#PanamaPapers: How Tinubu operated 12 shell companies in tax havens

Panama Papers
Panama Papers

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.

Wale Tinubu
Wale Tinubu

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).

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 Mr. Tinubu is 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
Lynx Shipping Ltd
Equinox Shipping Ltd
Everglade Oil Inc.
Framlingham Ltd
Triton Trading Ltd

Investigation reveal that Mr. Tinubu is either sole director of most of the companies or has unlimited powers to make decisions.

For Instance, files from the data revealed that on November 26, 2009, after a meeting of the “board of directors” of one of his shell companies, Keligh Engineering Corp, Mr. Tinubu was granted a general power of attorney as the sole signatory of the company.

The “board meeting” where this decision was made was attended by three nominee directors, – Yvette Rogers (Chairman), Jaqueline Alexander(secretary), Verna de Nelson, who are actually employees of Mossack Fonseca.

Nominee directors are appointees used in offshore tax havens to hide true owners of shell companies.

Mrs. Rogers had also served as nominee director in Stanhope Investment Ltd, Seychelles, one of the shell companies used by the imprisoned former governor of Delta State, James Ibori, to steal the resources of his oil-rich state.

As part of its #PanamaPapers series, PREMIUM TIMES had revealed how Mossack Fonseca helped Mr Ibori, who is serving a 13-year jail term in the United Kingdom for money laundering, hide funds stolen from Delta State treasury through a web of offshore companies.

In May 2007, Just like Mr. Ibori, the Oando boss also secured the services of Swiss asset management firm, Clamorgan SA, to help him incorporate Techventure Inc., Anglesey Management SA, Caine Trading Corp and Keligh Engineering in Seychelles while appointing Mossack Fonseca Geneva as registered agent and administrator for the shell companies.

On May 2, 2007, Sebastien Thierry of Clamorgan S.A, who had acted as signatory for one of Mr. Ibori’s shell companies, wrote a letter to Sonia Scampa of Mossack Fonseca, thanking her for verifying and assisting in registering the companies, as well as granting Mr. Tinubu the power of attorney.

“Following my mail yesterday and our conversation today, I reiterated the confirmation sent yesterday morning taken the following companies – Anglesey Management SA, Caine Trading Corp., KLeigh Engineering Corp. Thank you for making a power of attorney for Mr. Wale Tinubu for three companies,” he wrote in French.

It remains unclear why Mr. Tinubu hired the same offshore consultants used by Mr. Ibori to run his offshore companies. But in September 2013, British prosecutors told a court that Mr. Ibori confessed to owning “significant” shares in Oando Plc.

According to crown prosecutor, Sasha Wass, a Queen’s Counsel, while opening an account at Swiss bank, PKB, through a shell company called Stanhope Investment, Mr. Ibori told the bank he owned 30 per cent of Oando.

Oando had denied that Mr. Ibori’s wealth was hidden in the company. The company at the time circulated a statement claiming that Mr. Ibori only had 443 shares of the company’s 6.8 billion ordinary shares.

The Paid Front

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, Mr. Tinubu also hired a paid front who acted on his behalf in some of the offshore companies.

In a December 10, 2008 email to Marie-Ange (an employee of Mossack Fonseca in Geneva) Sebastien Clamorgan of Clamorgan SA revealed that Mr. Tinubu hired a front, Patrick Bastin, to act on his behalf in his offshore companies.

According to the email, Mr. Bastin was handsomely rewarded for this role. He was paid a salary of $10,000 monthly and given a corporate visa card which allowed him to spend up to $10,000 monthly.

Mr. Bastin was paid from Everglade Oil Inc’s account with a private bank in Beirut, Lebanon.

Omamofe Boyo
Omamofe Boyo

“It is agreed that M. Patrick Bastin will be acting as director for certain of Mr J.A. Tinubu companies and in this capacity will be managing all upcoming administrative commercial and financial tasks, inclusive the relationship with the several banks the companies may have bank accounts with,” the email reads.

“For this task M. Patrick Bastin will be compensated by a monthly payment of US $10 000,00 (ten thousand US $) to be paid to the bank account he will indicate.

“The account of EVERGLADE OIL INC No 239783 with Audi Saradar Private Bank seal in Beirut Lebanon will be responsible to set up a standing instruction for those payments to start on November 1 -2008.

“In addition, M. Patrick Bastin will be entitled to a Corporate Visa card from EVERGLADE OIL INC for expenses up to SS 10,000 per month to be justified after to M. J A Tinubu.

“This agreement can be terminated at any moment by M. JA. Tinubu with one month notice.”

The documents also showed that some staffers of Oando Plc were in on some of Mr. Tinubu’s incorporation of shell companies.

After the resignation of one Kirk Thompson, who is believed to be the original nominee director for Mr. Tinubu in Everglade Oil Inc., on December 14, 2007, Daniel Boyo (it is not clear whether he is a relative of Omamofe Boyo), a London-based business development consultant with Oando Trading Limited, a subsidiary of Oando Plc, sent an email on January 11, 2008 to Mr Thierry instructing him to contact Everglade Oil agents in Seychelles to draft a new certificate of incumbency for the company, mentioning Terry Cunningham as its new single director.

