The Code of Conduct Bureau (CCB) has commenced investigations into former Anambra State Governor Peter Obi, former Senate Presidents Bukola Saraki and David Mark, and four other individuals over allegations concerning undeclared offshore assets, foreign bank accounts and business interests.

The investigation follows revelations from the Panama Papers and Pandora Papers, two major international journalistic investigations that exposed how politicians, businesspeople and other individuals used offshore companies and financial structures to hold assets and manage transactions outside their home countries.

According to a report by PREMIUM TIMES, sources within the CCB confirmed that seven individuals had been assigned to case officers who had begun examining the allegations.

Those under investigation also include former Aviation Minister Stella Oduah, former Bayelsa State Governor Diepreye Alamieyeseigha, former Delta State Governor James Ibori and retired Delta State judicial officer Stella Ogene.

“All the Nigerian officials named in the Panama and Pandora papers will be investigated. But seven of them have been assigned to case officers who have already commenced investigations,” one CCB source said.

The bureau’s investigation is focused on whether the individuals complied with Nigeria’s asset declaration laws and restrictions governing the business interests and foreign bank accounts of public officers.

However, the allegations do not automatically establish wrongdoing. The investigation is expected to determine whether any of the individuals violated applicable laws.

The CCB has also indicated that its inquiries could be extended to other Nigerians identified in the international investigations.

An aide to the bureau’s chairman reportedly confirmed that the agency was examining allegations involving public officials named in the reports.

CCB Revisits Offshore Asset Allegations

The latest development comes several years after questions were raised about the CCB’s response to the revelations contained in the international investigations.

In October 2021, the bureau contacted PREMIUM TIMES following the newspaper’s reporting on the Pandora Papers. It acknowledged the importance of the investigation and requested cooperation to support possible inquiries and prosecutions.

“The primary motivation for our work is to help the public obtain the information they need to ask questions and make informed decisions and for law enforcement agencies to have the leads they require for necessary actions,” Mr Mojeed said.

Despite the initial engagement, several years passed without a detailed public account of the progress made in addressing a number of the allegations.

On July 29, 2026, the newspaper wrote to the bureau requesting an update on investigations involving public officials allegedly linked to offshore assets, foreign bank accounts and business interests.

The CCB responded in September, stating that the relevant information and documents were being reviewed in accordance with its constitutional and statutory responsibilities.

The bureau added that any action deemed necessary would be taken in line with due process.

It also indicated that a representative of the newspaper could be invited to provide further information or clarify issues arising from the reports.

However, the agency declined to disclose additional details, citing the confidential nature of investigative and verification procedures and the need to avoid compromising ongoing or planned actions.

The latest confirmation that case officers have been assigned to seven individuals indicates that the bureau has progressed from reviewing the allegations to examining specific cases.

Nevertheless, no final findings establishing wrongdoing by the individuals have been made public in the information available.

Peter Obi’s Offshore Business Interests Under Investigation

Peter Obi, who served as governor of Anambra State from 2006 to 2014, was among the Nigerian public figures named in the Pandora Papers investigation published in 2021.

The investigation, coordinated by the International Consortium of Investigative Journalists (ICIJ), examined leaked financial records obtained from offshore service providers operating across several jurisdictions.

The documents revealed how companies and trusts were used to hold assets and manage business interests across international borders.

According to PREMIUM TIMES, the investigation found that Obi remained a director of NEXT International (UK) Limited, a British company, for approximately 14 months after becoming governor of Anambra State.

The report raised questions about whether his continued directorship complied with Section 6 of the Code of Conduct Bureau and Tribunal Act.

The newspaper also reported that Obi had failed to declare certain offshore interests and maintained a foreign bank account while serving as governor.

These findings raised questions about the asset declaration obligations and other restrictions applicable to public officers under Nigerian law.

Obi reportedly stated that he was unaware that assets jointly owned with other people were required to be declared.

According to the account of his response, he did not deny the reported issues relating to asset declaration, the foreign bank account and his continued directorship.

He has also repeatedly maintained that he did not divert public funds. The Source, however, did not accuse him of diverting public money in its original report.

The CCB’s investigation is expected to establish whether the matters raised in the reporting amount to violations of the rules governing public officers.

Saraki’s Family Assets Under CCB Scrutiny

Former Senate President Bukola Saraki and members of his family were also named in the Panama Papers investigation, published in 2016.

The investigation examined leaked records from Mossack Fonseca, a Panamanian law firm that assisted clients in establishing offshore companies.

PREMIUM TIMES reported that at least four assets associated with the Saraki family were held through offshore structures and had not been declared to the CCB as required.

One of the companies examined was Sandon Development Limited, registered in Seychelles.

Documents cited by the newspaper indicated that Saraki’s wife, Toyin Saraki, held an interest in the company, which was used to acquire a property on Whittaker Street in Belgravia, London, in 2012.

Babatunde Morakinyo, a longtime aide and associate of the former Senate president, was also listed as a shareholder in the company.

The investigation also examined Girol Properties Limited and Landfield International Developments Limited, both registered in the British Virgin Islands.

According to the published findings, Toyin Saraki was initially listed as a shareholder in the two companies.

Documents reviewed by the newspaper further indicated that Saraki subsequently assumed control of Landfield through Longmeadow Holdings Limited, an offshore company registered in Jersey.

A purported board meeting held in January 2015 approved the sale of Landfield to Saraki for more than £3 million.

Under Nigeria’s asset declaration requirements, public officers covered by the law must declare their assets, as well as those of their spouses and children under the age of 18.

The allegations concerning the Saraki family’s offshore interests therefore raise questions about whether the relevant assets and business arrangements were properly disclosed.

The CCB’s investigation is expected to examine the available records and determine whether the arrangements breached any applicable legal provisions.

David Mark Linked to Offshore Companies

David Mark, who served as Senate president before Saraki, was also identified in the Panama Papers investigation.

According to PREMIUM TIMES, leaked records linked Mark to at least eight active companies registered in the British Virgin Islands while he held public office.

The companies were Sikera Overseas S.A., Colsan Enterprises Limited, Goldwin Transworld Limited, Hartland Estates Limited, Marlin Holdings Limited, Medley Holdings Limited, Quetta Properties Limited and Centenary Holdings Limited.

Documents from Mossack Fonseca repeatedly classified Mark as a politically exposed person (PEP). The designation is generally applied to individuals who hold prominent public positions because their roles may expose them to heightened financial and corruption risks.

The records also indicated that Mark supplied documents to the law firm to establish his identity and address concerns relating to his status.

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However, the newspaper stated that its investigation could not establish the nature of the businesses conducted through the companies.

The existence of an offshore company does not, in itself, constitute an offence.

The central questions for the CCB are whether the companies and associated interests were properly declared and whether Mark’s activities complied with the restrictions applicable to him as a public officer.

These matters remain subject to investigation. The reported links alone do not establish that the former Senate president committed an offence.