Stella Dimoko Korkus.com: Pandoras Papers Leak - How Pastor David Oyedepo ALLEGEDLY Set Up Family Offshore Company In Tax Haven

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Monday, October 11, 2021

Pandoras Papers Leak - How Pastor David Oyedepo ALLEGEDLY Set Up Family Offshore Company In Tax Haven

After Chris Oyakhilome of Christ Embassy and the late Temitope Joshua, the founder of Synagogue Church of All Nations, David Oyedepo, the founder and general overseer of Living Faith Church Worldwide, is the latest Nigerian mega-preacher found to have set up a family offshore company in the British Virgin Islands.






Mr Oyedepo’s offshore company popped up as part of the ongoing global Pandora Papers reporting project, led by the International Consortium of Investigative Journalists (ICIJ) and in which PREMIUM TIMES is a key participant.


The project involved 600 journalists from 150 news organisations around the world sorting and analysing a trove of almost 12 million confidential files, tracking down and interviewing sources, and adding context using public records and other documents.

The leaked files were retrieved from some offshore services firms around the world that set up shell companies and other offshore entities for clients, many of them influential politicians, business persons, and criminals seeking to conceal their financial dealings.

In August 2007 Mr Oyedepo 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.

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 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.

When reached via his personal email address, Mr Oyedepo did not respond to questions sent to him seeking his comments.
We also sent the questions to the publicised emails of his church, including that of the church’s branch in Maryland. Some of the emails returned undelivered while we did not receive any response for those that delivered.

The telephone number Mr Oyedepo listed in company documents failed to connect.


Biblical reference

Mr Oyedepo may have tapped the name of his offshore company from the Bible. According to the books of 2 Samuel, 1 King and Ezekiel, Zadok was a loyal priest to the biblical King David.

He was instrumental in helping David suppress the rebellion of his son, Absalom.
And he was also helpful to the enthronement of Solomon as David’s successor being that he was the priest that anointed Solomon’s head with oil at Gihon, which effectively made him his father’s successor.

After Solomon built the temple in Jerusalem, Zadok was the first high priest of the temple.


An entrepreneurial cleric 


While the cache of documents did not reveal what type of business the company was set up for, some of the documents revealed that the company was still active at least as recently as 2016 when Trident Trust filed a resolution of the company’s board revalidating its list of directors.


Meanwhile, Mr Oyedepo, who felt “insulted” by his $150 million valuation by Forbes Magazine in 2011, is one of the main proponents of prosperity gospel in Christendom and encapsulates this by his myriad of entrepreneurial endeavours.
“Some fellow said we are worth $150 million, I said that’s an insult. $150 million? That’s an insult. I’m worth Philippians 4:19”, he said while referring to the Forbes valuation.

Philippians 4:19 reads: “And my God will meet all your needs according to the riches of his glory in Christ Jesus.”

Recently, while reacting to reports that some of the church’s pastors were sacked without benefits, Mr Oyedepo, who described the sacked pastors as “unfruitful” and “blatant failure”, said his church had never lacked money.

“Money? Nonsense! We’ve never lacked it and yet we’ve never prayed for it. We are just simply obeying God and he is backing up what he asks us to do.”
“Obedience will turn you to a living wonder. Just obey God. Have you seen us raise a prayer point of Oh God send us money?,” he asked later during the speech.

Outside his evangelical work, he is mainly known as the founder of one of Nigeria’s most expensive universities, Covenant University. He also owns Landmark University, in Omu-Aran, Kwara State.


He also owns Faith Academy Limited alongside his wife, Faith. Faith Academy Limited is the company that runs the highbrow boarding secondary school that goes by the same name.


Mr Oyedepo is also known for his acquisition of at least four private jets which includes, a Gulfstream V jet, said to be worth at least $30 million, two other Gulfstream planes and a Bombardier Challenger aircraft, which he operates using another of his companies, Dominion Air Limited.

Dominion Air Limited was set up in 2005 and his second son, Isaac, is listed as one of its directors.

Mr Oyedepo is also the owner of Hebron Oil Limited and a slew of other businesses mostly located in his Canaanland estate in Ota, Ogun State.

Another company, Biblematch Media Limited, has David Oluwamakinde Oyedepo and Olukemi Omolola Oyedepo as directors.


