Nigeria’s anti-graft watchdog, the Code of Conduct Bureau (CCB), has officially opened formal investigations into several prominent political leaders and former public officeholders regarding alleged undeclared offshore assets and secret foreign bank accounts.
Among those under active investigation are the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi; former Senate Presidents Dr. Abubakar Bukola Saraki and Senator David Mark; former Aviation Minister Senator Stella Oduah; and former Delta State Customary Court of Appeal President, Justice Stella Ogene.
The probe follows a series of investigative reports stemming from the global Panama Papers and Pandora Papers leaks, coordinated by the International Consortium of Investigative Journalists (ICIJ).
Sources within the bureau confirmed on Monday, October 26, 2026, that case officers have been formally assigned to examine potential violations of the Code of Conduct for Public Officers.
The CCB’s inquiry centers on allegations that public officers maintained foreign shell companies, operated overseas bank accounts, and retained corporate directorships while holding public office—actions prohibited under Section 6 and the Fifth Schedule of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
1. Peter Obi's Asset Declaration Framework
The investigation against Peter Obi examines whether his management of Next International (UK) Limited and his offshore trusts in tax havens like the British Virgin Islands violated public service rules during his tenure as Anambra State Governor.
Obi has repeatedly maintained that he did not divert public funds and explained that his non-declaration of certain assets stemmed from a misunderstanding regarding jointly owned family properties.
2. Saraki and Mark Offshore Holdings
For former Senate President Bukola Saraki, investigators are reviewing property holdings acquired through offshore platforms in Jersey. Similarly, David Mark’s alleged connections to multiple British Virgin Islands companies are under administrative review to determine whether proper disclosures were filed prior to assuming legislative leadership.
Under its statutory mandate, the CCB possesses the authority to verify asset declarations, compel the production of financial records, and summon past and present public officials for oral and documentary clarification.
An aide to the bureau's leadership clarified that the current stage involves verifying records against original asset declaration forms submitted by the officials upon entering and exiting public office.
Should investigators establish prima facie evidence of deliberate non-declaration or illegal operation of foreign accounts, the bureau will file formal charges against culpable individuals before the Code of Conduct Tribunal (CCT).