Nigerian businessmen and the love of Seychelles

Documents show that Seychelles is particularly an attractive offshore destination for several top Nigerian businessmen.

Several shell companies owned by Nigerians in tax havens were incorporated in the small Indian Ocean country, with a population of just under 90,000 people. They were registered as International Business Companies (IBC).

Seychelles IBCs are among the most popular IBCs in the secretive world of offshore jurisdictions. IBCs incorporated in the Seychelles are prohibited from doing businesses within the country or owning real estate. They are not required to pay taxes, submit financial details or carry out audits on their finances.

An email sent from Mossack Fonseca’s office in Seychelles to Saria Rahme Kali of Afrex and Mr Clamorgan requesting details of the bearers of the shares of a cluster of IBCs domiciled in Seychelles revealed the extensive involvement of Nigerians in offshore tax havens.

The document revealed that Sayyu Dantata, the half-brother of Africa’s wealthiest man, Aliko Dangote, is linked to seven IBC – Appelby Holding Ltd, Juno Equities Incorporated, MRS Holding Ltd, MRS Oil and Gas, Nisco Holding Ltd (60 per cent), and Oval Refining S.A, Ovlas S.A (50 per cent).

Similarly, Adetokunbo Sijuwade, the son of the late Ooni of Ife, Okunade Sijuwade, is the director of Mandhari Water Investment Inc. and Izwelethu Aluminium and Steel Inc.

Mr Tinubu’s deputy, Boyo, was listed as director in three IBCs- Everglade Oil Inc, Meridian Procurement International Services, and QVS Ltd.

Nigerians Abiose Eldred Ogan-Cole and Mojisole Adeniran both own 50 per cent share each in Qaisar.

Messrs. Wale and Boyo are yet to respond to an email sent by PREMIUM TIMES through the corporate communication manager of Oando, Alero Balogun, seeking comments for this story.

Ms. Balogun and the company’s head of corporate communications, Ainojie Irune, had promised that responses would be provided to our questions. But several days later, no response has come from the officials.


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  • Okafor

    Wale or Bola all na TINUBU. The hunter is now hunted, but who will confront Bola Tinubu? Buhari has not got the balls to do that, not even DSS or EFCC. He would rather do with the easy targets like Tompolo and others in PDP

    • omo

      This Wale Tinubu not Bola Tinubu, Pls be guided.

    • Rommel

      Did Jonathan have the balls to confront him or will you rather Okija shrine?

    • +Truth -Lie

      I’m a language person. When I see the syntax of Okafor, Abdull dull Dauara and Darlington, I just discovered that they are the same person. You must be earning much for this e-ratting.

    • Holy truth

      I think u are finding it difficult to read & understand simple English language to know d difference btwin wale tinubu of oando & Bola Tinubu. Don’t let hatred give u hypertension o.

      • Temilade Bello

        Wale and Bola Tinubu is yoruba language, not english.

  • abdul dull daura

    We will see more. Unless they buy up PT. I don’t even trust that Buhari’s name will not eventually appear. Just a matter of time. Corruption is Nigeria and Nigeria is corruption

  • Darlington

    Why is PT releasing this Panamapapers scandal stories bit by bit? Are they waiting to be compromised? PT should as a matter of urgency publish every news item on Panamapapers for Nigerians to see. Wale Tinubu is Bola Tinubu’s biggest front. TMG, SERAP and other pro Tinubu NGOs and CSOs calling for Saraki’s head, over to you guys. Chronic hypocrites!

    • soyo

      Dullhead, did u go to any tertiary institution at all or it’s PT fever that wants to kill you by taking your pay-per-post contract with PDP away bcos it’s apparent you are losing out on this platform. Or how can one explain the depth of mediocrity you exhibited by asking that PT releases stories that are contained in several terabytes-sized docs that require careful sieving and extraction of relevant info from the lot. You are truly a mumusky chopping free pepper from posting pro-looting and anti-PT comments on this platform. One day, we go catch you!

  • UOU

    The truth must be told, in full. Please where is Jonathan’s name or Mama peace (what a lovely kindest of, a woman). We are eagerly waiting, as things unfolds, already saraki is going down, one clownish conspirator and others must follow, YES, liars and propagandist must burn to hell

    • Nkiru Chukwura

      Exactly! Those are the people we care about. We are bored of these Tinubu’s and Oando gist abeg!

    • Uzoma John

      GEJ and Mama Peace may not be sophisticated enough to understand how shell companies work. They believe in cash and carry the reason you may not see their names and the names of their cronies.

  • Battle AXE

    PT you should be more specific with the name of any persons involved and don,t confused the ignorant readers of your column. please do responsible journalism.


      Please how is this confusing you? wale tinubu, so whats confusing here?

  • Arabakpura

    This is April fools headline; many thought it was Bola Tinubu! Anyway, once a Tinubu, always a Tinubu! Some people would have had a field day!

  • Obosi Warrior

    PT, that is one way to cause “low blood” pressure. Am sure 70% of people reading this must have had a heart attack when they see the name Wale instead of Bola.
    Sorry if your one minute extacy has been punctured, but you never know what will be coming next.
    It’s not over, till it’s over. Just keep on checking on PT….. Some people!

