Last October, Nigeria’s biggest indigenous oil and gas company, Oando Plc, made history for the wrong reason when it announced a loss of N184 billion in the 2014 financial year. The loss was the biggest ever recorded by any Nigerian company.
While its shareholders bore the brunt of the bleak financial year, the company’s group chief executive, Wale Tinubu and his deputy, Omamofe Boyo, might be doing just fine as they had for years incorporated and operated a cluster of shell companies in notorious offshore jurisdictions.
Mr. Tinubu seems to be making so good a return from his shell companies that in 2008 he agreed to pay a front as much as $20,000 monthly to manage all of his offshore transactions.
Details of the offshore assets of the two top bosses at Oando Plc were among the revelations contained in the leaked massive internal data belonging to Panamanian law firm, Mossack Fonseca.
Read the rest of the stomach-churning story at:
MONDAY, APRIL 19, 2016. 5:35 p.m. [GMT]