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Tag: Panama papers

  • Panama Papers: EFCC targets indicted Nigerians

    Panama Papers: EFCC targets indicted Nigerians

    •Govs, ex-govs, senators now bankroll anti-Magu project

    After almost two years of tracking and sieving of documents, the Economic and Financial Crimes Commission (EFCC) has identified Nigerians indicted in the famous Panama Papers.

    The list of the indicted persons may be made public soon ahead of further investigation and prosecution.

    Sources said yesterday that some of the implicated people were the brains behind the alleged plot to remove EFCC Acting Chairman Ibrahim Magu.

    The objective is to cover the tracks of such people said to include two serving governors, some ex-governors, Senators and a powerful Northern Emirate kingmaker.

    Investigation by our correspondent revealed that an investigative team raised by the EFCC chairman has already submitted a list of Nigerians with a case to answer on the Panama Papers.

    Although over 110 Nigerians were mentioned in the operation of offshore shell companies in tax havens, the EFCC team was said to have recorded a breakthrough last night in identifying those with issues to clear in court.

    “Our investigators have worked hard on Panama Papers in the last one year and we have reached a reasonable bend,” an EFCC source said.

    “As I talk to you, the EFCC has identified Nigerians who should be questioned and prosecuted for using shell companies to launder public funds.

    “We will soon release the names of those affected to the public. They will also be arrested preparatory to their interrogation and trial. Our report is ready.”

    Responding to a question, the highly-placed source added: “Our investigators have succeeded in using the evidence in Panama Papers to carry out forensic tracking of the activities of the indicted Nigerians. There is no hiding place for these elements and their international collaborators.”

    Panama Paper is a leakage of sensitive documents detailing how political world leaders, celebrities, athletes, FIFA officials and so on, hid money using anonymous shell corporations across the world.

    Online publication, PREMIUM TIMES, which was part of the investigative network said: “the unprecedented year-long investigation involving 11.5 million secret documents – which stretched from 1977 to December 2015 – exposed the hidden underground of the world economy, a network of banks, law firms and other middlemen that utilize shell companies, sometimes using them to hide illegal wealth.”

    The documents, held by Panama-based Mossack Fonseca, were released to Süddeutsche Zeitung, a German newspaper, and the International Consortium of Investigative Journalists.

    The Panamanian law firm, regarded as one of the world’s most secretive companies, according to the documents, has helped clients launder money, dodge sanctions and evade tax.

    About 14,000 clients used Fonseca while 214,000 companies incorporated by Fonseca had their details leaked to journalists.

    Based on Panama Papers, Mr. Nawaz Sharif resigned as Prime Minister of Pakistan because of his disqualification from office by his country’s Supreme Court.

    The Supreme Court took the decision after a probe linked Sharif’s family, including his children, to offshore companies.

    As at press time, there were indications that those implicated in the Panama Papers have joined anti-Magu’s plot following leakage that EFCC was closing in on them.

    It was learnt that those who have drawn the battle line with Magu include two serving governors, some ex-governors, Senators and a powerful kingmaker in an Emirate in the North.

    Another source said: “Some of those jittery and neck deep in the plot were also linked with the scandal associated with the first tranche of over N517billion London-Paris Club refunds which was released to the 36 states and the FCT.

    “These influential leaders have been involved in lobbying to stop Magu from being re-nominated or cleared by the Senate.

    “The intelligence gathered was able to uncover how they had been meeting and committing huge funds to stop Magu

    “Their fears border on the fact that the Panama Papers might also play a key factor in the 2019 general election. Some of the indicted Senators are currently aspiring to be governors.”

     

  • Panama Papers source offers to help with prosecution

    The anonymous source behind the leak of the Panama Papers has spoken for the first time, offering to help law authorities make prosecutions in return for immunity.

    In a 1,800-word statement, “John Doe” revealed he has never worked for a spy agency or a government.

    He started the statement by citing “income equality” as a motive.

