Nigeria’s Code of Conduct Bureau (CCB) has opened investigations into seven people uncovered by PREMIUM TIMES’ Panama Papers and Pandora Papers investigations over their alleged possession of undeclared offshore assets and enterprise pursuits.
Sources on the anti-corruption company confirmed the investigation to PREMIUM TIMES after the newspaper sought an replace on the bureau’s dealing with of reviews involving public officers named within the worldwide investigations.
The seven people being investigated by the CCB are former Anambra State Governor Peter Obi; former Senate Presidents Bukola Saraki and David Mark; former Aviation Minister Stella Oduah; late former Bayelsa State Governor Diepreye Alamieyeseigha; former Delta State Governor James Ibori; and Stella Ogene, a retired Delta State judicial officer.
“All the Nigerian officials named in the Panama and Pandora papers will be investigated. But seven of them have been assigned to case officers who have already commenced investigations,” one CCB supply mentioned.
PREMIUM TIMES had reported how the people used offshore firms and different company constructions to carry assets and enterprise pursuits whereas in public workplace, elevating questions on compliance with Nigeria’s asset declaration legal guidelines and restrictions on public officers’ personal enterprise pursuits and overseas financial institution accounts.
Multiple sources mentioned the bureau is anticipated to increase the investigations to different people named within the Panama Papers and Pandora Papers investigations.
The CCB doesn’t have an official spokesperson, however an aide to its chairman confirmed that the company was investigating the Nigerian officers named within the international journalistic investigations.
CCB responds to PREMIUM TIMES
In September, the CCB mentioned it was reviewing data and supplies regarding allegations of undeclared offshore assets and enterprise pursuits involving public officers uncovered by PREMIUM TIMES’ Pandora Papers investigation.
The bureau had written to PREMIUM TIMES in October 2021, acknowledging the importance of the Pandora Papers investigation led by the International Consortium of Investigative Journalists (ICIJ).
CCB described the investigation as one which had “created ripples across the globe” and sought this newspaper’s cooperation to facilitate investigations and, the place potential, the prosecution of Nigerians implicated within the findings.
In a response dated 18 October 2021, PREMIUM TIMES Editor-in-Chief Musikilu Mojeed welcomed the request and pledged the newspaper’s cooperation.
“The primary motivation for our work is to help the public obtain the information they need to ask questions and make informed decisions and for law enforcement agencies to have the leads they require for necessary actions,” Mr Mojeed mentioned.
After a number of years and not using a public replace on the investigations, PREMIUM TIMES wrote to the bureau once more in July 2026 to ask concerning the standing of its inquiries into public officers named within the reviews.
This newspaper recalled that the bureau had expressed curiosity in investigating allegations involving undeclared assets and enterprise pursuits, overseas financial institution accounts and different potential breaches of the Code of Conduct for Public Officers.
“Several years after that engagement, however, there has been little or no public indication that investigations have been initiated or concluded regarding a number of public officials named in the Pandora Papers. We are therefore constrained to inquire about the status of any investigations undertaken by the Bureau in respect of these matters,” Mr Mojeed mentioned within the letter dated 29 July.
In September, the CCB responded that the related data and supplies have been beneath assessment consistent with its constitutional and statutory mandate. It mentioned any obligatory motion could be taken in accordance with due course of.
The bureau additionally mentioned it would invite a PREMIUM TIMES consultant with data of the problems to offer additional data or clarification because the investigations progress.
It declined to reveal particulars that would prejudice ongoing or contemplated motion, citing the confidential nature of investigative and verification processes.
Peter Obi and Pandora Papers
In 2021, PREMIUM TIMES reported that Mr Obi, a former governor of Anambra State and the Presidential Candidate of Nigeria Democratic Congress (NDC), maintained undisclosed offshore enterprise pursuits whereas in public workplace.
The investigation was a part of the worldwide Pandora Papers, coordinated by the International Consortium of Investigative Journalists (ICIJ). The Pandora Papers have been produced from a large leak of monetary paperwork from 14 offshore tax havens just like the British Virgin Islands and Panama.
The investigation discovered that Mr Obi remained a director of NEXT International (UK) Limited, a British firm, for 14 months after changing into governor of Anambra State, opposite to Section 6 of the Code of Conduct Bureau and Tribunal Act.
It additionally discovered that he didn’t declare sure offshore holdings and operated a overseas checking account whereas serving as governor, each of which raised questions on compliance with Nigeria’s public service guidelines.