Nigerian pastors and tax havens

PREMIUM TIMES had in 2013 reported how Chris Oyakhilome, one of Africa’s most popular pastors, secretly incorporated Gmobile Nigeria, Limited, an offshore company for his family in the British Virgin Islands.

A business associate of the pastor told this newspaper at the time that some directors in the company held shares on behalf of the pastor’s daughters, Sharon and Charlyn, who were then teenagers.

The shareholders listed in the documents included Oyakhilome’s wife at the time, Anita; another pastor in his organization, Thomas Amenkhienan; a business associate, Aigobomian Inegbedion; and another British Virgin Islands company, GTMT International Group Limited.

In 2016, another popular pastor, T.B. Joshua, was also exposed for secretly setting up an offshore business entity.

Files obtained by PREMIUM TIMES from the massive leaked data of a Panamanian law firm, Mossack Fonseca, had shown that Mr Joshua and his wife, Evelyn, owned Chillon Consultancy Limited, a company incorporated on June 20, 2006 at the British Virgin Island (BVI).

Both owners owned one ordinary share each, although the company, with registration number 1033675, was authorised to issue a maximum “50,000 no par value Shares of a single class.”
The pastor died on June 5, this year, and his wife has been battling some congregation members over the management of the church’s assets.

Credit: Premium Times.

60 comments:

  1. I see he puts his family first.

    ReplyDelete
  2. Abeg, can somebody explain it to me as if am 13years old, what this Pandora is all about? Is it where money is hidden? Is it an investment? Are the investors criminals? How is it a crime if I got the money legally?
    Abeg, I need answers in mild grammar. Tnx sir

    ReplyDelete
    Replies
    1. Me and you are the same. The write up be like film. Why are they being exposed? What they did, Is it a crime?

      Delete
    2. Its not a crime... its just tax avoidance, which is viewed unfavourably by the public.
      Wealthy people often set up offshore company accounts or accounts in tax haven countries to reduce their tax liability and also to make it harder to ascertain how much wealth they have. Whenever those who own such companies and accounts get exposed, it just makes them look bad, cause they've done it to avoid paying tax.

      Delete
    3. Me sef no understand o,is the business legal or illegal? If its legal then no problem, who says a pastor can't own his own company? It shows he's not waiting for crumbs from his followers

      Delete
    4. Tax Haven is where wealthy people hide money under false identity to avoid paying taxes. Most importantly you can never trace the money to them. No one pure heart does that. Eg Think in the line of obtaining false ID card and using it to open a bank account. It is someone with criminal mind that will do that. Oyedepo is a criminal-minded pastor

      Delete
    5. Tax evasion (a crime): is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others.

      Money laundering (a crime): the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.

      Delete
    6. There is a difference between tax evasion and tax avoidance.

      Pandora papers so far fall into the 2nd group which is perfectly legal.

      Delete
  3. Such is life. To who brain is given, wisdom is expected . Weyrin God go judge for this life plenty πŸ™„πŸ™„

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  4. Church, praiseee the Lord. The Lord is good, all the time, all the time, the Lord is good

    ReplyDelete
  5. A RIGHETOUS MAN LEAVES INHERITANCE FOR HIS CHILDREN AND HIS CHILDRENS CHILDREN. GOD GIVE ME SAME GRACE TO LEAVE INHERITANCE FOR MY GENERATION

    ReplyDelete
    Replies
    1. Money obtained by trickery as inheritance? I'd pass.. The way scriptures are twisted on a daily basis by Nigerians to support their narrative is absolutely disgusting..

      Delete
    2. Sandy J Stitches11 October 2021 at 12:30

      May God bless u for this comment!

      Delete
    3. God bless you ANN.

      Delete
    4. God bless you. Let the wailers continue wailing

      Delete
    5. ....ANN and supporting choristers chorusing "God bless you"...until your end up in hell for the love of money.

      Jesus Christ told the rich young ruler, go sell all you have and give to the poor, then come and follow me". The young ruler went away sad because he had great wealth (which weighed him down).

