Panama Papers: There Is Noting Hidden Under The Sun.

[Written by Kien Macgoin]

While the reactions from various quarters about the Panama Papers may have been taking to the extreme, as there is no law in Nigeria that states having an offshore corporation is illegal or criminal, the Panama Papers do however show there is nothing hidden under the Sun.

What to my mind is illegal and criminal, is where there is non-disclosure/filling of the offshore entity bank accounts and tax returns respectively and of course, if the offshore corporation was set up with stolen fund (laundered money).


There are many positive reasons to operate an offshore company or to have a company outside of one’s country; political stability of host country, favourable legal/economic systems of host country, asset protection/security, privacy, legal tax deferral, etc. As strategic as the above reasons maybe, it is important to note that if the offshore entity was set up with stolen funds, fails to file its tax returns or fails to report its bank account, then it is illegal and criminal.

No matter the mixed feelings of Nigerians about the Panama paper, the fact remains that there is nothing hidden that will not be exposed – not with the advancement in technology and growing States coalition against corruption.