12 offshore companies have been linked to the Group Chief Executive of Oando PLC, Wale Tinubu – nephew of the National Leader of the All Progressives Congress, Bola Ahmed Tinubu.

According to online news platform, Premium Times, the discovery of the offshore companies was made possible by the massive internal data leak at Panamanian law firm, Mossack Fonseca.

The leak, which was obtained by German newspaper, Süddeutsche Zeitung, has thus far, indicted several world leaders, celebrities and business moguls.

The companies linked to the Oando boss are – Sigma Technology Inc; Techventure Inc; Anglesey Management SA; Caine Trading Corp; Keligh Engineering Corp; Hud Trading Corps; Meridian Procurement International Services Ltd.; Lynx Shipping Ltd; Equinox Shipping Ltd; Everglade Oil Inc; Framlingham Ltd. and Triton Trading Ltd.

Premium Times further reports that Wale Tinubu and his deputy, Omamofe Boyo, have been operating foreign accounts in tax havens for over seven years.

According to the documents referred to in the report, Tinubu may have made huge returns from his shell companies in 2008 as he agreed to pay a front as much as $20,000 monthly to manage all of his offshore transactions.

Tinubu was said to have contracted the services of Mossack Fonseca to help him incorporate the companies in Seychelle and the British Virgin Islands.

The documents also revealed that Mossack Fonseca coordinated the operation through its offices in Geneva, the British Virgin Islands and Panama.

The investigation was said to have revealed that ‘Tinubu is either the sole director of most of the companies or has unlimited powers to make decisions.’

According to files retrieved from the data, Tinubu was granted a general power of attorney as the sole signatory of the company on November 26, 2009, after a meeting of the board of directors of one of his shell companies, Keligh Engineering Corp.

The purported board meeting where the decision was made was attended by three nominee directors, Yvette Rogers (Chairman), Jaqueline Alexander (secretary), Verna de Nelson, who are reported to be employees of Mossack Fonseca.

Reacting to the report, the Corporate Communications Manager of Oando Plc, Alero Balogun, refused to speak on behalf of Tinubu and Boyo – both of whom she said were private individuals.

“They (Tinubu and Boyo) are private individuals accused of operating offshore accounts and I cannot respond on their behalf since the company is a separate legal entity.”

“It is not stated in the report that the monies emanated from the company neither is it stated that the company itself was involved in any illicit act.”