CCB opens probe into Peter Obi, Saraki, David Mark, four others over offshore assets

Nigeria’s Code of Conduct Bureau (CCB) has commenced investigations into seven prominent Nigerians over allegations of undeclared offshore assets and business interests linked to the Panama Papers and Pandora Papers investigations.

Those under investigation include former Anambra State Governor Peter Obi, former Senate Presidents Bukola Saraki and David Mark, ex-Aviation Minister Stella Oduah, former Bayelsa State Governor Diepreye Alamieyeseigha, former Delta State Governor James Ibori and retired Delta State judicial officer Stella Ogene.

Sources within the bureau confirmed that case officers had been assigned to the seven individuals and had begun examining the allegations.

The development follows renewed attention to the international investigations, which exposed how several wealthy individuals and public officials allegedly used offshore companies and financial arrangements to hold properties and conduct business outside Nigeria.

Some of the assets and business interests linked to the individuals were allegedly not declared as required under Nigeria’s public service regulations.

The CCB had earlier confirmed that it was reviewing information relating to the allegations but declined to provide specific details, citing the confidential nature of its investigative process.

In September, the bureau said it was examining relevant documents and would take appropriate action in accordance with its constitutional and statutory responsibilities.

The investigations are expected to extend beyond the seven individuals, with sources indicating that other Nigerians named in the international reports could also come under scrutiny.

Among the issues being examined are alleged failures to declare assets, ownership or management of private businesses while holding public office, and the operation of foreign bank accounts.

Nigeria’s Code of Conduct provisions require public officers to declare their assets and restrict certain private business activities and foreign banking arrangements while in office.

However, owning an offshore company is not automatically an offence. The legality depends on the circumstances, including whether the interests were properly declared and whether applicable public service regulations were breached.

The CCB has the authority to investigate suspected violations and may refer cases to the Code of Conduct Tribunal for prosecution where sufficient grounds are established.

The latest development marks a significant step in a matter that has remained largely without public updates since the international investigations brought the alleged offshore interests to light.