Details Emerge On How Oyedepo Set Up Family Offshore Company In Tax Haven

Wealthy and flamboyant, Mr Oyedepo recently said money had never been a problem for his church. This is the story of the family-owned company based in BVI.

According to PANDORA PAPERS 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, has lead by the International Consortium of Investigative Journalists (ICIJ) and in which PREMIUM TIMES is a key participant.

The project that has 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.

In August 2007 It has said that 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.