Business
MUST READ!!! The many Implications for Nigerians Named in Panama Papers
As in the era of WikiLeaks, the world has once again been rattled by revelations about leaked information on secret accounts and other holdings of influential people around the globe.
The Panama papers are documents that were leaked by consortium of investigators across continents, after they hacked the database of shell companies that were lodged in an enforcer’s records.
In this kind of issue, it is usually predictable to find Nigeria on the list. It was, therefore, not surprising when, within days of the leakage, some serving public officers, and other retired ones, as well as oil moguls from Nigeria were named among those on the list.
Facilitator of the hidden interests and companies for Nigerians and other world leaders in British Virgin Island, as shown by the leaked database of Mossack Fonseca, a Panamanian law firm, has brought grey hairs to some Nigerian public officers and has elicited denials and staccato statements from others.
So far, those named in the documents are; the former governor of Delta State, Chief James Ononefe Ibori, who is serving term in a London prison; embattled Senate President, Senator Bukola Saraki, currently having his time in court on charges that border on alleged false asset declaration; former military General and predecessor to Saraki from Benue State, Senator David Mark; and retired Army General and oil mogul, T. Y. Danjuma. Also on the list are; the world’s richest Blackman, according to Forbes, Alhaji Aliko Dangote and his business partner, Sayyu Dantata. Their names featured as operators of shell companies.
The question has been if it is an offence to register an offshore company in a tax haven. What are the implications if a public office holder has such interest, and what the Nigerian law has to say about it. Also of interest, is how such a holding can affect a non-public office holder. Tax havens are described as places where the influential can engineer their holdings in a sub-surface manner that takes attention off them and their investments. In the process, since such holdings are usually not directly linked to them, taxes that are supposed to be paid from such earnings are usually not paid and are, instead pocketed by the operators of the company.
Directors are appointed to hold forth within short periods, which the laws of incorporation in such places, mostly remote and small islands, allow till attention shifts and then they bring in those to run the company and operate without the extant laws of their home country and, where they can, navigate the laws of their hosts to take all profits without paying full or any taxes.
Interestingly, lawyers who spoke to THISDAY on the issue were in agreement on the central issues of the leaked papers, though with different angles of explanation.
While Chief Abiodun Owonikoko, SAN, a Lagos-based Lawyer agreed with Mr. Onuoha Kalu, an Abuja-based lawyer on the fundamental that there was no law banning the operation of an offshore company in a tax haven, they however pointed out that it would become an issue if a political or public office holder was involved.
Owonikoko said that, “There is no law banning a public officer from being a shareholder in a foreign company but the officer has to declare his interest fully in it. This is because he pays tax from his salary under the Pay As You Earn PAYE while the shareholding in foreign company also brings in dividends in hard currency which has to be paid into a foreign account that the officer is forbidden from operating.
“The real issue will be when the officer fails to fully disclose such interest and what accrues from it. It affects both political office holders and private sector operators when they fail to pay their taxes correctly. To the political office holders, such offence as under-declaration of assets and tax evasion could be established while the private sector operator could be guilty of tax evasion.”
To him, Iceland’s Prime Minister, Sigmundur David Gunnlaugsson, who has already resigned, because he was named in the leaked papers, may have done so out of moral burden and not necessarily for fouling any law unless there were other facts available to him to have prompted that. In Nigeria, however, resigning from ones position based on such leaks is rare.
Kalu, who sees Nigeria as a “tax haven or sorts” since the country was not strict on ensuring filing of tax returns yearly, submitted that while having shares in offshore companies in tax haven was not an issue, lack of full disclosure on interests in such havens could pose a legal problem.
“Lack of declaration of interest or lack of full disclosure fouls the law on asset declaration for political and public office holders and comes with issues of paying the correct tax. To those in the private sector, it would be a problem when tax is either evaded or avoided. It is evaded when someone who should pay tax does not do so, and avoided when mechanisms are creatively applied either to pay less than one should or not pay at all,” he explained.