  • Kabiru

    I cannot stand these reporters. it is obviously BOLA AHMED TINUBU this story is about!

  • John Ebele

    Please responsible journalism! This story is too long, not structured. I am so uninterested in the way it is presented, I don’t even care if the news is true.

    • Höly Wähala

      Then, why are you still here commenting? Get lost!

    • Izon Redeemer again?

      Why would u care cause it involves the Yoruba ati Fulani thieves abi? If the story had been about Tompolo–Orubebe—Akpobolokeme—-of NIMASA u and the Itsekiri controlling the evil thoughts of Buhari would have started pouring in your watery regional comments—like rain water unto our quiet souls in the creeks–separation is the answer—————————-no matter what-animals

  • Höly Wähala

    @Premium Times…
    You know a Tinubu is a respected chieftain of the ruling APC Party, it would have made sense if this reporter cleared the air if this Wale Tinubu is in any way related to Bola Tinubu… just as he wrote, “Daniel Boyo (it is not clear whether he is a relative of Omamofe Boyo)” to let captivated readers know the two Boyos may not be related to each other. Therefore, it is suspected that this Tinubu is actually related to Bola Ahmed Tinubu since you failed to state categorically that they are not brothers. No use covering Tinubu’s pregnancy with both hands, in the end the entire list of tax crooks will be published by the German newspaper thus, you guys might as well save your energy in trying to protect the Nigerian criminal members of this international cartel headed by Fornseca… Shameless journalism. PT claimed you have seen over 120 Nigerian names on list, why not publish all for Nigerians to know who’s who in the grand theft that impoverished the country for over 55yrs? Tomorrow you will blame Niger Delta militants for blowing up our oil installations… when thieves with nothing to display own and profit from the natural resources of the Niger Delta. Bologne!

    • Ade

      good one, is just a matter of time!!!

    • Tony

      Perhaps you have just crawled out from under a rock if you are asking if there is a relationship between the two. Of course they are related!

      • Höly Wähala

        No, No! Someone on another thread once insisted they’re not related…
        Besides, jourrnalistic ethos requires PT to do the same as they did with the Boyos. Kapisch? Aschloch, I’ve just crawled out from under your mama’s skirt… ask her! At least, I’ve suvived the stench… Stup*d you. Fuvk-off jare!

        • Jay

          Wale Tinubu is not in any way related to Bola Ahmed Tinubu. Purely namesake in Lagos which is of public knowledge. If he was related to Bola Tinubu the PDP would have long said Bola owns Oando PLC.

          • Höly Wähala

            I don’t know if the two of them are related , but I am confirming to you that Bola Tinubu is an uncle to Wale Tinubu. So you are free to “put it” to us if they are related or not.” – @Deen Tee

            So as you see, others have different opinions that’s why I insist this reporter could’ve done a better job. Besides, there’s an “if” in your submission which means yours is a hypothetical assertion. Go-siddon jor!

    • Deen Tee

      I don’t know if the two of them are related , but I am confirming to you that Bola Tinubu is an uncle to Wale Tinubu. So you are free to “put it” to us if they are related or not.

      • Höly Wähala

        Hahaha… good IQ Test you got right there. Yes! They are, is my answer.
        So you see, I never shy away from common sense test questions. Now, how about taking my own long-running IQ Test… What is 16+6 = ???

  • Susan

    How do we really know how true or false thins information is>

  • Nkiru Chukwura

    We don’t care for Wale Tinubu’s stories to be honest. We want to hear about the Saraki’s and other government officials who are actually stealing our money. Wale Tinubu is a business man in the private sector. He can do what he wants with his money for all we care.

    • Baba B

      Nkiru being a Deltan, I care about this because it is very clear that Delta State owns 30% of O and O as it is with our commonwealth thief Ibori bought those shares with.

      • chinyere

        Where in this article did they give categorical evidence that ibori owns oando? Did oando not publish records to show ibori doesn’t own the company? It seems like one just has to have one negative thing said about them and they are guilty for life even when they prove otherwise

        • Baba B

          My friend go and wash your mouth. What do you know. For your information we have known all these before now and I can even tell you that it was Jite Okoloko who was pushed out of O and O and now the MD of Notore fertiliser company another company bought with Delta State money by the same notorious Ibori who was the brain behind those shell companies.

    • Tony

      It isn’t that simple. Oando is a Public Liability Company and so the management owes a duty to the public to be straight with their finances. Robbing a PLC is akin to stealing from government coffers. The SEC & NSE can arrest him for this. Also don’t say “we” in your responses cos others care. Speak for yourself alone or those who nominate you to speak for them.

      • funlayo

        There is no evidence in this story to suggest that shareholder funds were misappropraited or that management weren’t straight with company funds

  • Gary

    PT, we are eager to know just how many Niger Deltans, the owners of the oil, have salted away oil money in tax havens. Abi, was it not the storyline that GEJ and his “girlfriend” Diezani were enriching their people and robbing NNPC blind. Wetin now? Where’s Jona’s off shore account abi Wale Tinubu was fronting for him and not his Uncle? Inquiring minds what to know.

