Business
BREAKING: Saraki, Mark, others in trouble as Presidency orders probe of Nigerians named in #PanamaPapers
The senate president, Bukola Saraki, and his predecessor, David Mark, and other prominent Nigerians may soon be in trouble as the Presidency has ordered the investigation of present and past Nigerian officials named in the Panama Papers scandal.
The chairman of the Code of Conduct Bureau, CCB, Sam Saba, confirmed the directive to PREMIUM TIMES.
This newspaper had published leaked papers from a Panamanian law firm, Mossack Fonsecca, which were obtained by the German newspaper Süddeutsche Zeitung.
The 2.6 TB files, involving 214,488 entities, exposed incredible secrets of the underworld economy, where a network of banks, law firms and other middlemen utilize shell companies, sometimes to hide illegal wealth.
PREMIUM TIMES identified at least 110 Nigerians and companies operating offshore shell companies in tax havens.
Mr. Saba said the Presidency forwarded names of some persons mentioned in the Panama Papers, to the agency for investigation.
“I want to let you know that government has written to us and given us some names based on what they have been reading and hearing regarding that document,” Mr. Saba said.
He said as soon as the #PanamaPapers reporting started, the CCB attempted to get the full leaks until PREMIUM TIMES assisted it by making some details for its scrutiny.
Mr. Saba said the CCB, after studying the papers, has questions for some public officers in the country.
He would not, however, disclose the names of the affected public officers.
“I think it (Panama Papers) is going to be helpful because already we have some questions for certain public officers, which I will not be able to disclose at the moment. Until they finish answering those questions, I may not be able to discuss it,” he said.
The CCB boss said the agency took some time to respond because it could not secure the leaked documents.
“I tried to access the document via the internet, but I was required to subscribe and pay some money, which I didn’t have,” Mr. Saba said.
“That was what stalled our effort at the time. But I later asked my counterpart in the ICPC if he was in the picture and he replied in the negative. He, however, advised me to approach PREMIUM TIMES.”
Public officers who may be investigated by the CCB
Senate President, Bukola Saraki
Four assets listed in the secret offshore accounts carry Mr. Saraki’s name, but the embattled senate president failed to disclose them in violation of Nigeria’s Code of Conduct law.
One of the companies in Mrs. Saraki’s name in Seychelles Island is Sandon Development Limited, a vehicle used in acquiring a property on 8 Whittaker Street, Belgravia, London, in 2012.
Another shareholder listed for that company is Babatunde Morakinyo, a long-term personal aide and friend of Mr. Saraki. PREMIUM TIMES confirmed that the assets actually belong to Mr. Saraki, and not his wife, Toyin.
Evidence showed that Mrs. Saraki and Mr. Morakinyo were mere fronts and nominee directors holding assets in trust for the Senate president.
According to one of the documents obtained by this newspaper, Mr. Sakari, while still Kwara State governor, and describing himself as landlord of 8 Whittaker Street, London and 70 Bourne Street, London, executed a deed granting his tenants license to alter the premises of the properties.
A part of the deed reads, “This license is supplemental. The reversion immediately expectant on the determination of the lease is now vested in the landlord.
“The unexpired residue of the No. 70 (Bourne Street) lease is still vested in Dr. Saraki and the unexpired residue of the number 8 (Whittaker Street) lease is now vested in the companies.”
The deed was “signed, sealed and delivered” by Mr. Saraki on behalf of himself, Sandon Development Limited and Renocon Property Development Limited.
It was, however, from Renocon that Mrs. Saraki, posing as owner of Sandon, purportedly bought Number 8 Whittaker Street in July 2011.
Both companies belong to Mr. Saraki, but he only used a company owned by him to buy a property from another of his companies.
Toyin acted as a front for her husband in the purported transaction.
The Sarakis also own Girol Properties Ltd, which was registered on August 25, 2004 (a year after Mrs. Saraki’s husband became governor) in the British Virgin Island (BVI).
Company documents show that Mrs. Saraki owns 25,000 numbers of shares with a par value of US$ 1,00 each. She was appointed the first and only director of the company.
Mrs. Saraki had in a letter to the International Center for Investigative Journalism, ICIJ, denied having a shareholding in Girol Properties.
But this newspaper found a document linking her to the firm, as well as another handwritten document suggesting that she was known within Mossack Fonseca as just a nominee director and not the beneficial owner of the company.
Former senate president, David Mark
Former Senate president, David Mark, has links with eight offshore companies in British Virgin Island as shown by the leaked database of Mossack Fonseca.
