Oduah covertly channeled 6.7 million pounds through her offshore business to make the purchases discreetly.
By Omotayo Olutekunbi
According to investigative reporting in the Pandora Papers, Senator Stella Oduah, who represents Anambra North in the upper legislative house, secretly purchased London flats for N5 billion in cash from 2012 to 2014, while serving as Nigeria’s Aviation Minister.
The Pandora Papers are a leak of almost 12 million documents that expose hidden wealth, tax evasion, and, in some cases, money laundering by some of the world’s richest and most influential people.
The Pandora Papers exposes how wealthy and influential people throughout the world—including more than 330 politicians from 90 countries—launder money by forming companies in tax havens such as the Cayman Islands, the British Virgin Islands, and Switzerland and Singapore.
Oduah formed International Trading and Logistics Company Limited (ITCL) in the tax haven of Seychelles, according to Nigeria’s Premium Times, which is a member of the Washington-based International Consortium of Investigative Journalists (ICIJ).
Between October 2012 and August 2013, she utilized the firm to buy four London residences valued at a total of 6.7 million pounds.
At the current currency rate of N775 to a pound sterling, that equates to roughly N5.2 billion.
Oduah utilized ITCL Nigeria to purchase Flats 303 and 306 Grant House, 90 Liberty Street, London SW9 0BZ on July 12, 2011, only days after taking office as Aviation Minister.
According to the article, none of the four homes were purchased through mortgage finance, implying that Oduah covertly channeled 6.7 million pounds through her offshore business to make the purchases discreetly.
It’s unclear whether she declared any or all of the properties, as well as the offshore company ITCL, to the Bureau’s Code of Conduct (CCB). Journalists contacted the senator for comment, but he did not answer.
On February 12, 2014, President Goodluck Jonathan dismissed Oduah as Aviation Minister after two committees accused her for acquiring two bullet-proof vehicles for the Nigerian Civil Aviation Authority (NCAA) for N255 million in violation of public procurement and appropriation regulations.
Related posts
Reviews
Follow Our Activities On Facebook
4 hours ago
4 hours ago
4 hours ago
1 day ago
2 days ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!