Billionaire businessman and retired army general, Theophilus Danjuma, has been linked to the Panama Paper, the biggest leak in the history of data journalism, released by German newspaper, Süddeutsche Zeitung.
Süddeutsche published documents from Panamanian law firm Mossack Fonseca, which showed how world leaders, politicians, celebrities and criminals hid money using anonymous shell corporations across the world.
Danjuma, who is a former minister of defense, is believed to be one of the richest individuals in Nigeria, owing to his ownership of oil blocs and a shipping firm.
According to Premium Times, Danjuma opened an offshore company, named Eastcoast Investments Inc, using the help of the embattled law firm, Mossack Fonseca.
The said offshore company was registered in Nassau, Bahamas, on March 25, 1997.
It is alleged that the company was founded by Danjuma, alongside one Colin Marcel Dixon, for the purpose of conducting business with Scancem International of Norway – who were seeking to expand their operation into Nigeria.
However, Scancem later bought out Eastcoast Investment following a bribery scandal on December 1, 2003.
The report says it was discovered that “the money went mainly to another account, Eastcoast Investment had, to General T.Y. Danjuma and a certain The Volta Company”.
Danjuma later resigned as a director of the offshore company but it’s not clear if he sold his shares in the company or not.
Other offshore companies linked to Danjuma are; Cross Group Holdings International, which was registered in Panama on October 15, 1976, Zara Logistics, a company registered in Cyprus on September 2, 1993.
Danjuma was also found to operate an international bank account.
Just like former Senate President, David Mark, who opened an offshore company while holding seat as a Nigerian public official thus violating laws of the country, Danjuma formed and operated these offshore companies while serving as a public official.
Danjuma is yet to comment on this recent revelation.
