•Saraki, David Mark, 4 Others Also Under Probe

By BONIFACE AKARAH

The Code of Conduct Bureau (CCB) has opened investigations into former Anambra State governor and 2027 Nigeria Democratic Congress (NDC) Presidential Candidate, Peter Obi, over allegations that he held undeclared offshore assets and business interests while in public office.

Former Senate Presidents Bukola Saraki and David Mark, former Aviation Minister Stella Oduah, late Bayelsa State governor Diepreye Alamieyeseigha, former Delta State governor James Ibori and retired Delta State judicial officer Stella Ogene are also among seven individuals being investigated by the bureau.

According to a PREMIUM TIMES report published on Monday, October 26, 2026, multiple sources within the CCB confirmed that investigations had commenced into the seven individuals previously exposed by the newspaper's investigations into the Panama Papers and Pandora Papers.

The report quoted a CCB source as saying: “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.”

The newspaper said the sources confirmed the development after it contacted the bureau to seek an update on its handling of allegations involving public officials named in the international investigations.

The CCB reportedly has no official spokesperson, but an aide to its chairman confirmed that the agency was investigating Nigerian officials identified in the global journalistic investigations.

Obi's offshore business interests

According to PREMIUM TIMES, its 2021 Pandora Papers investigation found that Obi remained a director of NEXT International (UK) Limited, a British company, for 14 months after becoming governor of Anambra State.

The investigation also reported that he failed to declare certain offshore holdings and operated a foreign bank account while serving as governor, raising questions about compliance with Nigeria's asset declaration laws and restrictions on public officers' private business interests.

The online newspaper reported that Obi did not deny the allegations concerning asset declaration requirements, operating a foreign account and retaining a company directorship while in office. He reportedly said he was unaware that assets jointly owned with other people were required to be declared.

The newspaper, however, noted that Obi had repeatedly denied diverting public funds, clarifying that its investigation did not accuse him of diverting public money.

Saraki, David Mark named in Panama Papers

The CCB investigation also covers allegations previously reported against Saraki and David Mark in the Panama Papers investigation, which was published in 2016 and coordinated by the International Consortium of Investigative Journalists (ICIJ).

PREMIUM TIMES reported that its investigation found at least four offshore assets linked to Saraki's family that were not declared to the bureau as required by Nigerian law.

The report said four assets linked to Saraki's wife, Toyin, were held through offshore structures. These included interests in companies registered in Seychelles and the British Virgin Islands, with one of the companies used to acquire a property in Belgravia, London, in 2012.

On David Mark, the newspaper reported that the leaked documents linked the former Senate President to at least eight active companies registered in the British Virgin Islands while he held public office.

The companies were identified as 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.

However, Premium Times said its investigation could not establish the nature of the businesses conducted through the companies.

Oduah, Alamieyeseigha, Ibori, Ogene also listed

The other individuals named in the CCB investigation include former Aviation Minister Stella Oduah, late former Bayelsa governor Diepreye Alamieyeseigha, former Delta governor James Ibori and retired judicial officer Stella Ogene.

Premium Times had reported that Oduah acquired four London properties worth a combined £6.7 million between October 2012 and August 2013 through an offshore company incorporated in Seychelles. The investigation also linked her to three other London properties.

The newspaper's Pandora Papers investigation identified Ogene as the beneficial owner, director and secretary of Assete Media Limited, an offshore company incorporated in Seychelles in 2009 to acquire a London property. She had headed the Delta State Customary Court of Appeal for 21 years.

The Panama Papers investigation also traced offshore companies, properties and foreign financial arrangements linked to Alamieyeseigha, who governed Bayelsa State from 1999 until his impeachment in 2005.

Premium Times reported that the investigation linked him to properties in the United Kingdom, the United States and South Africa, as well as foreign bank accounts holding millions of pounds and dollars.

The report also recalled that British authorities returned more than £5 million recovered from funds stolen by the former governor to the Bayelsa State Government in 2012.

CCB had earlier acknowledged review

The latest investigation follows earlier correspondence between the bureau and Premium Times over the allegations.

According to the newspaper, the CCB wrote to it in October 2021, acknowledging the significance of the Pandora Papers investigation and seeking its cooperation to facilitate investigations and possible prosecution of Nigerians implicated in the findings.

The bureau reportedly described the investigation as one that had “created ripples across the globe”.

In September 2026, after PREMIUM TIMES renewed its inquiry, the CCB said it was reviewing information and materials relating to allegations of undeclared offshore assets and business interests involving public officials named in the Pandora Papers.

The bureau also reportedly said any necessary action would be taken in accordance with due process, while declining to disclose details that could prejudice ongoing or contemplated investigations.

The CCB is empowered to investigate alleged breaches of the Code of Conduct for Public Officers and may prosecute officials found culpable before the Code of Conduct Tribunal.

Although ownership of offshore companies is not automatically illegal, Nigerian law requires public officers covered by the relevant provisions to declare their assets and restricts their participation in the management of private businesses while in office, subject to specified exceptions. The law also prohibits covered public officers from maintaining or operating foreign bank accounts.

The bureau's investigation is expected to determine whether the individuals breached any of these provisions.