Nigerian tycoon named in Panama Papers.

A new series of reports on the content of the Panama Papers have revealed that a huge number of African businessmen and politicians hold offshore accounts set up by law firm Mossack Fonseca.

One of the key figures named is Nigerian oil magnate Kolawale Aluko, who is being investigated for fraud in relation to oil contracts given out by Nigeria’s previous government.

A superyacht, 58 cars, three planes and apartments in Dubai, London and New York are just some of Mr Kolawole Aluko’s assets frozen by a court in Nigeria’s commercial capital, Lagos.

He is among four people accused of diverting $1.8bn (£1.4bn) of oil money which should have gone into the coffers of the Nigerian government.

Now, the International Consortium of Investigative Journalists (ICIJ), who have been investigating the Panama Papers, report that Mr Aluko owns companies in well-known offshore tax havens – the British Virgin Islands and the Seychelles.

While he acknowledges that he is under investigation, he told the ICIJ that he has “never been prosecuted and convicted in any country”.

The papers have also revealed that Mossack Fonseca worked for three former Nigerian oil ministers who used offshore companies to buy boats and homes in London.

BBC

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