ADVERTISEMENT

Panama Papers reveals Lagos commissioner’s N476m property in London

The report further noted that Coker’s lawyer said he had multiple sources of income and had always declared his interest in Satori Holdings to the Nigerian authorities.

Lagos State commissioner for Tourism, Arts and Culture, Folarin Folorunsho Coker

According to a report by the UK Guardian, Coker was reported as one of the famous Nigerians whose anonymous ownership of different property in London has been exposed by the massive leak of the Panama law firm’s data on offshore companies.

The former head of the Central Business District under the Gov. Babatunde Raji Fashola’s tenure reportedly owns a townhouse worth £1.65m in Kensington and Chelsea but shown as belonging to a BVI company, whose sole shareholder is Folorunsho Coker.

ADVERTISEMENT

The UK Guardian also reports that offshore companies and trusts can also enable investors to keep assets hidden while potentially reducing capital gains and inheritance tax or stamp duty in a manner not available to ordinary homeowners.

Thus, transparency campaigners have warned against such saying the secrecy of such arrangements can enable large sums of black money to be laundered through the property market.

Reports also revealed that the London’s housing market had been tilted by laundered money.

Meanwhile back home in Nigeria, it was further alleged that the commissioner has his hands in hospitality businesses that include a restaurant and a private club situated on a Lagos private beach.

According to Encomium Magazine, until January 2016 after he was announced the commissioner for tourism, arts and culture in Nigeria, Coker was running the Brown Restaurant on Akin Olugbade Street, Victoria Island, Lagos.

ADVERTISEMENT

The restaurant, which has another branch situated in Ikeja GRA, was reportedly handed over to his trusted ally, the bar manager.

Coker’s business interests also allegedly include La Casa, a multimillion naira world class dignitaries’ hangout situated on Ilashe beach, Lagos.

Coker, who had been in government since the administration of Asiwaju Bola Ahmed Tinubu, is believed to have the ears of national leader of the All Progressive Congress, and was fully involved in the campaign of the incumbent Governor of Lagos State, Akinwunmi Ambode as well as the President, Muhammadu Buhari.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Hunger eroding patriotism among Nigerians - Cleric tells Tinubu

Hunger eroding patriotism among Nigerians - Cleric tells Tinubu

Seyi Tinubu endorses stage play to immortalise his grandma, Abibatu Mogaji

Seyi Tinubu endorses stage play to immortalise his grandma, Abibatu Mogaji

Nigerians differ on gains of 25 years of uninterrupted democracy

Nigerians differ on gains of 25 years of uninterrupted democracy

Zulum approves ₦521.4m for Borno pilgrims' BTA, sacrificial animals

Zulum approves ₦521.4m for Borno pilgrims' BTA, sacrificial animals

June 12: Declare Abiola ex-President, activists tell Tinubu

June 12: Declare Abiola ex-President, activists tell Tinubu

Abuja traders decry rising food prices, seek government’s intervention

Abuja traders decry rising food prices, seek government’s intervention

Accept minimum wage offer that won't lead to job losses, FG persuades labour

Accept minimum wage offer that won't lead to job losses, FG persuades labour

₦250k minimum wage or no deal - Labour responds to Tinubu's Democracy Day speech

₦250k minimum wage or no deal - Labour responds to Tinubu's Democracy Day speech

Social media in shock as lady says she was naive, might not have married husband

Social media in shock as lady says she was naive, might not have married husband

Pulse Sports

'Sack him now' - Reactions as Finidi George fails to inspire Super Eagles against Benin

'Sack him now' - Reactions as Finidi George fails to inspire Super Eagles against Benin

All for women? Gabby Thomas and other female athletes accused of poor sportsmanship to Thompson-Herah

All for women? Gabby Thomas and other female athletes accused of poor sportsmanship to Thompson-Herah

Super Eagles: Nigeria are becoming World Cup qualifying no-hopers

Super Eagles: Nigeria are becoming World Cup qualifying no-hopers

NPFL Standings: What the latest title race twist means after the abandoned Rangers vs Enyimba derby

NPFL Standings: What the latest title race twist means after the abandoned Rangers vs Enyimba derby

“How much is money? — Ighalo reacts to Osimhen flaunting his private jet

“How much is money?” — Ighalo reacts to Osimhen flaunting his private jet

Benin Republic vs Nigeria: Time and where to watch Super Eagles face the Cheetahs in World Cup qualifiers

Benin Republic vs Nigeria: Time and where to watch Super Eagles face the Cheetahs in World Cup qualifiers

ADVERTISEMENT
ADVERTISEMENT