The Code of Conduct Bureau (CCB) has commenced investigations into former Anambra State Governor and 2027 Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, over allegations of undeclared offshore assets and business interests while he was in public office.
Former Senate Presidents Bukola Saraki and David Mark, former Aviation Minister Stella Oduah, late former Bayelsa State Governor Diepreye Alamieyeseigha, former Delta State Governor James Ibori and retired Delta State judicial officer Stella Ogene are also among the seven individuals reportedly being investigated.
According to a PREMIUM TIMES report published on Monday, October 26, 2026, sources within the bureau confirmed that case officers had been assigned to investigate the individuals previously linked to offshore assets and corporate interests in the Panama Papers and Pandora Papers investigations. 
A source quoted by the newspaper said the bureau intended to investigate Nigerian officials named in the international investigations, adding that seven individuals had already been assigned to case officers who had commenced work on their cases.
The development followed inquiries by PREMIUM TIMES seeking an update on the bureau’s handling of allegations involving Nigerian public officials identified in the leaked documents.
Although the CCB reportedly has no official spokesperson, an aide to its chairman confirmed that the agency was investigating officials mentioned in the international journalistic investigations.
Peter Obi’s Alleged Offshore Business Interests
Obi’s inclusion in the investigation follows findings published by PREMIUM TIMES in 2021 as part of its Pandora Papers investigation into offshore financial arrangements involving public officials and politically exposed persons.
The newspaper reported that Obi remained a director of NEXT International (UK) Limited, a British company, for 14 months after assuming office as governor of Anambra State.
It also alleged that he failed to declare certain offshore holdings, maintained a foreign bank account and retained a company directorship while serving as governor.
The allegations raise questions about compliance with Nigeria’s asset declaration requirements and restrictions governing the private business activities of public officers.
According to PREMIUM TIMES, Obi did not deny the reported circumstances surrounding his asset declarations, foreign bank account and company directorship. He reportedly explained that he was unaware that assets jointly owned with other individuals were required to be declared.
However, the newspaper clarified that its investigation did not accuse Obi of diverting public funds. Obi has repeatedly denied allegations of misappropriating public money.
The CCB’s investigation is expected to determine whether the reported arrangements breached any applicable provisions of Nigeria’s Code of Conduct for public officers.
No finding of wrongdoing has been established by the announcement of the investigation.
Saraki, David Mark Linked to Offshore Companies
Former Senate Presidents Bukola Saraki and David Mark are also among those reportedly under investigation over allegations arising from the Panama Papers, an international investigation published in 2016 and coordinated by the International Consortium of Investigative Journalists (ICIJ).
PREMIUM TIMES reported that its investigation identified at least four offshore assets linked to Saraki’s family that were allegedly not declared to the CCB as required by Nigerian law.
The newspaper said four assets associated with Saraki’s wife, Toyin, were held through offshore corporate structures, including companies registered in Seychelles and the British Virgin Islands.
One of the companies was reportedly used to acquire a property in Belgravia, London, in 2012.
The investigation into David Mark centres on leaked documents that reportedly 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 stated that it could not establish the nature of the businesses conducted through the companies.
The CCB’s investigation will determine whether the ownership arrangements and any related asset declarations violated applicable laws.
Stella Oduah, James Ibori and Other Officials Also Under Probe
The other individuals reportedly being investigated include former Aviation Minister Stella Oduah, late former Bayelsa State Governor Diepreye Alamieyeseigha, former Delta State Governor James Ibori and retired judicial officer Stella Ogene.
PREMIUM TIMES reported that Oduah acquired four properties in London valued at 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.
Ogene was identified in the newspaper’s Pandora Papers investigation as the beneficial owner, director and secretary of Assete Media Limited, an offshore company incorporated in Seychelles in 2009 to acquire a property in London.
She reportedly headed the Delta State Customary Court of Appeal for 21 years.
Meanwhile, the Panama Papers investigation traced offshore companies, properties and foreign financial arrangements linked to Alamieyeseigha, who governed Bayelsa State from 1999 until his impeachment in 2005.
According to PREMIUM TIMES, the investigation linked the late former governor to properties in the United Kingdom, the United States and South Africa, as well as foreign bank accounts containing millions of pounds and dollars.
The newspaper also recalled that British authorities returned more than £5 million recovered from funds stolen by Alamieyeseigha to the Bayelsa State Government in 2012.
The reported findings concerning the individuals form part of the background to the CCB’s current investigation.
CCB Had Earlier Promised to Review the Allegations
The latest development follows earlier exchanges between the bureau and PREMIUM TIMES over allegations arising from the Pandora Papers.
According to the newspaper, the CCB wrote to it in October 2021, acknowledging the significance of the investigation and requesting cooperation to support further investigations and possible prosecutions of Nigerians implicated in the findings.
The bureau reportedly described the investigation as one that had “created ripples across the globe”.
In September 2026, following renewed inquiries by PREMIUM TIMES, 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 reportedly added that any necessary action would be taken in accordance with due process, while declining to disclose details that could compromise ongoing or planned investigations.
The latest report indicates that the review has progressed to the assignment of case officers to seven individuals.
What Nigerian Law Says About Offshore Assets
The CCB is empowered to investigate alleged breaches of the Code of Conduct for Public Officers and may prosecute individuals found culpable before the Code of Conduct Tribunal.
Under Nigeria’s relevant legal provisions, covered public officers are required to declare their assets as prescribed by law. They are also subject to restrictions on managing private businesses while in office, except where specific exceptions apply.
The law further prohibits covered public officers from maintaining or operating foreign bank accounts.
However, owning an offshore company or holding assets abroad is not, by itself, necessarily illegal. The legal questions include whether the assets were properly declared, whether the individual was subject to the relevant restrictions and whether any prohibited conduct occurred.
These distinctions will be central to determining whether the individuals named in the report breached any provisions of the law.
Investigation Yet to Establish Liability
The CCB’s reported investigation places Peter Obi, Saraki, David Mark and four other former public officials under scrutiny over allegations arising from international investigations into offshore financial arrangements.
The bureau is expected to examine the relevant records and determine whether there is sufficient evidence of breaches of Nigeria’s public officers’ code of conduct.
Until the investigations are concluded and any allegations are established through the appropriate legal process, the reported findings should not be treated as proof of guilt.
The outcome could clarify whether the offshore arrangements identified in the Panama Papers and Pandora Papers violated Nigerian law and whether further legal action is warranted.