    The Panama Papers had shown how some wealthy people used offshore firms to evade tax and avoid sanctions, the BBC reports.

    The papers belonged to the Mossack Fonseca law firm.

    It denied any wrongdoing and said it is the victim of a hack.

    It was investigated by hundreds of investigative journalists, including from the BBC, who worked in secret with the International Consortium of Investigative Journalists (ICIJ) for months.

    The documents had revealed the hidden assets of hundreds of politicians, officials, current and former national leaders, celebrities and sports stars.

    More than 200,000 shell companies, foundations and trusts set up in tax havens around the world were listed in the documents.

    The John Doe statement came shortly before United States President, Barack Obama, delivered an address on the economy, in which he cited the Panama Papers as highlighting the problem of corruption and tax evasion.

    He said the U.S would require banks to identify those behind shell corporations.

     

  • Still on Panama Papers

    Everyone fingered should speak to the allegations, even as the Buhari Presidency swiftly probes the allegations to try the indicted

    No one is perhaps surprised that Nigeria is well represented in the odious Panama Papers, the latest international scandal in which suspected fraudsters of all nations float shell companies, to corner public funds (politicians and public office holders), escape legitimate taxation (business barons) or launder drug money (international drug barons).

    It is a well and truly numbing United Nations of smart alecks, driven by uncommon greed to undermine and under-develop their countries!

    Captured in the humongous data, all of 2.6 tetrabytes, containing 11.5 million confidential documents, which one John Doe (not real name) leaked, were heads of state and governments of no less than five countries: Argentina, Iceland, Saudi Arabia, Ukraine and the United Arab Emirates.

    This ensemble also include government officials; and close relatives and associates of top dogs in more than 40 other countries, including Russia and Nigeria. Host of choice for most of the registered  shell companies was the British Virgin Islands (which seems to have lost its virginity and innocence to sleaze!); while most of the oft-cited banks, law firms and middlemen, were domiciled in Hong Kong.

    Supremely orchestrating the sleazy music was Mossack Fonseca, a Panama-based law firm, which somewhat had developed  globally recognised rogue expertise in such dodgy business. A concert of journalists, the International Consortium of Investigative Journalists (ICIJ), probed and blew the lid on the scam.

    ICIJ comprised 400 journalists, at 107 media organisations, in 16 countries, led by German newspaper, Suddutsche Zeitung.  They all collaborated on the investigations. Premium Times, a Nigerian online newspaper, says it is the only Nigerian newspaper in this noble assemblage.

    The scandal has already started claiming scalps. In Iceland, Prime Minister Sigmumdur Gunnlaugsson, resigned his office, even though technically he broke no laws. His wife, Ann Sigurlaug Palsdottir, not him, was involved; and under Iceland’s parliamentary laws, he was not obliged to declare her interests. But so fierce was public opinion, in a normally laid-back jurisdiction, that the Prime Minister hurriedly exited.

    In Britain, Prime Minister David Cameron still sweats to evade the drop. Again technically, he broke no laws. The deal was his inheritance from his father; and when he cashed out, he explained, he declared it and paid due taxes. But such is the public row that the jury is still out on whether or not he would survive the storm. Also, Spanish industry minister Jose Manuel Soria has joined the list of those who resigned over the Panama  Papers scandal.

    Of course, in Nigeria, the worst of global aberrations are bound to add the amoral Nigerian local flavour. Two of those named in the scandals are already proving this axiom painfully true.

    Dr. Bukola Saraki, Senate President, was mentioned. Initially, he claimed he did no wrong; and that the said assets belonged to his wife, Toyin, who came from a propertied Lagos family. But the wife’s lawyers countermanded that claim, saying the assets belonged to no family, but solely Mrs. Saraki’s.