  • owhonda

    There is no billionaire worth the tag in Nigeria who doesn’t own companies in kffshore . shen the full lists are exposed, the names in it will shock people.

  • IZON Redeemer again?

    Sadly for the Nation state of Nigeria–not a single Niger Deltan has ever been identified with the theft of the crude oil resources of the people of the South south region of Nigeria–U can hardly find a Lady Alakija or a middle class rated Dangote among the various ethnic groups in the oil producing Niger Delta—Theirs is to be intimidated, humiliated and chased into oblivion while the–Fulanis, Yorubas and their Ibo surrogates steal their crude oil revenue-from the creeks—No matter how Nigerians will look at-it-Separation is the only answer–and not the fake rule of the Fulanis ati Yorubas—in APC—————

    • Ben

      Because they are coward thieves.

      • Izon Redeemer again?


    • partafamilias trippi

      You fought for One Naijeria. Deal with it Mr Izon or you take the F.U train.

  • IZON Redeemer again?

    The unthinking Satanic Saraki event may make one be FOOLED into believing that ‘Buhari mean business’. The fact on ground is that ‘Buhari has just been exposed as an insincere and double-faced leader who should be impeached and sent back to Daura.

    On Sunday, 20 September, Buhari through his spokesman Shehu Garba came out to say the President will not intervene in this Saraki’s travails because he has sworn to allow judicial process take its course. In the exact words of Shehu; Oyegun repeated the same phrase recently also-

    “Even if the President wants to help, there is no way he can do anything. Is he going to ask the judge to stop the trial? It is purely a judicial process, the type of which are routinely dealt with by the CCB and the CCT. There are many cases like this that are going on. Na true?

    Yet the same Buhari wasteful visionless government, it was that killed the judicial process with respect to the N2.8 billion corruption suit that was instituted against exBayelsa state Governor and APC Chieftain Timpre Sylva who paid the 27m nomination fees for Buhari in APC-So saw him withdrawing ALL the charges against the accused which was instituted in 2012 and prosecuted by EFCC. The Sylva case was withdrawn on June 1, 2015 ie three days after Buhari took office as president. This was even to the amazement of the EFCC prosecutor, who bluntly told the Judge that the EFCC was not part of the Justice Ministry’s decision.

    Again the same President Buhari through spokesman Femi Adesina told 9jas he will only probe Jonathan’s administration and won’t go pre-Jonathan’s era because he considers it to be “far past”? Didn’t Femi Adesina utter these words on July 22?

    “He(Buhari) has said he will not waste time digging into the far past…the far past will includes Obasanjo and others. But the president has said he will not waste time to go that far.”

    Obasanjo left power on May 29, 2007 but will not be probed because he belongs to the “far past” abi? While Saraki is being prosecuted with all vigour for an offence he allegedly committed in 2003. Which is further between 2003 (Saraki) and 2007(Obasanjo)? Does that tell sincerity on the part of Buhari? I begi

    • John

      You are just a frustrated failure. Propaganda can only work on the emotion of people if it has an iota of truth. We Nigerians have opened our eyes. No one can deceive us to believe any lie no more. Keep your information to yourself, it is anti people and anti progress. It can never work!

    • Ugo Chianada

      I completely agree. Buhari is a wasteman. All these lists have no basis. We would like to see Buhari do something about Saraki, then we will know that he means business.

  • Rita Okagbue

    This information has no basis and facts. Why do journalists insists on acting like gossip blogs? This is not one of those gossip blog please

    • abdul

      Trust all our unthinking journalists to make this news in tomorrow’s papers. They will not do any research to validate the story or even add to the story they will just copy and paste. God help us with the rubbish that is published in the name of news

  • Ade
  • Serena

    So the senate president Saraki, and ex-governor of Kwara state owns undeclared property in his wife’s name in London Apart from the hidden London property, he had three additional abroad assets in his wife’s name hidden from the Nigerian government and are missing from his declaration form. His wife owns secret companies in some notorious tax havens and his brother, is connected to a number of shell companies. Yet we are here discussing private sector businessmen and not addressing the issues that exist. The fact that the government officials are actually just stealing money from the country and leaving everyone in poverty. Is this some distraction tactic by the government where they have just chosen to target the next possible person and just ignore the issues? What is Buhari really doing? Is he on this list too? This country is really beginning to confuse me.

  • Babanla

    Adewale Tinubu is the nephew of Asiwaju Bola Tinubu, former governor of Lagos State and the National Leader of the All Progressives Congress. It is actually the hand of Esau and the voice of Jacob. The N184B claimed to be a loss to Oando is not actually a loss but a product of ‘diversification’ by Tinubu et al. It is a pity that it is the shareholders who would bear this loss while Wale and his Uncle Bola stash away their ‘profit’ in safe tax-free havens. Na wa for we country o…politicians are corrupt, business men are dishonest and also abet corruption. Hmmm…..

    • Job

      No one need that information from you. You are just speculating an insinuation generated from unnecessary hatred. If you have nothing to say to those who are accused of fraud and are steal occupying political posts, go and sit somewhere. Corruption impersonator!

