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Pandora Papers: New Law In United Kingdom To Stop Money Laundering, Secret Acquisition Of Property By Nigerians, Others

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According to BBC, any anonymous foreign company seeking to buy UK land or property will need to reveal the true owners.

Anew law in the United Kingdom is requiring offshore companies investing in its property market to declare their beneficial owners, promising to reverse London’s notoriety for allowing the flow of suspicious funds into its real estate through offshore shell companies.

According to BBC, any anonymous foreign company seeking to buy UK land or property will need to reveal the true owners.

Foreign companies that refuse to disclose their true owner could face fines of up to £2,500 per day or up to five years in prison.

The register comes amid economic sanctions in response to the Russian invasion of Ukraine.

Foreign organisations who already own land in the UK will have a six-month period to register their beneficial owners or managing officers.

Business Minister Lord Callanan said, “We have been clear that the UK is a place for legitimate business only, and to ensure we are free of corrupt elites with suspicious wealth, we need to know who owns what.”

The register was part of the Economic Crime (Transparency and Enforcement) Bill in February 2022, in response to Russia’s invasion of Ukraine.

The bill proposes that anyone setting up, running, owning or controlling a company in the UK to verify their identity with Companies House, a government agency, as well as giving Companies House the power to challenge suspicious information.

The register applies to property bought since January 1999 in England and Wales, and since December 2014 in Scotland.

Labour MP Margaret Hodge said the government needed to go further to tackle money laundering.

“To truly stop the flows of corrupt wealth into our housing market, the government must urgently put in place an open register of the true owners of UK land and property, not just of those owned by companies,” she said.

“Anything less would demonstrate once and for all that this government is truly soft on dirty money.”

Any overseas body that has disposed of property since 28 February 2022 – when the legislation for the register was first announced – will be required to provide a statement to Companies House.

Multi-million-pound country manors in the south of England and luxury flats in London’s most expensive areas are among the homes which have been linked to Vladimir Putin’s regime and associates.

Before the new provision, which came into force this month, individuals could launder suspicious funds through notorious secrecy and tax havens and hide behind shell companies incorporated in those havens to anonymously buy properties in the UK, especially in London, PREMIUM TIMES reports.

Mohammed Bello-Koko, the chief executive of the Nigerian Ports of Authority; Gboyega Oyetola, Osun State governor; Stella Oduah, a senator and former minister; and Stella Ogene, a jurist were all exposed to have used suspicious funds to buy real estate through offshore shell companies.

They hid behind shell companies secretly incorporated in tax havens to anonymously acquire London properties, thereby evading enhanced due diligence in the UK and blocking the Code of Conduct Bureau in Nigeria to determine their true worth or if they had amassed wealth their legitimate incomes could not justify.

In February 2018, it was reported that Transparency International UK had listed two London houses suspected to be owned by then-Nigerian Senate President, Bukola Saraki for investigation under Britain’s new law, Unexplained Wealth Orders.

TI said Land Registry documents showed the houses at 7 and 8 Whittaker Street, Belgravia, London were owned by Landfield International Developments Limited and Renocon Property Development Limited.

Based on market estimates by Zoopla, the properties were worth a combined total of around £15 million.

According to data released as part of the Panama Papers, the companies were controlled by Toyin Saraki, the wife of the former Nigerian Senate President, as well as one of his personal aides. At the time of the revelations, none of the offshore holdings were reported in Saraki’s official asset declarations.

Previous public disclosures by Saraki indicated he had high levels of unexplained wealth, Transparency International said.

In 2003, his asset declaration showed he had amassed tens of millions of pounds worth of assets during his time as director of Société Générale Bank and Special Assistant to the President on Budget.

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Boosting Health Access: Lasaco Assurance Supports NYSC Corps Members’ Health Mission”

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Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

 

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

 

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

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Group trains youths to solve environmental challenges

NYSC confirms release of abducted corpers

The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

 

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.

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Yahaya Bello absent as court adjourns, EFCC mulls military’s help to fish him out 

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Justice Emeka Nwite of the Federal High Court Abuja has adjourned the suit instituted by the Economic and Financial Crimes Commission (EFCC), against the immediate past Governor of Kogi State, Yahaya Bello, to April 23rd.

 

The adjournment is for substituted service and possible arraignment of Bello for alleged N84bn money laundering. At the resumed sitting, Counsel for the EFCC, Kemi Phinro, told the court that the immediate past governor of Kogi State was absent from court for his arraignment because he was being protected by someone with immunity.

