CCB Probes Peter Obi, Saraki, David Mark, Four Others Over Offshore Assets- Premium Times investigation

Nigeria’s Code of Conduct Bureau, CCB, has opened investigations into seven individuals exposed by PREMIUM TIMES’ Panama Papers and Pandora Papers investigations over alleged ownership of undeclared offshore assets and business interests.

Sources at the anti-corruption agency confirmed the probe to PREMIUM TIMES after the newspaper sought an update on the bureau’s handling of public officials named in the global investigations.

The seven persons under investigation are former Anambra Governor Peter Obi; former Senate Presidents Bukola Saraki and David Mark; former Aviation Minister Stella Oduah; late former Bayelsa Governor Diepreye Alamieyeseigha; former Delta Governor James Ibori; and retired Delta judicial officer Stella Ogene.

“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 CCB source said.

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Multiple sources said the bureau is expected to extend investigations to other Nigerians named in the two leaks. An aide to the CCB chairman also confirmed the agency was investigating those implicated.

—From Global Leak To Local Probe—

PREMIUM TIMES had reported how the individuals used offshore companies and corporate structures to hold assets and business interests while in public office, raising questions about compliance with asset declaration laws and restrictions on private business and foreign bank accounts for public officers.

In October 2021, the CCB wrote to PREMIUM TIMES describing the Pandora Papers as having “created ripples across the globe” and sought the paper’s cooperation for investigation and possible prosecution.

Editor-in-Chief Musikilu Mojeed, in a response dated 18 October 2021, pledged cooperation, saying the work was to help the public ask questions and give law enforcement leads.

After years without public update, PREMIUM TIMES wrote again on 29 July 2026 to ask about the status.

In September, the CCB said information and materials were under review in line with its constitutional mandate and that necessary action would follow due process. It said it might invite a PREMIUM TIMES representative for clarification and declined to disclose details that could prejudice ongoing action.

—-Those Under Probe—

● Peter Obi

PREMIUM TIMES reported in 2021 that Obi remained director of NEXT International (UK) Limited for 14 months after becoming governor, contrary to Section 6 of the Code of Conduct Bureau and Tribunal Act, and allegedly failed to declare offshore holdings and operated a foreign bank account. Obi did not deny the non-compliance issues but said he was unaware that jointly-owned assets had to be declared and that he did not divert public funds. The paper did not accuse him of diverting public funds.

●Stella Oduah:

The investigation found she acquired four London properties worth £6.7m between October 2012 and August 2013 through Seychelles-registered International Trading and Logistics Company Limited, ITCL, where she was beneficial owner and retained directorship while in office. Three other London properties were also linked to her. A Deutsche Bank suspicious activity report showed $71,973 transferred by her linked firm Sea Petroleum and Gas to a London agency a month before one purchase.

● Stella Ogene:

Documents showed the retired head of Delta Customary Court of Appeal for 21 years set up Seychelles firm Assete Media Limited on 7 September 2009 to acquire a London property as beneficial owner, director and secretary. CAC records also listed her as director of a Nigerian private company for 10 years while heading the court.

● Bukola Saraki

The Panama Papers investigation found at least four assets held offshore and linked to his wife Toyin Saraki, which were not declared. Nigerian law requires declaration of spouse’s and under-18 children’s assets. Companies named were Sandon Development Limited (Seychelles), used to acquire a property on Whittaker Street, Belgravia in 2012; Girol Properties Limited (BVI, 2004) and Landfield International Developments Limited (BVI, 2014), with Saraki later taking control via Jersey-registered Longmeadow Holdings Limited in a £3m+ transaction in January 2015.

● David Mark

Linked to eight active BVI companies while in office: 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 documents classified him as a politically exposed person.

● Diepreye Alamieyeseigha

The late Bayelsa governor was linked to Solomon & Peters Limited, incorporated in BVI in 1999 months after becoming governor, as first director and secretary, tied to offshore financial arrangements and property in UK, US and South Africa. His CCB declarations in 1999 and 2003 listed only local assets, not the scale of overseas assets found. UK returned over £5m stolen funds to Bayelsa in 2012.

The CCB noted that offshore company ownership is not inherently illegal, but failure to declare such assets and participation in management of private business while in office could violate the Code of Conduct for Public Officers. Those found culpable can be prosecuted at the Code of Conduct Tribunal.

[Credit: Premium Times]