Nigeria investigates seven people named in Panama and Pandora Papers — Premium Times Nigeria
In Nigeria, the Code of Conduct Bureau (CCB) has launched an investigation into seven people mentioned in the Panama Papers and Pandora Papers journalistic investigations. The matter concerns possible ownership of undeclared offshore assets and business interests while holding public office, Premium Times Nigeria reports.
According to the outlet, CCB officers were assigned cases involving 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 retired judicial officer Stella Oghene. A CCB source said the bureau plans to scrutinize all Nigerian officials named in the Panama Papers and Pandora Papers.
Review of offshore assets
In September, the CCB said it was examining materials concerning possible undeclared offshore assets and business interests of public servants. The bureau said it would act in accordance with the established procedure but did not disclose details, citing the confidentiality of the checks. An aide to the CCB chairman also confirmed to Premium Times Nigeria that the agency is investigating cases involving Nigerian officials named in international journalistic investigations.
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In 2021, Premium Times Nigeria wrote that Peter Obi remained a director of the UK company NEXT International (UK) Limited for 14 months after taking office as Anambra State governor. The investigation also raised questions about his failure to declare certain offshore assets and his use of a foreign bank account. According to the outlet, Obi did not dispute the claims that he had failed to comply with requirements concerning asset declarations, a foreign account, and a directorship, stating that he did not know he was required to declare assets jointly owned with other persons.
Panama Papers data
The Panama Papers, released in 2016, were based on a leak of documents from the Panamanian law firm Mossack Fonseca. The materials mentioned, among others, Bukola Saraki and David Mark. Premium Times Nigeria reported that the Saraki family had at least four assets registered through offshore structures and not declared to the CCB. Panama Papers documents also linked David Mark to at least eight active companies in the British Virgin Islands during his time in public office.
In the Pandora Papers, the outlet also described the offshore interests of Stella Oduah and Stella Oghene. According to the investigation, Oduah purchased four London properties through a Seychelles-registered company, with a total value of £6.7 million. Ownership of offshore companies is not illegal in itself, but Nigerian rules limit officials' involvement in managing private businesses and also prohibit categories of officials defined by law from having or operating foreign bank accounts.
