• Latest
  • Trending
  • All

Pandora Papers: How Stella Oduah Secretly Bought N5billion London Properties With Cash

Four Conditions before Tinubu reinstates Fubara

Four Conditions before Tinubu reinstates Fubara

Nigerian Business Mogul, Aminu Dantata is dead

Nigerian Business Mogul, Aminu Dantata is dead

Tinubu resolves Rivers Crisis, reunites Fubara, Wike, Lawmakers (Video)

Tinubu resolves Rivers Crisis, reunites Fubara, Wike, Lawmakers (Video)

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?

What is a Meerkat? – The New Trending Meme

What is a Meerkat? – The New Trending Meme

Ibas faults NBA for moving Conference from Rivers to Enugu, demands Refund of N300m Hosting Rights

Rivers LG Administrator Resigns

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

2027: Atiku, Amaechi, El-rufai form New Political Party, writes INEC

Court remands TikToker For Bathing On Street

Court remands TikToker For Bathing On Street

JUST IN: Presidency warns Nigerians, Leaders over Opposition to Tinubu’s Tax Reform Bills

Tinubu lands in Benue amidst Aftermath of Yelewata attack

CAC Increases Service Fees from  August 1

CAC Increases Service Fees from August 1

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

Benue: Military deploys Air Surveillance after Terror Invasion killed over 100 in Guma

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

DEMOCRACY ON TRIAL: A LEGAL REFLECTION ON 25+ YEARS OF CIVILIAN RULE IN NIGERIA

  • About Us
  • Advertise with Us
  • Editorial Policy
Saturday, June 28, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Business News

Pandora Papers: How Stella Oduah Secretly Bought N5billion London Properties With Cash

by iDeemlawful
October 6, 2021
A A
FacebookTwitterWhatsapp

RelatedPosts

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

JUST IN: Lagos Assembly Speaker, Mojisola Meranda faces mounting pressure to step down

Wike backs Tinubu despite economic woes as G-5 Governors meet Makinde

Pandora Papers, one of the biggest leaks of financial documents in the world, has uncovered how Senator Stella Oduah secretly acquired mansions in London.

According to the investigation led by the International Consortium of Investigative Journalists, including more than 600 journalists, some from PREMIUM TIMES, seven London properties are connected to Oduah.
One of the properties is said to be in her name, two through her Nigerian-incorporated firm, and four secretly through her Seychelles offshore company.
 
International Trading and Logistics Company Limited (ITCL) was incorporated in Seychelles, a commonly used secrecy and tax haven, with Oduah as the ultimate beneficial owner.
She reportedly used the company to acquire the four London properties worth a total of 6.7 million pounds between October 2012 and August 2013.
At the time, Oduah was a minister in the government of ex-President Goodluck Jonathan.
Governors Mai Mala Buni (Yobe) and Hope Uzodinma (Imo) welcoming Oduah to APC. They are joined Senator Andy Uba, governorship candidate of APC in next month’s Anambra election.
She served as Minister of Aviation between 2011 and 2014 when she was fired over massive corruption scandal.
Oduah was indicted by two panels, which probed the purchase of two bullet-proof cars by the Nigerian Civil Aviation Authority (NCAA), an agency under her supervision, for N255 million in violation of Nigeria’s public procurement and appropriation laws.
According to the UK Land Registry records, on October 19, 2012, ITCL bought a house at 23 St Edmunds Terrace, London, NW8 7QA for 5.3 million pounds.
Then, in the following year, 2013, between August 6 and 15, the following three more properties were bought in the name of ITCL:
Flat 2, 7 Devonshire Terrace, London (W2 3DN)
Bought: on or around 06/08/2013
Price paid: £378,000.
Top Floor Flat, 89 Brondesbury Villas, London (NW6 6AG)
Bought: on or around 12/08/2013
Price paid: £369,000.
Fourth Floor Flat, 19 Warrington Crescent, London (W9 1ED)
Bought: on or around 15/08/2013
Price paid: £680,000.
“Records show that none of the four properties was bought with mortgage financing, meaning Ms Oduah secretly routed 6.7 million pounds through her offshore company to anonymously effect the acquisitions.”
“Ms. Oduah’s houses are among the 234 U.K. properties our collaborative investigation showed were anonymously acquired by offshore companies, with Nigerians as ultimate beneficial owners. The investigation exposed the hidden identities of the true owners of the properties bought in the so-called envelope structure that offers confidentiality benefits, which in the case of Nigeria public servants like Ms. Oduah, mean a way of blocking the Code of Conduct Bureau from knowing undeclared assets,” PREMIUM TIMES said in its report.
Before her acquisition of the above four properties, Oduah had bought in her own name, on March 8, 2006, Apartment 209, Cavendish House, 31 Monck Street, London SW1P 2AS for 700 thousand pounds, Land Registry record shows.
On September 14, 2012, about one month before the purchase of the 5.3 million pounds Edmund Terrace property, SPGCL wired $71,973 bank transfer to Daniel Ford & Co., a UK property agency commonly used by Nigerian business and political elites investing in the UK property market anonymously, according to a leaked suspicious activity report submitted by Deutsche Bank to the U.S. financial intelligence agency FinCEN.
Deutsche Bank had helped facilitate the U.S. dollar transfer, acting as a correspondent bank. Reporting that Oduah is the owner of SPGCL in its suspicious activity report, Deutsche Bank reportedly said it suspected the payment to Daniel Ford was money laundering.
Meanwhile, as she used ITCL Seychelles, she also invested in the UK property market through ITCL Nigeria, also while serving as minister. On July 12, 2011, just days after her assumption of office as aviation minister, she used ITCL Nigeria to buy Flats 303 and 306 Grant House, 90 Liberty Street, London SW9 0BZ for 475 thousand pounds each.
The newspaper said the senator, who defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) in August, did not respond to inquiries on the issue.
Oduah currently represents Anambra North at the upper chamber of Nigeria’s National Assembly.
Tags: iPad
Previous Post

Pandora Papers: How Bello-Koko, NPA Acting MD, Acquired Secret Offshore Companies, London Properties — Report

Next Post

NCC Issues New Directive, Disqualifies Under 18 From Owning SIM Cards

iDeemlawful

iDeemlawful

Related Posts

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?
Business News

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?

CAC Increases Service Fees from  August 1
Business News

CAC Increases Service Fees from August 1

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Business News

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

How Fuel Prices rose from 6 kobo-N650/litre Since 1973 to 2024
Business News

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports
Business News

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria
Business News

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria

Nigeria Pays Back all N2.59trn IMF Debt
Business News

Nigeria Pays Back all N2.59trn IMF Debt

FCCPC Replies  Meta’s threat to Quit Nigeria over ₦220 Million Fine
Business News

FCCPC Replies Meta’s threat to Quit Nigeria over ₦220 Million Fine

NNPC reduces NMDPRA fee Per-Litre petrol in New Pricing Template
Business News

$3bn Refinery Fraud: N80bn found in sacked MD’s Bank Accounts

15 Die in Kwara road Accident
Business News

Easter: Jubilations As Kwara Workers Receive April Salaries

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In