 

Phinro said the former governor was whisked out of his Abuja residence by the same person with immunity. Phinro said the anti-graft agency might seek the help of the military to fish him out to come face his arraignment. Responding to this submission, Yahaya Bello through his counsel, Abdulwahab Muhammad, told the court that there is an order of the court restraining the EFCC from arresting or arraigning him.

 

Muhammad said a Kogi State High Court had on February 9, 2024 restrained the EFCC from arresting or arraigning the former governor. He added that the EFCC has appealed the ruling and the Court of Appeal was yet to decide on the matter. He pointed out that the action of the EFCC was unconstitutional and the court lacked jurisdiction to entertain any charge from

the EFCC.

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Billionaire Businessman, Tunde Ayeni’s Talk of the town Daughters Wedding

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Barr. John Olatunde Ayeni C.O.N is indeed a man of high repute with a highly cerebral nature blessed with suave, elegance and finesse. As a young man, he has carved a niche for himself as a seasoned investor and a finance person with a background in the legal profession after bagging a law degree at Ahmadu Bello University, Zaria before he was called to bar. Everything he touches turns into gold. He is a man who knows the true spirit of friendship and brotherhood which has elevated him to the position he holds today. The erstwhile Chairman of Skye Bank has created his name in gold as one of the best brains to have come out of Nigeria as he sits atop several high business conglomerates.

 

One thing has remained constant for him he is a man who loves his family and will never trade anything for his family. More reason he spared no cost to ensure his daughter Abolaji Ayeni gets one of the biggest wedding Soiree with her hubby Oluwatobiloba Adeoye that will never be forgotten in a hurry. It was a rollercoaster of events that remained colourful and also further cents Ayeni’s position as a crowd puller as all his friends turned up for him to celebrate him and his family in one of their proud moments as a father.

 

Last year 2nd of December, the Groom’s family was hosted by Ayeni at an introduction ceremony at his Lagos residence and from that moment he has told his friends that; the wedding shindig would be one to remember as he is putting lots of resources into making the day a memorable one and also appreciate his daughter for making him and his wife proud parents.

 

On Thursday the 11th of April, Ayeni and his family hosted a traditional engagement wedding in Lagos Ikoyi where it was a parade of cultural aesthetics from the best Aso-Ebi to the best of Agbada and music as Yinka Aiyefele serenade the audience with his musical rendition there was an array of cuisines that guests savoured their taste buds with and lots of high-cost drinks.

On Saturday the 13th of April, Ayeni also pulled his heavyweight as the Church wedding where the couples were tied together by Pastopr Tunde Bakare’s Latter Rain Church in Oregun before the train moved to the reception at the Balmoral Hall of the Federal Palace Hotel, Victoria Island where guests were treated like a king, the whole V.I corridor was locked down as automobiles of different kinds took over the roads.

 

It was an absolute display of wealth, opulence and splendour as the who is who in Nigeria’s business, political and socialite space were in attendance. The roll call was quite an elitist one as it was like a gathering of stars with deep pockets. The father of the bride adorned in his full Agbada was seen smiling cheerfully welcoming his guests and also making sure those who attended were given the best of treats. The food was local and continental and the wines served were vintage wines. It was like a carnival as Evangelist Dunni Olarewaju (Opelope Annionting)coroner was on the bandstand while King Wasiu Ayinde Marshall the Fuji maestro also serenaded the audience.

 

Those who attended confessed that Ayeni is not only a master planer in the boardroom he is also a master planner of soirees and a good host with a high sense of hospitality. Those spotted were; the Governor of Ogun State, Prince Dapo Abiodun, Kogi State Secretary to the State Government; Mrs Ayoade Folashade, Former Governor of Ogun State Senator Ibikunle Amosun, Chairman Federal Inland Revenue Service; Dr Zacch Adedeji Former Governor of Delta State, Chief James Ibori, Former Governor of Ekiti State, Mr Niyi Adebayo, Hajia Bola Shagaya, Olugbon of Ilegbon Oba Francis Alao, Olofin of Isheri Oba Sulayman Bamgbade, Elegushi of Ikate Land Oba Saheed Elegushi, Akinshiku Dosumu Oba Otudeko, Iyaloja of Lagos Folashade Tinubu-Ojo, Mogaji Wole Arisekola, Former Fidelity Bank MD Mr Nnamdi Okonkwo, Daily Times Publisher Mr Fidelis Anosike and wife Rita Dominic-Anosike, Nkiru Anumudu, Segun Awolowo, Terry Waya, Comfort Obamuyiwa, Aisha Achimogu, Abu Abel, Abisagboola ‘Bankuli’ Oluseun and a host of others.

By: Oladapo Shofowora.

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