    Afterwards, Premium Times revealed what looked like damning evidence of Saraki buying one of the shell companies, off his wife for £3 million, way back during his gubernatorial years. Part of the papers Premium Times provided bore what looked like Mrs Saraki’s personal handwriting and signature. Still, Saraki, embroiled in his Code  of Conduct Tribunal (CCT) trial, is resorting to bluff and bluster. Worse: he is even attempting institutional subversion of our laws to selfish ends.

    His supporters are pushing a hurried amendment to the Code of Conduct Bureau (CCB) Law, as well as the Administration of Criminal Justice Act (ACJA) of 2015. Both are aimed, like bandits billeted in the highest lawmaking chamber in the land, with a self-given mandate to subvert the law, at skewing both laws so that Saraki can wriggle out of his self-imposed troubles. Fond hope — but exceedingly reckless, provocative and condemnable.

    The second drama of the absurd involves David Mark, another former Senate President. After the news hit the wire, he claimed he had gone through the documents but didn’t find his name there! But Premium Times riposted: if the documents are still under wraps — and it was sure they were, since the newspaper was part of ICIJ — which document did Mark scour to clear himself of any alleged wrongdoing? Again, it would appear another bluff and bluster gone awry!

    Former defence minister Theophilus Danjuma has also been named in this sordid drama. He is the only Nigerian who has not thought it fit to respond. He owes it to Nigerians. The other, Onanefe Ibori, is in jail and may not be afforded platforms to explain himself. If the others who responded have resorted to subterfuge, at least they responded. Danjuma’s silence is unacceptable. He has been a prominent fixture in generations of this country’s leadership.

    At the end of the day, every name on the list is deemed innocent until proven guilty by detailed investigation and dutiful prosecution. That is why every Nigerian mentioned in the scandal must speak to the allegations; and fairly clear their names.

    But clearing your name is one thing. Stalling and lying to bury the truth is another. The first is fair and noble business. The other is provocative play on the polity’s intelligence. So, the earlier Saraki and Mark started fairly defending themselves, the better for them — and everyone. But that counsel also goes to other Nigerians mentioned, though the duo of Saraki and Mark are singled out because of strong suspicions of possible abuse of office, as sitting senators and public office holders.

    But however the mentioned decide to play it, the Economic and Financial Crimes Commission (EFCC) should swiftly move in and investigate the allegations. After that, it should bring the indicted to diligent prosecution and justice.

    The nation expects no less of an administration whose prime and legacy policy is zero tolerance for corruption.

     

  • Panama Papers: Tax evasion hurts anti-poverty fight, says World Bank

    .•IMF urges Nigeria to approve budget, seek economic help 

    Tax evasion through international tax havens and other international illicit transfers of money undermine the fight against global poverty, World Bank President, Jim Yong Kim has said.

    “This is a great, great concern,” Kim said as he opened the Spring Meeting of the World Bank and International Monetary Fund yesterday.

    In a report obtained from the bank’s website, Kim said the global lender is very concerned about illicit financial flows, amid intense attention on the recent leak of Panama Papers’ showing how powerful officials and businesses in many countries make use of thousands of anonymous companies in tax free centres.

    “When taxes are evaded, when state assets are taken and put into these havens, all of these things can have a tremendous negative effect on our mission to end poverty and boost prosperity,” he said.

    The publication early this month of the Panama Papers, a dossier of files on anonymous companies set up by a Panama law firm, has sparked a new push for ending the secrecy offered by tax heavens worldwide, he said.

    He said leaders in developing countries regularly ask him for help in tracking down the exodus of cash whether to avoid taxes or to hide graft.

    He said the one answer is increasing transparency. “The message I would send is that transparency is not going to move backwards. The world is going to become only more and more transparent as we move forward. So, I would just say, be very careful”.

    Meanwhile, the International Monetary Fund (IMF) Managing Director, Christine Lagarde said Nigeria should seek economic help from international institutions.

    Speaking at the IMF conference hall in Washington DC, Lagarde said Nigeria needs to be open-minded on foreign exchange, and swiftly approve the 2016 budget. “Our recommendation is that Nigeria seeks help from the international institutions that can best help,” she told the audience.