      • Segun Akinrele

        LOOL! TELL ‘EM!

      • shola stephen

        May God bless you. Don’t mind the hater’s. I knew he will be happy when he saw the title of the news but got disappointed when the news was not about jagaban.

    • Segun Akinrele

      I don’t understand why you think anyone will want to steal from their own company and move it to a tax haven, to then appear to be struggling to the world. Like, did you make sense of that point before coming to type it here. If he owns Oando, why would he steal his own money and shareholders money to damage his brand when he can keep making money from the business and keeping that away. This whole loss and hiding money argument makes absolutely no sense bro!

      • Babanla

        The same reason why those former bank MD’s killed their banks and diverted money to personal businesses. The fact that someone holds the majority shares in a company does not make him the absolute owner. Moreover, smart business men don’t trade with their own cash rather they use the banks and shareholders money to reduce their risks and increase profit. Crooked businessmen have their own way of sinking companies when they discover it is no longer profitable for them. It is different abroad because they have an alternative in declaring bankruptcy. Hope you have been well educated. I have nothing personal against Wale or the Tinubus but this is the true picture of things and just be patient you will soon hear the full gist some day.

        • Salisu

          I have not been educated because you have not told me the reason. You just said the same reason, which I do not know. I see why you are here on this blog commenting and not running your own business. Please don’t come and be a god on a news column. Apply this wisdom if diverting money to personal businesses in your own life. KMT!

        • idris

          I hear you about diverting money to fund a personal business but the point is there is no shred of evidence to suggest that they used company resources or shareholder funds to enrich themselves. It just says they have offshore accounts, how much is in the accounts we do not know, how the money was made we do not know. So what exactly are you up in arms about?

        • shola stephen

          Just bcos you want to indict an innocent man Bola Ahmed tinubu in this matter, you then begin to turn your sense of reason upside down by writing rubbish.

      • sabosuji2000@yahoo.com

        But you guys believed Saraki milked Socite Generale Bank dry. Who owns the bank? Who ran it aground? Reason well guy

    • Kanye

      It is actually the hand of Esau and the voice of Jacob. What does that mean? A business man is allowed own companies anywhere in the world even in the ocean. You need to reorganize your thoughts and be objective in your criticism.

    • lekan akande

      Guyyyy think about that statement he has stolen money from his company to the point where they company is floundering so he can hide in an offshore account!!! Even a mad man won’t do that. Let’s apply some logic before commenting. And no I am not a Wake Tinubu brand ambassador I am just asking that you use some common sense

    • AriaFada

      It is for the shareholders to complain to the police or regulatory authorities – NSE, and if they believe the loss is a misstatement of the companies financial position, they can sue the external auditors for assisting such a fraud.
      I believe the loss to be real as a lot of these companies bought oil assets from Shell etc. at the top of the oil boom.

  • Ebele

    Please where is GEJ and Mama Peace in all this? I don’t know how this is corruption. Someone has his own businesses and is living his life, biko is he the minister of petroleum?

  • Ebuka

    Nawa o so because somebody wants to cook rice, he cannot cook small indomie and eat first?is he not a business man???biko coolio godu down!

  • Spoken word


  • Izon Redeemer again?

    The Insincerity and Hypocrisy of Osinbajo and APC

    The lying Maschine of the Apes in APC Alhaji- Lai Muhammed and other APC chieftains joined the chorus to urge Saraki to appear before the Code of Conduct Tribunal to clear his name. People may be fooled into believing that these APC men mean business. But do they? Na lie a bunch of 419ners that is what they are!

    When ex-CBN Governor Sanusi Lamido Sanusi was indicted for fraud by Financial Reporting Council in March 2014, instead of telling him to respond to the allegation, VP Yemi Osinbajo, Dr. Kanyinsola Ajayi and Kola Awodien approached the court in April 2014 to restrain the FRC, FG and other security agencies from investigating and prosecuting Sanusi. Their prayers were granted by FHC Judge John Tshoho on May 13, 2014. In the words of the Judge…

    “The plaintiff submitting himself for investigation (by FRCN) is like the cockroach finding itself in the midst of fowls. Such a cockroach cannot be innocent,”—The Apes in APC shielded Sanusi and NEVER asked him to defend his allegations. Today Sanusi is a monarch installed by Tinubu in Kano.

    When Atiku Abubakar was indicted by the Senate and the government of Obasanjo on allegation of financial misappropriation of PTDF fund in 2006/2007, didn’t Lai Muhammed the spokesman of AC(as at 2006) defend him and cried witch-hunt while forgeting issues? Didn’t they go ahead to give Atiku the AC flag for 2007 Presidential election? Was Garba Shehu not Atiku’s spokesman then? Why didn’t they tell him to face the allegation? Who is fooling who? The same Lai Muhammed as spokesman of ACN cried that the FG wanted to use the Code of Conduct Tribunal to silence Tinubu when they arraigned him in 2012. In fact, ALL ACN Governors then, abandoned governance in their states to accompany “Jagaban” to Abuja throughout the trial. When did these men turn anticorruption apostles or crusader–in May 29th 2015?

