Pandora Papers leaked: How David Oyedepo set up offshore company for wife and kids in tax haven
The founder of Living Faith Church Worldwide, Bishop David Oyedepo, becomes the latest cleric to be exposed in the Pandora Papers investigation.
Recall that the Panama Papers had previously exposed how Chris Oyakhilome of Christ Embassy and the late T.B Joshua, the founder of Synagogue Church of All Nations, set up a family offshore company in the British Virgin Islands.
Oyedepo’s own offshore company popped up as part of the ongoing global Pandora Papers reporting project, led by the International Consortium of Investigative Journalists (ICIJ).
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 were the other prominent Nigerians that have been exposed in the tax haven scandal.
According to the report, Oyedepo in August 2007 contracted the services of Business Centrum Limited, a London-based agent, to help him set up a company in the infamous tax haven for him and his immediate family members.
Although the directors of the company are Oyedepo and his two sons – David (junior) and Isaac, every member of Oyedepo’s family are listed as shareholders.
Oyedepo and his wife, Faith, are the largest shareholders with 30 percent 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 percent 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 percent 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 read in part.