Panama Papers @10: How Nigeria's offshore secrecy laws changed
Ten years ago, the International Consortium of Investigative Journalists (ICIJ) published the Panama Papers—11.5 million leaked records exposing how the global elite hide wealth offshore. PREMIUM TIMES, as the only Nigerian outlet with direct access, published over 30 stories naming 140+ Nigerians, including former Senate President Bukola Saraki, ex-governors Diepreye Alamieyeseigha and James Ibori, billionaire Aliko Dangote, and late televangelist T.B. Joshua. While no Nigerian was prosecuted directly, the investigation triggered major regulatory reforms. Key changes include: the 2020 Companies and Allied Matters Act (CAMA), which mandates companies to disclose 'persons of significant control' to the Corporate Affairs Commission (CAC) at registration; the Nigeria Extractive Industries Transparency Initiative (NEITI) establishing a beneficial ownership register for oil and gas firms by 2020; and the Voluntary Assets and Income Declaration Scheme (VAIDS), a tax amnesty period for undisclosed assets. These measures aim to close loopholes that enabled financial secrecy. For business owners and public officers, the new rules mean mandatory disclosure of true ownership—failure to declare offshore assets to the Code of Conduct Bureau remains a legal risk. The legacy is mixed: accountability for individuals stalled, but Nigeria's legal framework is now more transparent on paper.