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.
While its shareholders bore the brunt
of the bleak financial year, the
company’s group chief executive, Wale
Tinubu and his deputy, Omamofe
Boyo, might be doing just fine as they
had for years incorporated and
operated a cluster of shell companies
in notorious offshore jurisdictions.
Mr. Tinubu seems to be making so
good a return from his shell
companies that in 2008 he agreed to
pay a front as much as $20,000
monthly to manage all of his offshore
transactions.
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.
The revelations are products of an
investigation, spanning over a year by
the International Consortium of
Investigative Journalists, German
newspaper Süddeutsche Zeitung and
more than 100 other global news
organizations across the world.
PREMIUM TIMES is the only Nigerian
media organisation involved in the
investigation.
Documents obtained by PREMIUM
TIMES from the huge database linked
Mr. Tinubu to at least 12 shell
companies.
Mr. Tinubu, documents show, 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).
Premium Times
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