Nigeria’s Code of Conduct Bureau (CCB) has begun investigating seven Nigerians named in the Panama Papers and Pandora Papers over undeclared offshore assets and business interests.
The seven are former Anambra State governor and NDC presidential candidate Peter Obi; former Senate Presidents Bukola Saraki and David Mark; former Aviation Minister Stella Oduah; former Bayelsa State governor Diepreye Alamieyeseigha (deceased); former Delta State governor James Ibori; and Stella Ogene, a retired Delta State judicial officer.
Sources at the bureau said case officers had been assigned and investigations had commenced. “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,” a source said.
The development follows an exclusive investigation by PREMIUM TIMES, which reported how the individuals used offshore companies and other corporate structures to hold assets and business interests while in public office, raising questions about compliance with Nigeria’s asset declaration laws and restrictions on public officers’ private business interests and foreign bank accounts.
The CCB, which has no official spokesperson, confirmed the probe through an aide to its chairman. It is expected to extend the investigation to other Nigerians named in the two leaks.
The CCB first wrote to PREMIUM TIMES in October 2021, seeking the newspaper’s cooperation to investigate and possibly prosecute Nigerians named in the Pandora Papers. The Editor-in-Chief, Musikilu Mojeed, pledged cooperation, saying the paper’s motivation was to help the public ask informed questions and give law enforcement the leads needed for action.
After years without a public update, PREMIUM TIMES wrote again in July 2026 asking about the status of the inquiries. The CCB replied in September that the information was under review and that any action would follow due process. It also indicated it might invite the newspaper’s representatives to provide further information.
The Pandora Papers, coordinated by the International Consortium of Investigative Journalists (ICIJ), drew on leaked documents from 14 offshore jurisdictions. The Panama Papers, published in 2016, drew on records from Panamanian law firm Mossack Fonseca and named more than 140 Nigerian individuals and companies.
PREMIUM TIMES was the only Nigerian outlet with direct access to the Mossack Fonseca files and published more than 30 stories from them. The reports do not allege that offshore company ownership is illegal in itself — many people use such structures legitimately. The concern is that some public officials did not declare the assets to the CCB, which could breach the Code of Conduct for Public Officers. The bureau can prosecute found cases at the Code of Conduct Tribunal.
Peter Obi: The report found he remained a director of NEXT International (UK) Limited for 14 months after becoming Anambra governor, contrary to Section 6 of the Code of Conduct Bureau and Tribunal Act. It also found he failed to declare certain offshore holdings and operated a foreign bank account while in office. Obi did not deny the non-compliance but said he was unaware that jointly owned assets had to be declared.
Stella Oduah: The former aviation minister acquired four London properties worth £6.7 million between October 2012 and August 2013 through a Seychelles company, ITCL, which she beneficially owned. She retained a directorship in the company while in public office, and was linked to three other London properties.
Stella Ogene: The retired judicial officer set up Assete Media Limited in Seychelles in 2009 to buy a London property and was listed as beneficial owner, director and secretary. She was also listed as a director of a Nigerian company for 10 years while heading the Delta Customary Court of Appeal.
Nicholas Mutu: The House of Representatives member incorporated Forest Group of Company in Seychelles in 2010 while a lawmaker. The company bought a north London property for £620,000 in 2012 and sold it for £730,000 in 2014. Mutu denied being a director, saying the company belonged to his wife, but UK Land Registry and Pandora Papers documents identified him as director, shareholder and beneficial owner.
Bukola Saraki: The report found at least four assets linked to his wife held through offshore structures and not disclosed to the CCB. These included Sandon Development Limited (Seychelles), Girol Properties Limited (BVI) and Landfield International Developments Limited (BVI). Saraki later took control of Landfield through a Jersey company, and a 2015 board meeting approved its sale to him for over £3 million.
David Mark: The Panama Papers linked him to at least eight active BVI companies while he was Senate President: 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. Mossack Fonseca classified him as a politically exposed person.
Diepreye Alamieyeseigha: The late Bayelsa governor set up Solomon & Peters Limited in the BVI in 1999, months after taking office, and was its first director and secretary. Properties linked to him were traced to the UK, US and South Africa, alongside foreign accounts. His CCB declarations in 1999 and 2003 did not reflect the scale of the overseas assets.
The report also named other prominent Nigerians in the leaks, including Aliko Dangote, Theophilus Danjuma, Mike Adenuga, Wale Tinubu and the late T.B. Joshua.
Editor’s Note: This report is based on an exclusive investigation by PREMIUM TIMES, published under the title “EXCLUSIVE: CCB investigates Peter Obi, Saraki, David Mark, four others over offshore assets.”
Spear News Nigeria credits PREMIUM TIMES for the original reporting.
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