How it affects those named
Ibori: Allegedly working through a Swiss asset management firm, Clamorgan S.A. in Geneva, Ibori established several offshore companies, including Stanhope Investments Limited, Julex Foundation and The Hopes Trust, enlisting himself, his wife and daughters as beneficiaries. Ibori allegedly cooked transactions and even tried to obtain loans using some of the shell companies. He was later stopped and tried, before what appeared like a failed plea bargain landed him in jail in the United Kingdom. Most of the assets linked to him have relations and children as holders of interest in the companies. He was a governor and political office holder; so if it is proved that he had interests in such offshore companies without declaring them in his asset declarations, he may still face the law since time does not run against federal offences. His could be failure to fully declare his assets, as well as tax evasion.
T.Y. Danjuma: The retired general and former Defence Minister was named in Panama papers as a user of offshore companies. The Mossac Fonseca files exposed his interest in Eastcoast Investments Inc, allegedly incorporated in Nassau, in the Bahamas. An online medium, Premium Times reported that aside Danjuma running such shell interests, he was fingered among global personalities found to maintain secret accounts, operated with codes, with the Swiss branch of banking giant, HSBC. “He was linked to HSBC account 15731CD, which was opened in 1993 and closed in 2001,” the medium said. If he was earning dividends and profits from such companies and did not pay his taxes accruing from them, he may have fouled tax laws and may be charged. Also, if such foreign accounts were being run when he was still in the Army or as minister, then it may mean trouble for the big fish.
Mark: No fewer than eight companies were reportedly linked to David Mark and they 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. However, Section 6 (b) of the Code of Conduct Act provides that a public office holder shall not, “except where he is not employed on full-time basis, engage or participate in the management or running of any private business, profession or trade. If the companies linked to him were not declared in his asset declaration form, which requires that interests of your agents, nominees and trustees must be disclosed, he may be put in the dock for false asset declaration while failure to pay taxes from such companies may earn him another tax evasion or avoidance charges, depending on the results of the investigations. He has already denied complicity in running the shell companies, insisting that he had looked through the document without seeing anything linked to him and has even threatened legal action.
Saraki: He is majorly linked on issues bothering on hidden interests of his wife, Toyin, whose holdings in some companies, he failed to declare in full. There are at least four of such offshore assets listed under his wife’s name. The assets include, a property in London’s plush Belgravia neighborhood, two companies registered in the British Virgin Islands and a third in the Seychelles. The hidden property is said to be located at #8 Whuttaker Street, Belgravia, London SW1W 8JQ. It has title number NGL802235. He was, however, silent on the number of shares the former first lady had in Haussmann and Tiny Tee (Nig) Limited, among others. It will only further his charges at the Code of Conduct Tribunal where he is already contesting allegations of false asset declaration. If it is proven that he had undisclosed interests, more charges could be filed or fortified, while issues of tax payment may also be introduced.
Dangote and Dantata: Dangote is reported to be one of the most prominent clients of Mossack Fonseca, with 13 Shell Companies registered by the firm directly linked to persons and companies connected to the billionaire and his allies. Dangote and Sayyu Dantata, the founder of MRS Holdings, which bought Chevron-Texaco’s with equal shares of 12,500 each from OVLAS S.A, a Shell Company registered in Seycheles, a well-known tax haven used by businessmen and politicians and celebrities. On the same date also, a company they both own as at 2003, MRS Oil and Gas Co. Limited, bought 25,000 shares from OVLAS S.A. If the law can get at people of Dangote’s stature in Nigeria, then issues of tax evasion might be pressed against him, aside from the law looking at the manner of takeover of companies, whether they comply with extant provisions.
Business
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
– Ivorycoast, Cot’devouir
Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.
The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.
The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.
Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.
According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.
> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.
He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.
> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.
Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.
Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.
Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.
He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.
Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:
1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.
2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.
3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.
He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.
> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.
For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.
Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.
UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.
According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.
Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.
UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.
Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.
The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.
However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.
In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.
A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.
The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.
Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.
Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.
The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.
Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.
The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.
While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.
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