dealings and business transactions with the said company, as he is neither a director nor a shareholder of the said company. He, therefore, could not have acquired the said property in 2017, either directly or through the said company as being alleged.

“As a matter of fact, Oyetola has no relationship or link with the alleged owner of the property, Mr Kolawole Aluko, let alone go into a business dealing or transaction with him.

“He also complied fully with the law of the land by exiting Global Investments Offshore Ltd. as a Director in 2011, upon his appointment as the Chief of Staff to the immediate past governor of Osun State, Rauf Aregbesola.”

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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