The database showed Mr. Mark is one of Nigeria’s most extensive users of offshore shell companies, while serving as a public official.
The companies are 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.
In the documents, Mr. Mark was repeatedly marked as a politically exposed person, and at a point the former senate president had to send documents, across to Mossack Fonseca to prove that he was clean.
The 68-year-old former military officer spent the last 40 years covered by the investigation largely as public office holder. He is widely seen to be far richer than his legitimate incomes could have provided.
He served as military governor of Nigeria’s north-central state of Niger, minister of communications, and later as president of the Nigerian Senate from 2007 to 2015.
Mr. Mark has been in the senate since 1999, and remains a senator of the federal republic, representing Benue South Zone in the upper legislative chamber.
Former National Planning Minister, Rasheed Gbadamosi
A former Minister for National Planning, Rasheed Gbadamosi, owns two expensive and luxurious penthouses in Panama, a notorious tax haven.
Mr. Gbadamosi, writer, businessman and bureaucrat, who was recently appointed co-chairman of the Lagos at 50 planning committee, bought the two properties in 2008, while serving as chairman of the Petroleum Products Pricing Regulatory Agency, PPPRA.
He paid a staggering N836.8 million ($2.6 million) for the penthouses located in a swanky tower in Panama.
According to the leaks, sometime in early 2008, the former minister approached Gilberto Aleman, a Panamanian real estate broker, to help him secure two posh penthouses owned by Nicolas Corcione, owner of Ciclones Corporation Inc, and Cosmopolitan Corp, the companies under which the properties were registered.
Valued at N436,800,000 ($1,365,000.00), Penthouse 1, the first penthouse Mr. Gbadamosi bought, is located in Ocean Park Tower 2, and consists of a surface area of 537.33 square meters, on floors 35 and 36 of the Tower.
Former Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Funsho Kupolokun
Mr. Kupolokun, 69, is one of the largest shareholders in one of Ghana’s biggest hotels, the Kempinski Accra Hotel, a 269-luxury rooms five-star facility.
But a close look at the company’s records will not reveal this fact because in 2013, Mr. Kupolokun, who was head of the NNPC between 2003 and 2007, used a shadowy offshore company registered in Mauritius, a known tax haven, to hide his shares in the company that owns the hotel.
The company, Gold Coast Resorts International Limited, is an entity incorporated in the British Virgins Island in 2006.
Details obtained by PREMIUM TIMES from the leaked Mossac Fonseca’s database showed that Mr. Kupolokun became director of Gold Coast Resorts on August 11, 2008 and personally held 17.23 per cent shares in the company.
Correspondence between Mossac Fonseca and a London-based law firm representing Mr. Kupolokun, Kennedys Law LLP, revealed that the former aide to ex-president Olusegun Obasanjo, authorized the transfer of his shares in Gold Coast to Blue Chapel, a company registered in Mauritius (another tax haven), in January 2013.
At a point, Mossac Fonseca raised concern about Mr. Kupolokun, after its compliance unit identified press reports accusing the former NNPC chief of corruption.
In response, on September 7, 2014, Mr. Kupolokun wrote, “Thanks so much, I now know what is being referred to.”
Former Delta State Governor, James Ibori
Mr. Ibori, is found to have established limited liability companies and foundations in secret offshore tax havens to hide some of the funds he looted from the state’s treasury, a leak of secret tax documents has revealed.
The former governor, who is currently serving jail term in the United Kingdom after pleading guilty to fraud charges in 2012, enlisted his immediate family as beneficiaries of the offshore companies and foundations.
To hide his loot, Mr. Ibori, working through a Swiss asset management firm, Clamorgan S.A. in Geneva, established several offshore companies, including Stanhope Investments Limited, a foundation, Julex Foundation, and a trust, The Hopes Trust, enlisting himself, his wife and daughters as beneficiaries.
Clamorgan prides itself as a company that provides asset management, fiduciary services, immovable property administration, amongst others, and operates under the laws of Geneva, Switzerland.
After almost five years of playing cat and mouse with Nigerian and British authorities, the former governor capitulated on February 27, 2012, pleading guilty in a London court to 10 counts of money laundering and conspiracy to defraud. Before Judge Anthony Pitts, Mr. Ibori admitted stealing $250million as alleged by the prosecution.
A former Group Managing Director, NNPC, Abubakar Yar’Adua
Mr. Yar’Adua bought a posh home worth £890,000 in London using a secret offshore company he registered in the British Virgin Island. Leaked files showed the offshore company to be Hydrocarbon Assets Investments Limited.
