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For weeks, she failed to explain her acquisition of the properties and provide evidence that she declared them in her Code of Conduct fillings, in accordance with the law. She also declined to provide clarity on why she continued to run her offshore company as a director while a public office holder in Nigeria, in violation of the law. We sent Ms Oduah a written request for comment. We however saw evidence that retained her directorship of the company while holding public office, thereby breaking the law. As she did not respond to our enquiry, it remained unclear if she declared some or all of the properties and the offshore company ITCL to the Code of Conduct of Bureau (CCB). It remained unclear how Ms Oduah raised the funds to purchase the properties. In addition, any asset acquired after the declaration of assets must be “fairly attributable” to legitimate income, failing which, such acquisition is deemed to be in breach of the law. The investigation exposed the hidden identities of the true owners of the properties bought in the so-called envelope structure that offers confidentiality benefits, which in the case of Nigerian public servants like Ms Oduah, mean a way of blocking the Code of Conduct Bureau from knowing undeclared assets.īy law, public servants in Nigeria are required to declare their assets and are forbidden from holding directorship of any company except the interest is in agriculture. Ms Oduah’s houses are among the 234 UK properties our investigation showed were anonymously acquired by offshore companies, with Nigerians as ultimate beneficial owners. Records show that none of the four properties was bought with mortgage financing, meaning Ms Oduah routed 6.7 million pounds through her offshore company to anonymously effect the acquisitions. – Flat 2, 7 Devonshire Terrace, London (W2 3DN) Then, in the following year, 2013, between August 6 and 15, the following three more properties were bought in the name of ITCL: These findings were based on leaked records obtained from PREMIUM TIMES’ collaboration with UK-based Finance Uncovered within the larger Pandora Papers Investigation coordinated by the International Consortium of Investigative Journalists, ICIJ.Īccording to the UK Land Registry records, ITCL bought on October 19, 2012, a house at 23 St Edmunds Terrace, London NW8 7QA for 5.3 million pounds. Also, anonymity, that is, hiding behind her secret Seychelles-incorporated company, meant she could avoid possible investigation and prosecution in Nigeria for owning undeclared assets or acquiring as a public servant any assets not attributable to legitimate income. If the official Central Bank of Nigeria rate of N558 naira to a pound is used, the amount would translate to approximately N3.74billion.Īs we understand, anonymous acquisitions would ensure she circumvented due diligence checks in the UK about the sources of her funds as a politically exposed person. At today’s naira value, that amounts to approximately N5.2billion at the black market rate of N775 to a pound sterling.
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Ms Oduah then used the company to acquire the four London properties worth a total of 6.7 million pounds between October 2012 and August 2013. International Trading and Logistics Company Limited, ITCL, was incorporated in Seychelles, a commonly used secrecy and tax haven, with Ms Oduah as the ultimate beneficial owner, leaked incorporation documents showed. The assets are blocked from debt recovery efforts by banks and the Assets Management Company of Nigeria, AMCON. While different courts have ordered the freezing of assets linked to Ms Oduah in Nigeria over her “humongous” indebtedness to banks, the four anonymously acquired London properties – alongside one other bought in her own name and two others bought in the name of her Nigerian-registered company – remain owned by her. As a minister between 20 when she was accused of corruption and sacked from the federal cabinet, Stella Oduah, now a senator, secretly acquired four London properties, hiding behind an anonymous company she tucked away offshore and possibly committing a breach of Nigeria’s public service code of conduct law, the ongoing Pandora Papers investigation has found.