      Again, Jesus Christ said store up treasures for yourself in heaven where moth does not eat, or rust gather or thief break in and steal.
      {Fees the hungry, clothe the naked, visit the prisoner - as long as you do it for the least of my brethren, you have done it for me}

      Unfortunately, those who ought to teach and guide the flock are caught in the web of materialism. 🚢‍♀️🚢‍♀️🚢‍♀️🚢‍♀️

      Delete
  6. I'll come back and read comments

    ReplyDelete
  7. Please who will explain bayi. If it was BVN now people would have dissect everything ooo. Please explain to us like a 10 year old girl that we are oo. Thanks in advance.

    ReplyDelete
  8. In as much as he didn't get the fund through fraud or any criminal act.He has no case to answer.

    ReplyDelete
    Replies
    1. They all did. Enriching yourself with tithe, offering, mandatory devotionals, schools built with tithes and offerings and church gifts is a sin. Don’t abuse me as this man was using a 504 in 1987 and came to campuses to preach “I’m satisfied with just a cottage below, a little silver and a little gold”! The Pandora is about exposing the secrets of wealthy people faking philanthropists while stealing tax revenue by tax avoidance. Yes tax evasion is criminal and tax avoidance is “lega” but not all “legal” things edify says the Bible. Opening the Pandora box literally means opening a box of secrets. The tax from the money of these pastors and others on their list may equal borrowings from world bank to fund goverment projects. These kind of things should not be named among Christians but like the Guyana Jim Jones followers, many Nigerians will follow their gods of men to the grave forgetting that the gifts and calling of God are irrevocable so they may have been called and gifted but like Demas, Saul in the Bible, they may have backslidden but still exhibit their gifts. Search the Bible, study the Bible. Don’t idolize mere mortals who have not finished their race. Look into Jesus the author and perfecter of our faith. Ichabod has happened to many who say they are preachers. No abuse. My opinion and I’m entitled to it. Go ✈️ and look for the excellent journalists and expertsπŸ‘πŸΌ who gifted the world the faces of gluttony in human formπŸ™πŸ½

      Delete
    2. Anon 00:54 are you me? Same way of reasoning, writing and the same Spirit!

      I left my comment up there under Ann's and her cheer leaders.

      How can they avoid tax thus impoverishing their nation yet mount the pulpit and preach righteousness❓❗

      Folks KNOW GOD FOR YOURSELVES!
      Many are called but few are chosen.
      The spirit behind the love of money is Mammon. Many worship it NOT CHRIST.

      - Kay

      Delete
  9. Them dey use church moni secure their generations to come. Church for naija na scam.

    ReplyDelete
  10. If the business is legal, what's the headache. Nobody has right to tell him what to do with his money abeg... This is not my problem now Biko.

    ReplyDelete
    Replies
    1. It’s money laundering. Yes, tax avoidance is legal but they laundered the money across continents to avoid regulators in one or two countries. Some are in trouble in some countries already. If it is clean, why go through fake names (money laundering, racketeering), through 4 countries with those fake shareholders? Why even stand on the pulpit? Those wanting to leave stolen inheritance should study the Bible. Money gotten by ungodly means is not biblical blessing. These folks are aware of severe poverty among their congregation. Paying pastors $100/month while storing treasures in the Caribbean? These are “perilous times in which people are lovers of themselves having a form of godliness but denying its power”. The Boli and Gala seller tithing their money for offshore laundering are not loved by God? “With God, there is no respect of persons”. Many Naija Christians do not read or study their Bible. “God knows those who are His, Let everyone that name the the name of God depart from iniquity”. All quotes from the Bible.

      Delete
    2. Anon 01:02 πŸ‘πŸ‘πŸ‘πŸ‘
      Please, could I hug you? πŸ€—πŸ€—πŸ€—πŸ€—

      THESE ARE THE LAST DAYS!
      Keep your focus on Jesus Christ.

      "If it is possible even the very elect shall be deceived“.

      Delete
  11. Thieves in the name of pastors. People, know your God personally and stop giving money to pastors richer than your entire generation. Give to the poor and needy.

    ReplyDelete
    Replies
    1. Sandy J Stitches11 October 2021 at 13:24

      Anon 12:58 he thief your money? He thief government money? If not, pray for his kind of grace upon your life u hear?

