Pandora Papers: Investigation Reveals How Bishop Oyedepo Set Up Company For Wife, Children In Tax Haven

Founder and General Overseer of Living Faith Church Worldwide, also referred to as Winners’ Chapel International, Bishop David Oyedepo, has been recognized within the checklist of Nigerians that arrange offshore firms within the British Virgin Islands.

The investigation is a part of the worldwide International Consortium of Investigative Journalists (ICIJ)-led Pandora Papers undertaking and which Nigeria’s PREMIUM TIMES is part of.

Pandora Papers: Investigation Reveals How Bishop Oyedepo Set Up Company For Wife, Children In Tax Haven 2

The undertaking concerned 600 journalists from 150 information organisations world wide sorting and analysing a trove of virtually 12 million confidential recordsdata, monitoring down and interviewing sources, and including context utilizing public information and paperwork.

The leaked recordsdata have been retrieved from some offshore companies companies world wide that arrange shell firms and different offshore entities for shoppers, a lot of them influential politicians, businesspersons, and criminals searching for to hide their monetary dealings.

Former Governor of Anambra State and Vice Presidential Candidate of the Peoples Democratic Party, Peter Obi, Governor of Kebbi State, Atiku Bagudu and that of Osun State, Gboyega Oyetola have been the opposite outstanding Nigerians which were uncovered within the tax haven scandal.

According to the report, Oyedepo in August 2007 contracted the companies of Business Centrum Limited, a London-based agent, to assist him arrange an organization within the notorious tax haven for him and his rapid relations.

“Business Centrum subsequently subcontracted Trident Trust Group, one of the world’s leading secrecy enablers and one of the most notorious providers of offshore corporate and financial services.

“The company, Zadok Investments Limited, was set up on August 20, 2007 with 50,000 ordinary shares with a value of $1.00 each.

“Although the directors of the company are Mr Oyedepo and his two sons – David (Junior) and Isaac, every member of Mr Oyedepo’s family are listed as shareholders.

“Mr Oyedepo and his wife, Faith, are the largest shareholders with 30 per cent of shares each.

“His children – David (junior), who in 2016 was appointed resident pastor of the headquarters of the church, known as Faith Tabernacle, has 10 per cent while Isaac, who is the resident pastor of the church’s branch in Maryland, the United States of America, also has 10 per cent of the shares.

“Love and Joy – the two daughters of the cleric – were similarly given 10 per cent shares each.

“The documents did not reveal the exact businesses and transactions the offshore company was set up to conduct. The entity however appears to be the family’s investment vehicle under which the family’s wealth is warehoused for offshore management,” the report learn partly.

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Pandora Papers: Investigation Reveals How Bishop Oyedepo Set Up Company For Wife, Children In Tax Haven

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