    Before Murtala Nyako was impeached in July 2014 on allegation of Corruption, APC Governors, Chieftains and even Chairman Oyegun did not talk about the offence but were accusing Jonathan of witch-hunt. In fact John Oyegun said this

    “What was Nyako impeached for? An Offences he allegedly committed five years ago. Those offences were not impeachable when he was in the Peoples Democratic Party. But the moment he defected to the APC, they became impeachable.” The Apes in APC are marketing Saraki for Aso in 2019-that is what the Apes are all doing-selling him cheap to the masses! with mumu Buhari ati tinubu as the arrow heads of the plot-animal

    • CoinRenz

      Naija for Show. Go to court with your evidence please.

    • sabosuji2000@yahoo.com


  • Haba Mallam

    The title of this article is not fair to Bola Tunubu, because it authomatically put the assumption at first that it’s Bola Tunubu until one reads the first paragraph, it should have been titled differently to distinguish Bola from Wale in this times of corrupt allegations on a daily basis. If I haven’t read the whole piece I could gone thinking it was Bola Tunubu and that’s not fair editor pls take note.

    • ambode

      It’s just a sensationalist story no substance. The only fact is that they have offshore accounts, journalist has decided there must be a lot of money in the accounts because the fund managers are being paid $10k to $20k a month. If PT try this with oyinbo man then go sue them finish. PT if you have facts that speak to wrong doing share ooo

      • Ayelala

        If he pays that much to management, then he must have a lot of pie somewhere. my guess is that the guy is a dollar billionaire.

      • sabosuji2000@yahoo.com

        Ambode, are you being honestly fair in your submission here? All these while you have been celebrating other people on mere mention of their names on corruption related issues, did you ever stop to ponder if such stories could attract libel? Why now that you have just woken up to realize the story is ‘watery’? There is GOD oooooooo!

    • Ayelala

      No smoking gun here unless s case of tax evasion can be built on him . As much as I dislike all these useless unpatriotic elites who rather than Invest at home put money in foreign banks, Wale Tinubu is not a politician.

      • newday

        Can Wale hide money stolen by politicians? Can Wale Tinubu also be Ahmed Tinubu? The answer to both is a big, fat yes, Offshore is never without a dubious motive. In fact, Offshore does not have an investment purpose. It is primarily a shelter.

    • citizenka

      Well now there is a good lesson here for you and others then: Always read before concluding or commenting.

  • shola stephen

    I know some of you on sighting the heading, will be saying God don cash jagaban but on reading further you are highly disappointed, that is the way Bola Ahmed tinubu has been triumph over you haters, your wicked expectation over him will continue to fail.

    • Oty

      You’re less than smart to think it doesn’t point to him.

      There are facts already linking him and Lagos State money to OANDO. THIS was even clear from Time of obj.

      Only thing is that you alone is the one that is scared on account of money that will not come to you.

      Remember Cameron? His linked up with his father.

      It’s a matter of time boy. The bell is rolling for your hero.

  • NinjaK

    By the way – Who is Wale Tinubu without Bola Tinubu’s loot?!
    Wale was in UK with the rest of us and only came into prominence under BAT’s rule of Lagos.
    You perpetual “MUGUS” just dont know what is happening all over the World Financial Centres & Premium Property Zones!

  • Ayinde

    Sincerely i wonder what people hope to achieve in all of these or is it because i do not have such amount of money. When these people hide money under the sea and up in the sky hoping nobody finds it, similarly when they answer the call of nature and are deleted from mother earth, none of there relations gets to know of all these deeds. They often assumes immortality when doing all of these. Yet who is loosing Nigeria.
    I would like to suggest to Buhari, rather that allow these funds to go to these countries lets us create a system where they will all return all there looted funds and on one conditions that the invest the funds in Nigeria. Then we will have huge financial base to defend our currency. Its really funny indeed .

  • Abidilagungun

    Bola Tinubu brought the seed money for the acquisition of Unipetrol by Wale Tinubu. That we know from back in 2002-2003 when the FG shares were sold. No smoke without a fire. What amazes is how Bola Tinubu’s online army are dismissing the allegations as ‘no smoking gun’ when few weeks ago they were crying blue murder over Saraki’s own documents that were far less revealing. Corruption fighting back from within. We go see how Baba go handle this one

    • citizenka

      Where have they dismissed it?

    • Slimshady

      An you were there when the money was brought abi? Why do we insist on making ignorant claims?

      • sabosuji2000@yahoo.com

        Those calling for Saraki’s head, were they there when Saraki stole all the money he’s accused of stealing? Why do some people like shifting goalpost after the game has kicked off? Is this an animal kingdom where some animals are MORE EQUAL THAN OTHERS? All that is playing out now could be traced to 2011 House of Reps Speakership election where ACN teamed up with Tambuwal to spite PDP. Now, PDP have paid them back in their own coins and hell is being let lose. If ACN had not done what they did then, PDP would not have as well sided Saraki now. But while ACN celebrated Tambuwal’s ‘victory’ then, calling it victory for democracy, same people or party are now labelling Saraki’s emergence as ‘treachery’ and ‘betrayal’ of party supremacy. Is that not double standard? Kill Saraki, he’s a thief, now it has affected one of their own and they are now changing the tune of the music so as to alter the dancing step. Is this the way we want to build a new, prosperous and united Nigeria?

