With the controversy trailing the indigenous status of Lagos Deep Offshore Logistics Base , it is heart-warming that the federal government has resolved to enforce the Extractive Industries Transparency Initiative guideline on Beneficial Ownership register to reveal the real owners of oil and gas companies operating in Nigeria.
Citing the 2014 Global Financial Integrity Report in his address to the high-level national side-event, President Muhammadu Buhari, had at the sidelines of the 74th United Nations General Assembly in New York last month disclosed that Nigeria lost an estimated $157.5 billion to illicit financial flows between 2003 and 2012.
However, when it is time to pay tax, they ascribe ownership of their companies to other entities registered in tax havens to avoid payment of tax, thus validating the claim that their companies are not indigenous after all. Despite flaunting the perception of being a Nigerian company which stands for the Nigeria values and interests, LADOL’s shareholding structure is said to be substantially made up of two foreign companies namely: SABLE OFFSHORE INVESTMENTS and ALSBA Ventures Group.
So LADOL is owned by LILE LADOL registered in the British Virgin Islands, a Tax Free Haven? Means LADOL, operators of the Lagos Deep Off Shore Port would fritter away Taxes due to firsNigeria in a Classic Case of Transfer Pricing Hiding in Plain Sights! Predatory Profiteering..!