      Okay bye

      Delete
    2. *did he steal from you?*

      Delete
    3. You no give church, you no give the poor. Only crying when you only see a fraction of God's blessings. Abeg swerve. Take your money (if any) to where ever you want

      Delete
  12. God Almighty said He will give us the wealth of the heathens. I don't see any wrong in what he did. If he stole come out with your evidence with your full chest.

    Once it is a MOG they will be throwing stones at him

    ReplyDelete
    Replies
    1. As in someone that writes books and all.

      Delete
    2. Other countries are launching investigation, some people will be going to jail shortly including India but in Nigeria, na praises

      Delete
    3. The riches of the heathen, not tithes and offerings and mandatory devotionals by the children of God. Most of the money is from fellow Christians by guilt tripping and extortion from the pulpit not from the heathen. I pity brainwashed people! May God deliver us all

      Delete
    4. You know, Annon 01:05 most of the people here neither know the scriptures nor God Almighty!

      If you they know the fear of standing in God's Holy Presence in a garment(conscience) spotted with the tiniest sin, they will pass out as dead men!

      ISAIAH 6 V 5
      And I said: “Woe is me! For I am lost; for I am a man of unclean lips, and I dwell in the midst of a people of unclean lips; for my eyes have seen the King, the LORD of hosts!”

      Delete
  13. It is illegal because they are evading tax.

    ReplyDelete
  14. Let's see why nobody sees anything wrong in a pastor obtaining false ID to hide money in a country where it can be found by relevant authorities. Such country is where drug barons, fraudsters, looters, politicians hide their money. Why is Oyedepo hiding his family money with criminals?

    ReplyDelete
  15. There are money in foreign bank accounts all over the world. But once it involves opening accounts in tax Haven countries using false identity, it is a crime. 2 major crimes if pursued--1) false ID 2) tax evasion. These are two serious crimes in serious nations. That's why it is a global scandal. You will never see legit foreign money patronizing those criminal banks with fake id

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  16. And so? He is not the first or last. Even me, if I get, I will do the same, as long as I made the money legitimately, mbok.

    ReplyDelete
    Replies
    1. You are not a pastor influencing lives of millions. God expects better but he says JUDGEMENT WILL start in God’s house, you guys may not see it as ungodly but God has the final say on extortion and stealing God’s gifts. Read about Ananias & Sapphiras in the Bible. It was their own money but they had gifted the people of God and he judged them instantly. May God have mercy on Nigeria. Perverted of religion is the undoing of Nigeria.

      Delete
    2. TELL THEM @ 01:09.

      Most people in Nigeria worship money so they are blinded to the truth.

      Delete
  17. I need someone to tell me why this is wrong! That he’s a pastor mean he can’t do business? All your politicians that took the money meant for the welfare of their citizens there, wetin una fit do them? Once they hear pastor name dem go just dey para as if they’re not supposed to own investments. Go and face your politicians, na dem hold your money for hand….mtcheeeeww

    ReplyDelete
    Replies
    1. Taxes on the money since they are doing business but claim tax exempt status nko? I see fake Christianity, perverted Christianity which is like mild Boko Haram all over Naija. Wrong is wrong. Why hide money in tax havens moving it across continents while claiming tax exempt? They will pay back taxes here and that’s why it’s a scandal in normal countries. Followership in Naija are not enlightened. I will spell it. If you claim tax exempt in your corporate filing, and you should pay $30m in taxes but you are moving tax exempt money to run businesses, you are a THIEF. I said it. I knew one of them as an undergraduate teenager, humbly serving God but I cannot but see arrogance after he said he didn’t build his schools with church money. He has had no other job since I knew him in 1986/87 but church work. Tax exempt. Why not pay taxes? Imagine the millions of dollars a poor nation like Naija is losing with them avoiding their tax obligation even with poor people’s offerings? Keep justifying their bad behavior. It’s why they are so arrogant it’s literally “visible”

      Delete
    2. Some Nigerians have refused to be 'educated/enlightened' in contemporary issues and are also "spiritually ignorant".

      2 TOM 2 V 15
      " Study to show yourself approved, a workman rightly dividing the word of truth."

      1 JOHN 4 v 1
      Dear friends, do not believe every spirit, but test the spirits to see whether they are from God, because many false prophets have gone out into the world.