    “Second, that Nigeria is open-minded in using flexibility of the exchange rates, in order to absorb some of the shocks. We believe that this is more efficient than to have a list of products that are barred from being imported to the country.

    “Third, we believe that it’s really important that budget be completed, decided and approved and we stand ready to help Nigeria, if it wants to seek our help.”

    “Nigeria is full of energy, smart people, and can really transform some of its activities including the agricultural sector where there is just too much by way of import, when there could be a lot of transformation in Nigeria and local consumption.”

  • NASS and Panama papers

    SIR: The gamut of legislative enterprise like any other vocational endeavour resonates with the biblical wisecrack that says”where your treasure is there will your heart be”.

    Nigeria’s chequered legislative history has been anything but reflective of the watchdog portraiture it is instituted to depict.This is largely due to the ascendancy of political corruption in the system.

    We can begin to dissect the minds of our legislators from the Panama muckraking. The fact that the National Assembly has not deemed it fit to issue any statement on the purported involvement of the Senate President on this national stigma says a lot about where the treasures of our lawmakers are embedded.

    The unmasking of shell companies meant for fictitious transactions on a global scale which has led to resignations of public office holders in saner climes is still in the orbit of political acquiescence by the National Assembly.

    The budget circumvention, the Code of Conduct Tribunal hearing and other proprietary gap at the National Assembly are delaying the process of change throwing up a distraught public reaction to the executive.

    The directive issued by the Senate barring members from issuing public statements except through committee chairmen may further cast a slur on the transparency quotient of the National Assembly.

    An assembly that thrives on translucent pedigree may not resonate well with Buhari’s departure from the decadence of the past.

    It is high time Nigerians began to  compartmentalize the demand for change by holding the legislature and the judiciary accountable through  legislative  and judicial surveillance.

    Change cannot be accomplished by the executive alone leaving lawmakers, judges and lawyers in the cesspit of the old order.

     

    • Bukola Ajisola,

    Victoria Island, Lagos.

  • #PanamaPapers: TB Joshua denies owning company

    #PanamaPapers: TB Joshua denies owning company

    Founder Synagogue Church of All Nation (SCOAN) Prophet Temitope Joshua Tuesday denied owning Shell Company in Panama, the British Virgin Islands.

    In an official statement released Tuesday, Joshua described as malicious, claims that he and his wife owned Chillon Consultancy Limited, one of the companies mentioned in the infamous #PanamaPapers.

    Debunking the allegation first published by Premium Times, an online news site, Joshua warned against defamatory statements against his person or his church, insisting he was not a businessman.

    “Whoever is involved in this malicious write-up and propaganda with an obvious intent to defame my person and the ministry, remember what the Bible says in Luke 2:34 – “This child is destined to cause the falling and rising of many… and to be a sign that will be spoken against.”

    “I am not a businessman and have no business whatsoever. What God has given me is more than enough. I have nothing to do with the Panama Papers. As for me and my family, we shall remain in the vineyard of God.

    “Premium Times – do not allow your company to be used. Do not allow your company to stand against God. This is a lie! Take note – this news was written by the same journalist who alleged that I bribed him during the building incident and went to different channels – both local and international – to propagate these fabrications.

    “Since the building incident, there have been a series of threats towards the ministry and my person by this same journalist, Nicholas Ibekwe, who represents a gang of people.

    “After everything that has been done in an attempt to destroy this ministry, this is what he has resorted to. Even the picture used in the write-up is taken from the Mexico Crusade I recently held. It was a crusade I went for, nothing more.

    “Do not use the Panama Papers to attack those you have been looking for an opportunity to victimise. This is to show that not everybody alleged in the media to be involved in the Panama Papers is truly involved. My own case is a good example.

    “Beware of those using the Panama Papers for fraudulent purposes! This is a very big mistake the fraudsters have made. Those who read this report – take time to do your findings. It is malicious.