  • ijelejames

    Wow! Probably the greatest thief of all times. This dude is a pro.

  • Sparzo

    This is seriously big time money laundering and fraud with
    with the biggest ever recorded loss, N184B as the icing on the cake.

    Good news is the City of London Police are already involved through Ibori and Oando trading.
    Evebn better news, it deems that a London based business consultancy with Oando

  • Otile

    Awon omo Odua a gbe yin oo
    Ifa ba awon omo yin oo
    Nibo ore mi Abubakar tundemash?

  • Bambam

    For the novices on this forum…Wale Tinubu is a nephew to Ayatollah Ahmed Tinubu..this much anyone from Lagos can confirm to you..in fact Fashola met Ayatollah Tinubu for the first time in 1991 through Wale Tinubu..

    Fashola was working then as a lawyer with the law firm Sofunde, Osakwe, Ogundipe and Belgore when Wale joined as a lawyer..they met Ayatollah Tinubu at his office at CMS Bookshop on Odunlami street where Mobil had an outsourced finance department..

    Thus Wale and Ayatollah Tinubu’s relationship is la familia (family)..on the business front Ayatollah Tinubu used Lagos state funds together with convict James Ibori who used Delta state funds to buy Unipetrol when then VP Atiku on behalf of the FG sold it in 2002/2003..

    Another beneficiary was Yusuf Ali..the shares bought on behalf of the Lagos state government were later sold to a SPV owned by Wale Tinubu (Ayatollah Tinubu’s nephew)..thereby putting the indigenous company in full control of the Tinubu’s..the same method was used by Ayatollah Tinubu and Ibori to buy ECONET later Vmobile using state funds..then selling off the shares and pocketing the loot..

    Everyone knows Ayatollah Tinubu owns Oando..and his name would soon pop up as owning shell companies in Seychelles..the BVI and also owning refineries and oil business in South Africa and Guinea..

    Ayatollah Tinubu is the easiest to trace in terms of stolen wealth..but thus far he’s been protected by imposing a Governor on Lagos state and House of Assembly members..so as to hide away all his sordid theft from Nigerians..but the truth soon be told..we getting there gradually and with ease too!!

    • MaskedPhantom

      The Bambam Papers…

      • Bambam

        The MaskedPhantom Reader….

      • Sincerely Yours

        Really Bambam papers. Lol.

        • Bambam

          ..Another Imbecile..I’ve replied you in a previous comment..dunce!!

  • francis

    Owning an off shore account is a way of illegal way of diverting funds. So why should an honest businessman own an off shore account if he isn’t involved in shady deals? Source of this funds should be traced. mr wale wouldn’t pay a front, 10k dollars if the fund weren’t heavy. Moving funds from the country such funds were generated to a tax haven country is illegal. Why? Because, you won’t pay taxes on such funds to nigeria. (tax evasion) an educated individual should know these things. So its up to efcc to investigate. This time last week, apc online rats where screaming, crucify saraki, now a relative to tinubu in on the burner and they changed their cries too, “PT can gossip” double standard folks gat no shame and integrity

    • Sukky

      Owning an offshore account is an illegal way of diverting funds? What????

  • Otile

    This is shameful, these thieves steal and siphon Nigerian wealth to other countries, yet_idiots see them as patriots. We wish half of this wealth is invested in Nigeria, every nook and corner of the Republic would look like Dubia. Look no further for Nigerian economic saboteurs. Why are the hypocrites; let them come out and defend their tribesmen.

  • Omooba

    The revelation should not come as a surprise to discerning Nigerians and short-changed investing public that have been improverished having lost so much funds through the capital market in the last 10 years without returns on their investments. The slef-styled wizkids are only boardroom marauders in cowboy skins.
    Tinubu is not alone. And the NSE and SEC have a greater share of the blame as regulators of the capital market watching the lootocracy pervading boardrooms and management of most public quoted companies in Nigeria with impunity. The same way a vibrant pioneering construction company like Costain (WA) has been plundered by another wizkid who raked so much free funds from the investing public in 2008 through Rights issues and IPO for N11.00 and N13.00 respectively without any justification till today. He is known to have interest in other ventures (Oil and gas) for which funds meant for Costain were known to have been diverted. To him, it pays to kill and wind up Costain leaving share holders to their fate just like “igi da, eiye fo” while SEC and NSE look the other way.

    • Sincerely Yours

      These are the same ‘young brains’ we are to hand over the running of our country to. That is when we will really ‘enter one chance’.

    • TrueNja

      This is why you can never see any serious non corrupt investors to invest in Nigeria.

  • StormRider1

    Ah Naija! Na wa o!!

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  • V K

    I am reading the comments and I cannot believe that there are such a bunch of ignoramuses on here!
    1)An honest businessman can own whatever he wants. He is a private individual and he is allowed to have offshore accounts. Wherever he chooses to own businesses, he can, there is nothing illegal about it and if there was, then there will be legal action.
    2)Where is the evidence behind all of these claims? The people that claim Ocean and Oil was birthed from Asiwaju’s money, where you there when the money was collected? Where is the evidence for all of these claims? It would be nice to see Nigerians speak with fact to back it up.

