Group Chief Executive of Oando Plc, Wale Tinubu and his deputy, Omamofe Boyo, have joined the growing list of Nigerians involved in the ‘Panama Papers’ scandal as they have been accused of incorporating and operating a cluster of shell companies in notorious offshore jurisdiction.
Details of the offshore assets of the two top bosses at Oando Plc were among the revelations contained in the leaked massive internal data belonging to Panamanian law firm, Mossack Fonseca.
According to reports, Tinubu, documents showed, secured the services of Mossack Fonseca to help him incorporate the companies in Seychelles, one of the fastest growing offshore jurisdictions in the world and notorious tax haven, the British Virgin Islands (BVI).
The documents also reveal that Mossack Fonseca coordinated the operation through its offices in Geneva, the British Virgin Islands and Panama.
The documents show that Tinubu is a director in the following companies incorporated in Seychelles and the BVI:
Sigma Technology Inc.; Techventure Inc.
Anglesey Management SA; Caine Trading Corp; Keligh Engineering Corp
Hud Trading Corps; Meridian Procurement International Services Ltd;
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Lynx Shipping Ltd; Equinox Shipping Limited; Everglade Oil Inc.
Framlingham Limited; Triton Trading Limited
Investigation revealed that Tinubu is either the sole director of most of the companies or has unlimited powers to make decisions.
It remains unclear why Tinubu hired the same offshore consultants used by Ibori to run his offshore companies. But in September 2013, British prosecutors told a court that Ibori confessed to owning “significant” shares in Oando Plc.
Oando had denied that Ibori’s wealth was hidden in the company. The company at the time circulated a statement claiming that Ibori only had 443 shares of the company’s 6.8 billion ordinary shares.
The documents also revealed that apart from relying on nominee directors appointed by Mossack Fonseca to hide his ownership of shell companies in tax havens, Tinubu also hired a paid front who acted on his behalf in some of the offshore companies.
It would be recalled that last October, Nigeria’s biggest indigenous oil and gas company, Oando Plc, made history for the wrong reason when it announced a loss of N184 billion in the 2014 financial year. The loss was the biggest ever recorded by any Nigerian company.
Details of the offshore assets of the two top bosses at Oando Plc were among the revelations contained in the leaked massive internal data belonging to Panamanian law firm, Mossack Fonseca.
According to reports, Tinubu, documents showed, secured the services of Mossack Fonseca to help him incorporate the companies in Seychelles, one of the fastest growing offshore jurisdictions in the world and notorious tax haven, the British Virgin Islands (BVI).
The documents also reveal that Mossack Fonseca coordinated the operation through its offices in Geneva, the British Virgin Islands and Panama.
The documents show that Tinubu is a director in the following companies incorporated in Seychelles and the BVI:
Sigma Technology Inc.; Techventure Inc.
Anglesey Management SA; Caine Trading Corp; Keligh Engineering Corp
Hud Trading Corps; Meridian Procurement International Services Ltd;
Best prices of phones, accessories & gadgets on PricePadi.com
Lynx Shipping Ltd; Equinox Shipping Limited; Everglade Oil Inc.
Framlingham Limited; Triton Trading Limited
Investigation revealed that Tinubu is either the sole director of most of the companies or has unlimited powers to make decisions.
It remains unclear why Tinubu hired the same offshore consultants used by Ibori to run his offshore companies. But in September 2013, British prosecutors told a court that Ibori confessed to owning “significant” shares in Oando Plc.
Oando had denied that Ibori’s wealth was hidden in the company. The company at the time circulated a statement claiming that Ibori only had 443 shares of the company’s 6.8 billion ordinary shares.
The documents also revealed that apart from relying on nominee directors appointed by Mossack Fonseca to hide his ownership of shell companies in tax havens, Tinubu also hired a paid front who acted on his behalf in some of the offshore companies.
It would be recalled that last October, Nigeria’s biggest indigenous oil and gas company, Oando Plc, made history for the wrong reason when it announced a loss of N184 billion in the 2014 financial year. The loss was the biggest ever recorded by any Nigerian company.
Hello, my name is Godwin Brain. I'm an ICT Analyst, blogger, web-designer and a writer. 
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