Leaked documents reportedly expose former Anambra governor’s offshore business network, undeclared assets and foreign accounts.
The Pandora Papers investigation has reopened a controversial chapter in the business history of former Anambra State Governor, Peter Obi, with leaked documents reportedly exposing an intricate network of offshore companies and financial arrangements that allegedly breached Nigerian laws.
The investigation, published by PREMIUM TIMES revealed how Obi allegedly established and operated businesses in foreign jurisdictions while serving as governor, without declaring the companies and associated assets to the Code of Conduct Bureau (CCB).
The revelations could raise fresh questions about the former governor’s much-publicised commitment to transparency and accountability.
Offshore empire hidden behind family name
According to the investigation, Obi established Gabriella Investments Limited in the British Virgin Islands on November 17, 2010, naming the company after his daughter, Gabriella Nwamaka Frances Obi.
The report alleged that the former governor used Monaco-based Acces International to facilitate the incorporation and appointment of nominee directors, who allegedly concealed his identity as the ultimate beneficial owner.
The company was subsequently renamed PMGG Investments Limited in 2017, reflecting the initials of Obi, his wife, Margaret, and their children.
The investigation further identified a trust, The Gabriella Settlement, as a major component of the offshore structure, with a network of companies in New Zealand, Monaco and Switzerland reportedly involved in managing the arrangement.
Obi told PREMIUM TIMES that the offshore company served as a holding vehicle for his assets and that the structure was designed to reduce excessive taxation.
Alleged violations of public service rules
The report identified three major areas of alleged legal violations.
First, Obi reportedly remained a director of Next International (UK) Limited for 14 months after becoming Anambra governor in March 2006.
Records from the UK Companies House indicated that he resigned on May 16, 2008.
Obi, however, maintained that he had resigned earlier by handing his resignation letter to his wife, suggesting that the company or registry failed to update the records promptly.
Second, the investigation alleged that he failed to declare his offshore companies and associated assets to the CCB, as required by the Nigerian Constitution.
Obi reportedly argued that assets jointly owned with family members were not subject to declaration, but investigators said the constitutional provision covered jointly owned properties.
Third, the report alleged that he maintained foreign bank accounts while serving as governor, contrary to provisions governing public officers.
Obi reportedly said Lloyds TSB Bank advised him to establish the offshore structure.
Obi denies knowledge of some offshore dealings
The investigation also uncovered a 1991 offshore company, Beauchamp Investments Limited, reportedly incorporated in Barbados in Obi’s name.
The former governor denied knowledge of the company, suggesting that another businessman bearing a similar name might have been involved.
The report noted that Obi could face proceedings before the Code of Conduct Tribunal if the relevant authorities determine that the alleged violations warrant prosecution.
However, the allegations remain subject to the findings and decisions of the appropriate authorities.
Missed opportunity under VAIDS
The investigation further noted that Obi did not participate in the Federal Government’s Voluntary Assets and Income Disclosure Scheme, introduced in 2017 to encourage taxpayers to disclose previously undeclared assets and settle outstanding liabilities.
The scheme offered incentives, including immunity from prosecution for qualifying tax-related offences.
The report was originally published by PREMIUM TIMES on October 4, 2021, as part of the international Pandora Papers investigation, and was reproduced by The Nation for historical reference.
The investigation drew on millions of leaked documents examined by journalists across the world, exposing offshore financial arrangements involving political leaders, wealthy individuals and public officials.