    What I don’t understand about Nigerians is how everyone comes on blogs and knows all these facts about how people made their money. If you spent time building yourself up, maybe you will make enough of your own money to put in an offshore account and stop being bitter about someone else’s.

    • Daniel

      People have very legitimate reasons to talk about what you do not want. We are looking at :
      1.whether Wale has been evading taxes.As you know,the finance minister has said over 300,000 companies in Nigeria do not pay taxes. And of course that should include those that underpay.

      2. Whether Wale Tinubu is in anyway a front for BAT. There is no doubt about the controversies surrounding how BAT managed Lagos.

      I hope Buhari summons the courage to separate politics from legality.

      • Sincerely Yours

        Your second point does not make any sense to me. What is the relationship between Wale and Asiwaju, to the extent that you are looking at the former being a front for the later. How Asiwaju managed Lagos, is a controversy to people like you who want to ‘believe in what you want to believe’ without facts,

        • Daniel

          It is beyond controversy actually. Ribadu has a huge dossier on him. BAT only slipped through the CCT.

          His corruption case is very latent and can be revived. For now he is free because Buhari is being grateful for his political support.

          The future is pregnant. Saraki never knew it would come to this…

        • Bambam

          Continue to worship your god Ayatollah Tinubu..and keep asking people for facts on how he governed..when it is out there in the open and general knowledge..it was the same way one of Ayatollah Tinubu’s fellow Islamist quarrelled with the truth and facts..when it was presented to him by her Honourable lady Justice Folahanmi Oloyede..even when she mentioned the facts were in the open and known to all the public..they still argued with her stupidly..now we know Osun state earns a monthly pocket money of N6million..so keep asking for facts that are open source already..Imbeciles!!

        • sab

          Sincerely Yours, can you be sincere with yourself that if it were another person, especially with different political disposition or even ethnic differences, will you hold this your view? If not, then, don’t criticize anyone accused of one offense or the other.

      • share Idea

        Dezeani confirmed in one of his interview how Bola Tinubu visited her several times to plead for favour for Oando. Wale is just a figure head for Bola in terms of Oando and other businesses. Nigeria we hail thee

    • Bambam

      You are an imbecile asking people for evidence like they are the EFCC or Police in charge of getting such evidences..it was the same way idiots like you would ask for evidence of wrong-doing on Wale Tinubu’s part until we now have the Panama Paper Leaks..

      If Wale Tinubu was as confident as you and believes he’s done nothing wrong with owning an offshore account and Shell companies..he would be the first to speak for himself rather than an irrelevant online troll like you..

      Your stupidity is also on an aphrodisiac it is so erect..for asking people to build themselves up enough to own monies to open an offshore account rather than comment on here about the fraudsters called Wale and Ayatollah Tinubus..who told you any descent Nigerian wants to own a secret account offshore?..and why don’t you build yourself to own such a vain dream of yours..rather than come here and defend caught rogues?..You Grand Imbecile!!

    • Dele Ajayi

      Teachable moment – shell company means no known business just established for money flow. You use them to launder money you don’t want to be traced. It is also a lack of confidence in your country’s economy, like the Chinese taking money out of China and investing it stateside. It also means money that is supposed to circulate around throu b here business in Nigeria is stashed a a ay abroad. The ed conomy of a country is the rate at which money changes hands. This is we hy African economies are crash I ng because the leaders take out the mon r y from circulation. You will fiND it hard to get a job without money flowing g around enuff for the smart ones to start businesses that can employ people.
      I hope that is clear enough.

    • Umar

      Man, your statements proved you are the ignoramuse or whatever the word is. First of all, u said he can own and have account where ever he has. Then why did the US instigated the release of these papers to hurt its enemies. Meaning, why does it have to be called a leak at the first place. Why were Putin and David Cameron enraged when the papers were released? Man, if u ar referring to globalisation. That is not how it is done, not that it is even good for the inhabitant.

  • Sir Louis

    Big challenge for the ongoing anti- corruption war!

  • Mr. Abdin

    Tinubu again?

  • Dele Ajayi

    Avoid buying petrol at Oando as he does not want to support Nigerian economy.

  • newday

    Thank you Premium Times for being the real senior advocate for Nigeria. Finally Nigeria is having a real newspaper! The question now is whether Buhari will play the advocate for which we hired him by recovering the loot.& jailing the looters..

  • LagosBoy

    Oando Nig Plc is being managed by Wale Tinubu and has not declared profits for several years whereas Wale Tinubu’s Shell companies have been declaring huge profits and doing extremely well. Nigerians shareholders bear the brunt of losses declared by OANDO PLC. The N184b losses declared in 2014 was definitely invested in one of his shell companies.
    Whilst we may or may not be able to link for now Wale Tinubu’s investment in Mossack Fonseca with BAT, it did show that Wale Tinubu is not a good manager of resources or that he has been declaring losses for the Nigerian shareholders who have invested their hard earned money in OANDO while at the same time he has been declaring the profit for himself and investing them in his shell companies. This is corruption.