Mr. Yar’Adua bought the house in 2008, while serving as the Group Managing Director of the NNPC. He became NNPC GMD in August 2007, and was removed from office in January 2009.
In April 2008, eight months after he took the NNPC top job, Mr. Yar’Adua used a London residence address at Beechwood Hall, Regents Park Road, London N3 3AT to register an offshore company, Hydrocarbon Assets Investments Limited in the British Virgin Island.
To cover his track, Mr. Yar’Adua prepared a corporate smokescreen by appointing two front companies to act as directors of Hydrocarbon Assets Investments Limited.
Documents seen by PREMIUM TIMES showed that on November 7, 2008, Mr. Yar’Adua was the sole director of Hydrocarbon Assets Investments Limited.
He resigned on the said day but appointed two companies, Gudson Limited and Roselle Limited as directors of his company.
Additional documents scooped from the Mossack Fonseca files exposed how Mr. Yar’Adua utilized his Hydrocarbon Assets Investments Limited to secure a loan from Dexia Private Bank Limited in Jersey.
This he used to purchase a property worth £890,000 in London. Dexia Private Jersey Limited, Hydrocarbon Assets Investment Limited and Mr. Yar’Adua signed the loan agreement on November 18, 2008. It was effected on December 2, 2008.
The property, until now a secret, is located in a freehold estate at 28A North Crescent, Finchley, London N3 3LL. It was registered under the title number NGL624398. A freehold property refers to outright ownership of a property and land on which it stands. The owner of the land has no time limit to his period of ownership.
Andy Uba, Senator, Anambra State
In November 2004, Mr. Uba was only a special assistant on domestic affairs to the then President Olusegun Obasanjo but he possibly had enormous wealth in his hands that he sought the services of the offshore handlers, Mossack Fonseca, to float for him an anonymous company.
Now a serving senator, Mr. Uba, owns a shell company by name Wentworth Properties Limited in the Republic of Seychelles, an infamous tax haven.
Andy Uba’s net worth was insignificant before May 29, 1999 when Olusegun Obasanjo was sworn in as president. He later returned from the United States to be appointed a presidential aide.
He is believed to have become suddenly rich, running for governor in 2007, and then for senatorial position after his governorship election was annulled.
Mr. Uba’s offshore structure in the Seychelles was erected with the help of two women, Marta Edghill and Vianca Scott, believed to be his fronts.
Minutes of the first meeting of the board of directors of Wentworth Properties Ltd showed that the said meeting was held on November 3, 2004. The minutes said the two women constituted the totality of the board of directors.
Marta Edghill and Vianca Scott elected themselves President and Secretary of the company respectively.
David Umaru, Senator, Niger State
In his native Niger State, David Umaru, the All Progressives Congress, APC, senator representing Niger East Senatorial District, is something of a folk hero.
He was a thorn under the skin of the immediate past administration of Governor Babangida Aliyu. He was an unwavering critic and soon gained the reputation of a whistleblower after be published series of advertorials in national newspapers exposing alleged corrupt practices by the Mu’azu Babangida administration.
But one aspect of his life Mr. Umaru would hesitate to see on the pages of newspapers is his dealings in notorious offshore tax havens and his role in laundering money for the country’s most notorious dictator ever, Sani Abacha.
Documents obtained by PREMIUM TIMES, revealed that Mr. Umaru incorporated two shell companies in the British Virgin Islands.
The first company, Yorkshire Investment Limited was incorporated on April 27, 1998 with a registered address at No2 Commercial Centre Square, Alofi, the capital of the Niue Island.
The company was incorporated by International Trust Company (ITC), a Niue-based registering agent. In other to conceal the true ownership of the shell company, ITC provided two nominee directors for the company – Melvin Scales (Chairman) and Ramses Owens.
Mr. Umaru was named the true and lawful attorney of the company. Not satisfied by the incorporation of his first shell company, five months later, exactly on September 15, 1998, Mr. Umaru again went shopping for his second shell company – Darweng Holding. This time he decided to incorporate it in the British Virgin Islands.
Ibrahim Gobir, Senator, Sokoto State
Ibrahim Gobir, an All Progressives Congress, APC, lawmaker, who represents Sokoto East Senatorial District in the National Assembly has also been named in the leaked document as having secret offshore accounts.
Fuller details of his involvements will be available in future publications.
Source :Premium times
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”
In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.
At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.
This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.
The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.
At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.
Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.
The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.
This widespread non-compliance stems from multiple sources:
A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.
A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.
An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.
Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.
The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.
Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.
Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.
In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.
Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.
Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.
Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”
Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”
These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.
Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.
The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”
The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.
Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.
When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.
In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.
The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
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