    “Note – people are misusing the data in the Panama Papers for fraud to attack innocent people.”

  • SERAP gives CCB 14 days to probe officials named in Panama Papers

    A rights group, Socio-Economic Rights and Accountability Project (SERAP), has called on the Code of Conduct Bureau (CCB) to investigate current and past high-ranking public officers in Nigeria named in the Panama papers.

    The call, contained in a statement issued by the group’s executive director, Mr. Adetokunbo Mumuni, in Abuja, gave CCB 14 days to carry out the investigation.

    It said that anyone one found culpable should be sent to the tribunal for prosecution.

    It added that if the bureau failed to investigate the cases, the group would not hesitate to use legal means to compel the bureau to discharge that constitutional responsibility.

    “SERAP believes that the Panama Papers have shown the extent to which public officers in the country are concealing their stolen wealth in safe havens and secrecy jurisdictions.

    “This is contrary to the code of conduct for public officers, which prohibits public officers from maintaining and operating foreign accounts.

    “We request Mr. Sam Saba, Chairman, Code of Conduct Bureau, to use his good office and leadership to urgently investigate current and immediate past high-ranking public officers named in the Panama Papers.

    “They should also investigate others that are maintaining and operating or have maintained and operated foreign accounts in other safe havens and secrecy jurisdictions, and where appropriate, refer such to Code of Conduct Tribunal for prosecution,” it said.

    According to the statement, SERAP hopes that the bureau will learn from the lessons of the Panama Papers to combat the abuse of the asset declaration requirements.

  • Baba Lekki tackles Panama palaver

    Ever since the release of the Panama papers and the exposure of the global web of corruption, Okon has been huffing and puffing while threatening to bring the entire political system of the civilized world to perdition for unseemly corruption. He has been running wild and subversive commentary about our local rulers and snooper was just about to declare a fatwa on the mad boy when his mentor suddenly materialized smelling like a walnut spirit.

    “Baba, I know say Oyinbodey corrupt too, but dis one pass me. Oyinbo man come thief money finis oo”, the mad boy chortled obviously delighted to see Baba Lekki.

    “Okon, nadat one demdey call osegudugudumeje, yayamefa”, the old crook crooned.

    “Baba wetindey wrong with demOwu baba sef? He come dey jump up and down and dey dance with anybody and anything. Even pole sef he fit dance with. Wetindey worry am? Sebidem Panama people never offload him own file?” the crazy boy crowed.

    “No be Panama, naHarlibutondey worry dat one”, Baba Lekki whispered with relish.

    “Baba you mean say dem don remove Ali dem button again for Agege?” Okon shouted.

    “Okon you are a fool”, Baba Lekki began with hooting laughter. “He get as dat one be. But Panama na dangerous business for Kukuruku boy oo. Dem don name one ogbologbo soldier who no sabi fear or fear bullet. So Panama napanumoooo”, the old crook concluded.

    “Baba, wetinbepanumoagain for Yoruba?”Okon demanded.

    “Panumomeans shut your mouth. But he get better word and dat one napatanmo” the old man squeaked.

    “Baba, you don come again? Wetin be patama?” Okon demanded.

    “He mean say shut your legs. Na one Yoruba plant like dat. When dem Yoruba wizards command am him go begin to fold up. So Okon shut your legs oo”, Baba Lekki whimpered.

    “Baba what if I no shut dem leg?” Okon queried.

    “Then dem go shoot your blokos, period”, Baba Lekki snarled.

    “ Haba, baba make dem no do dat one. Na de only thin I get be dat one. Na imdey make Lagos women fear man. But baba, wetindem Yoruba dey callpana-pana?”

    “Ha ha that’s it. You finally got it.” the old crook screamed and jumped up in excitement.”Pana-panana fire brigade. So na fire brigade approach demdey use. Dem go kill fire here and fire go start again over there until demfire quenchdem fireman.”