Mr Obi didn’t deny the allegations of non-compliance with asset declaration necessities, working a overseas account and retaining a directorship whereas in workplace. He mentioned he was unaware that assets collectively owned with others needed to be declared.
Mr Obi has additionally repeatedly mentioned he didn’t divert public funds, regardless that PREMIUM TIMES didn’t accuse him of diverting public cash in its report.
Stella Oduah
This newspaper additionally reported that Stella Oduah, a former aviation minister who later turned a senator, acquired four London properties price a mixed £6.7 million between October 2012 and August 2013 by means of an offshore firm integrated in Seychelles.
The investigation recognized her as the final word useful proprietor of International Trading and Logistics Company Limited (ITCL), by means of which the properties have been acquired. It additionally discovered that she retained a directorship within the firm whereas serving as a public officer.
The four properties have been bought with out mortgage financing, in keeping with the report. The investigation additionally linked Ms Oduah to 3 different London properties, bringing the overall quantity related along with her to seven.
A leaked suspicious exercise report submitted by Deutsche Bank to the United States monetary intelligence company FinCEN confirmed that Sea Petroleum and Gas Company Limited, a Nigerian enterprise related to Ms Oduah, transferred $71,973 to a London property company in September 2012, a couple of month earlier than one of many purchases.
Ms Oduah served as aviation minister from 2011 to 2014 and was elected senator for Anambra North in 2019.
Stella Ogene
The Pandora Papers additionally exposed the offshore pursuits of Stella Ogene, a retired senior judicial officer who headed the Delta State Customary Court of Appeal for 21 years.
Documents obtained by PREMIUM TIMES confirmed that Mrs Ogene established Assete Media Limited, an offshore firm integrated in Seychelles on 7 September 2009, to accumulate a London property.
The paperwork recognized her as the corporate’s useful proprietor, director and secretary. Cook Worldwide, a monetary companies agency based mostly in Panama, helped prepare the incorporation by means of Mayfair Trust Group Limited, an offshore service supplier in Seychelles.
The investigation additionally discovered that publicly accessible information of Nigeria’s Corporate Affairs Commission listed Ms Ogene as a director of a non-public Nigerian firm for 10 years whereas she headed the state’s Customary Court of Appeal.
Nicholas Mutu
PREMIUM TIMES additionally reported that Nicholas Mutu, a member of the House of Representatives, maintained enterprise pursuits whereas in public workplace and used an offshore firm to accumulate a London property.
Documents from offshore legislation agency Alemán, Cordero, Galindo & Lee confirmed that Mr Mutu integrated Forest Group of Company in Seychelles in 2010, whereas he was a lawmaker.
The firm purchased a property in north London in 2012 for £620,000 and offered it in 2014 for £730,000, in keeping with UK Land Registry information.
Mr Mutu denied being a director of the offshore firm, saying it belonged to and was managed by his spouse. He additionally denied that the corporate had owned a UK property.
However, paperwork from the UK Land Registry and the Pandora Papers recognized him as a director, shareholder and useful proprietor of Forest Group of Company.
We additionally discovered that Mr Mutu was listed as a director of a number of Nigerian firms whereas serving as a public officer.
Panama Papers: Saraki and David Mark
The CCB’s investigations additionally concern people uncovered within the Panama Papers, a worldwide investigation revealed in 2016 that exposed how rich people and public officers used offshore firms to carry assets and conduct enterprise.
The investigation, additionally coordinated by the ICIJ, drew on leaked paperwork from Panamanian legislation agency Mossack Fonseca. It recognized greater than 140 Nigerian people and firms linked to offshore entities.
As the one Nigerian information organisation granted direct entry to the leaked recordsdata, PREMIUM TIMES revealed more than 30 stories drawn from the interior information of Mossack Fonseca, the Panamanian legislation agency on the coronary heart of the scandal.
Among these uncovered have been former Senate President Bukola Saraki and his spouse, Toyin Saraki, in addition to his predecessor, David Mark.
The investigations additionally revealed a community of shell firms in offshore tax havens linked to Africa’s richest man, Aliko Dangote, and his brother, Sayyu Dantata, in addition to the offshore firms of Wale Tinubu, the chief govt of Nigeria’s largest indigenous oil firm, Oando Plc, amongst others.
Similarly, the reviews additionally exposed the secret offshore company of one in all Africa’s most influential televangelists, the late Temitope Joshua, popularly known as T.B. Joshua.
