Move2:
In an environment where full-time professional politicians abound, Obi has tasted life as an entrepreneur, where he excelled and became financially secure before venturing into the murky world of Anambra politics, in his home state, where he also proved his mettle as a ‘performing’ two-term governor. What happened in-between remains an object of debate – and curiosity. The “Pandora Papers” lifted the veil of secrecy surrounding Obi’s financial dealings overseas last year. It was part of the revelations by the International Consortium of Investigative Journalists with which hundreds of media outlets around the world are affiliated. They are dedicated to exposing millions of documents linked to shadowy figures hiding their wealth in offshore accounts on remote islands in the backwaters of Europe and in the Caribbean.
In 2010, four years into Obi’s first tenure as governor, he hired a shadowy agent in Monaco to help set up “Gabriella Investments Ltd” on the British Virgin Island, under the auspices of “Access International.” The transaction was so airtight that no one knew about it, and no political firestorm broke out in Anambra over the governor of an impoverished state stashing wealth in offshore accounts, well away from his people. By the way, Gabriella is the name of Obi’s daughter. The investment was later restructured into PMGG Investment Ltd in 2017capturing the initials of members of the Obi’s clan: Peter, Margaret, Gabriella, and Gregory, the youngest son. So far, there is no evidence showing that the “investments” were proceeds of crime.
There are a myriad of reasons a person would wish to hide their wealth in offshore accounts. Tax avoidance tops the list, but it also includes money laundering, and official corruption. When quizzed about this by Premium Times, in October 2021, Obi confessed to not having fully declared his interest in offshore accounts to the relevant authorities as expected, but made it clear that his action was informed by his desire to avoid inheritance tax.
He said, “I am sure you too will not like to pay inheritance tax if you can avoid it.” A desire to build a dynastic wealth for generations of one’s family may be ok if you are a Joe Public, but not if you are striving to become the leader of a country whose interest payments on its debts currently outstrip its income, and where citizens rummage through the dustbin of the rich, daily, in their millions, looking for crumbs. Moreover, if Nigeria is not good enough to protect Obi’s wealth, how on earth as President, is he going to persuade other people to come and invest in his country? Besides, stashing away wealth in order to avoid paying tax has significant distributional implications, especially for a Labour Party whose raison d’etre is the emancipation of the working people and enhancement of equality of opportunity.

Inheritances and inter-vivo gifts (economic values passed on during the owner’s lifetime) play a crucial role in perpetuating income and class disparity across generations. Taxation is the main instrument for levelling the playing field, and improving social mobility across individuals. In a show of disdain for the have-nots, Obi and his ilk do all they can as city tycoons to thumb their noses at basic socio-economic principles. But, why single out Obi for criticism? Well, a presidential candidate, especially, a leader of the Labour Party must be held to a higher standard on this particular issue. Besides, not everyone involved in similar offshore schemes is running to be Commander-in-Chief of the most populous black nation on earth. Peter Obi talks the talk, but does not walk the talk. He is distinctly unfit for command.

https://punchng.com/2023-pandora-papers-taxation-and-obis-chances/

SocialJustice:
I wonder how much punch got paid for this story.

I am OBIdient.