      THE SPIRIT OF ANTI-CHRIST (falsehood & deception) is already in the World!

      WHO WOULD DECEIVE YOU❓ THOSE YOU TRUST❗

      NOW PUT 2 and 2 TOGETHER!!!

      Delete
  18. All of them worshipping their money god. Christ fled from the money God, but many have bowed down secretly and openly.

    ReplyDelete
    Replies
    1. πŸ‘πŸ½πŸ‘πŸ½πŸ‘πŸΎ You got that right. Their serfs will defend them like Jim Jones of Guyana because many see nothing wrong in stealing taxes meant for development and job creation. By the way why leave church money for your children and why do they not have functioning boards for the churches and mosques and pay taxes? The issue in Pandora is tax avoidance turned tax evasion like mafias and underworld folks do. The MC will collect “garage” money and use it to set up businesses mafia style. It’s exactly the same as these folks that guilt people. The only portion of the Bible they love is in Malachi, not the early part that says treat your wife well that your prayers not be hindered but the latter part meant for levites that talks about bringing tithes and offerings that there may be meat IN God’s house, not in Virgin Islands! We are truly in the last days. Please don’t believe any pastor that says he has not taken the Covid shot. They all love the world and have taken it. Go get yours.

      Delete
    2. And THEY ARE NOT LEVITES O or JEWS that the ordinance was given to as a foreshadow of things to come!

      I have asked similar questions. Why is their no Board constituting of different church members and changed every 3 to 5 years ?
      Why not sell Rights Issue to church members when they want to raise money to build Schools, Auditoriums and sundry businesses SO EVERY CHURCH MEMBER'S FAMILY GETS A DIVIDEND as SHAREHOLDERS. Afterall, you raise every Kobo as Offering and Seed from all church members - the rich, poor and poorest!

      You are a pastor yet you deny your country of tax by avoidance.

      JESUS CHRIST PAID TAX TO THE ROMAN GOVERNMENT THAT COLONIZED ISRAEL at that time.

      He said "GIVE TO CEASAR WHAT IS CEASAR'S and TO GOD WHAT BELONGS TO GOD."

      Be partiotric, obey the laws of the land! 🀷‍♀️🀷‍♀️🀷‍♀️

      Delete
  19. The documents say the company is his name and his family's names, they even gave the percentages. Go and make your own money, then call Buhari (govt) and his family to feast on it.

    ReplyDelete
  20. I knew everybody will be in support.. lol.. Africa & Christiandom..
    Why are they hiding it? I thought they should always lead by example as men of God by paying all taxes etc..
    Γ“ sΓ³ eligwe no go easy oo.. lol

    ReplyDelete
  21. Which business did he generate money to build colleges from other than tithes & offerings of wanna be rich so I follow a rich pastor folks? We know the Adelekes, Afe Babalola etc are business men. Tell the readers the business pastors did to build the colleges if we assume the colleges are businesses. The money to start them came from tithes and offerings that belong to God. Gid is not mocked. He said judgement will start in his house for a reason! The Pandora project is about exposing money launderers and tax evaders and some countries are already on their case but Naija go defend them.

    ReplyDelete
  22. Which business did he generate money to build colleges from other than tithes & offerings of wanna be rich so I follow a rich pastor folks? We know the Adelekes, Afe Babalola etc are business men. Tell the readers the business pastors did to build the colleges if we assume the colleges are businesses. The money to start them came from tithes and offerings that belong to God. Gid is not mocked. He said judgement will start in his house for a reason! The Pandora project is about exposing money launderers and tax evaders and some countries are already on their case but Naija go defend them.

    ReplyDelete
  23. This write up is stupid, did Bishop steal your money? Is the business illegal? All the politicians stealing our money you've not written about them. You just want to paint men of God bad. Let me tell you the ise Oluwa kole baje o. God's work will continue to prosper

    ReplyDelete
  24. Eve, please go into your closet, pray and ask God to tell you why these Pastors had to hide money in tax heaven and why it took dedicated global associations of journalists to EXPOSE THEM!

    If they are have nothing to hide, WHY HIDE ANYTHING AT ALL??? πŸ˜‘πŸ˜Œ

    ReplyDelete

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