Other distinguished Nigerians named within the investigation are former Minister of Defence and billionaire businessperson, Theophilus Danjuma; Etisalat boss, Hakeem Bello Osaigie; Globacom CEO, Mike Adenuga; former Governor Abubakar Bello of Niger State; the late Ooni of Ife, Okunade Sijuwade; Arik Chairperson Joseph Arumemi-Johnson and his spouse, Mary, in addition to two former senators – Andy Uba (Anambra) and Ibrahim Gobir (Sokoto).
Top-tier politicians, businesspeople, and members of their households have been discovered throughout the database, together with people who continued to carry public workplace on the time of publication.
It is necessary to notice that using shell firms will not be inherently unlawful.
Many people and companies incorporate them for solely official functions. However, a few of the Nigerian public officeholders recognized within the investigation had didn’t declare their offshore assets to the CCB, inserting them in potential violation of Nigerian legislation. The CCB can, after its investigations, prosecute the officers discovered culpable on the Code of Conduct Tribunal.
Bukola Saraki
PREMIUM TIMES reported that the Saraki household had at the very least four assets held by means of offshore constructions that weren’t disclosed to the CCB as required by Nigerian legislation.
The newspaper’s investigation discovered that four assets linked to Mr Saraki’s spouse have been held offshore. Nigerian public officers are required to declare their assets, these of their spouses and people of their kids beneath the age of 18.
Documents showed that Mrs Saraki held pursuits in offshore firms, together with Sandon Development Limited, registered in Seychelles. The firm was used to accumulate a property on Whittaker Street in Belgravia, London, in 2012.
Babatunde Morakinyo, a longtime aide and affiliate of Mr Saraki, was listed as one other shareholder in Sandon Development Limited.
The investigation additionally examined Girol Properties Limited, registered within the British Virgin Islands in 2004, and Landfield International Developments Limited, integrated in the identical territory in 2014.
Documents confirmed that Mrs Saraki was initially listed as a shareholder in these firms. The investigation discovered that Mr Saraki later assumed management of Landfield by means of Longmeadow Holdings Limited, an offshore firm registered in Jersey.
A purported board assembly held in January 2015 accredited the sale of Landfield to Mr Saraki for greater than £3 million, in keeping with the paperwork.
David Mark
The Panama Papers linked Mr Mark, a former Senate president, to at the very least eight lively firms registered within the British Virgin Islands whereas he held public workplace.
The firms have been Sikera Overseas S.A., Colsan Enterprises Limited, Goldwin Transworld Limited, Hartland Estates Limited, Marlin Holdings Limited, Medley Holdings Limited, Quetta Properties Limited and Centenary Holdings Limited.
Documents from Mossack Fonseca repeatedly categorized Mr Mark as a politically uncovered individual. The information additionally confirmed that he offered paperwork to the legislation agency to determine his identification and handle issues about his standing.
The investigation couldn’t set up the character of the companies performed by means of the businesses.
Although offshore firm possession will not be in itself unlawful, Nigeria’s Code of Conduct guidelines limit public officers from taking part within the administration or working of personal companies whereas in workplace, topic to specified exceptions.
The legislation additionally prohibits public officers lined by its provisions from sustaining or working financial institution accounts exterior Nigeria.
Alamieyeseigha’s offshore community
The Panama Papers investigation additionally uncovered how the late Diepreye Alamieyeseigha, who ruled Bayelsa State from 1999 till his impeachment in 2005, used offshore firms to carry assets and transfer funds overseas.
One of the businesses recognized within the investigation was Solomon & Peters Limited, integrated within the British Virgin Islands in 1999, months after he turned governor.
Documents confirmed that Mr Alamieyeseigha was appointed the corporate’s first director and secretary. The investigation linked the corporate to offshore monetary preparations and property acquisitions in a number of nations.
British authorities returned greater than £5 million recovered from funds stolen by the previous governor to the Bayelsa State Government in 2012.
The investigation additionally traced properties related to Mr Alamieyeseigha to the United Kingdom, the United States and South Africa, alongside overseas financial institution accounts that held hundreds of thousands of kilos and {dollars}.
His asset declarations to the CCB in 1999 and 2003 listed buildings, land, autos, a ship, an organization and financial institution balances in Nigeria. The declarations didn’t replicate the size of the abroad assets recognized within the Panama Papers investigation.
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