Panama Papers: $2.6m Penthouses Traced To Ex-Minister

A former Minister for National Planning, Rasheed Gbadamosi, bought two luxury penthouses worth $2.6m in Panama in 2008 while serving as the Chairman of the Petroleum Products Pricing Regulatory Agency, according to leaked data from Panamanian law firm, Mossack Fonseca.

According to a documents sighted by Nigerian online newspaper, Premium Times, Gbadamosi who was recently appointed co-chairman of the Lagos at 50 planning committee, bought the two houses in the most opulent areas of Panama.

Under Nigerian law, acquiring assets abroad is not illegal, but according to the Fifth Schedule of the constitution, chairmen and members of government boards or other governing bodies and staff of statutory corporations and of companies owned by the federal, state or local governments must declare their assets on assumption of duty and on leaving office.

Apart from declaring their assets, appointees are also expected to justify their sources of income for whatever additional assets are acquired in-between the commencement of duties and departure from office.

It could not be verified as of press time if Gbadamosi declared his interest in the two penthouses to the Code of Conduct Bureau.

According to documents sighted by Premium Times, sometime in early 2008, the former minister approached Gilberto Aleman, a Panamanian real estate broker, to help him secure two posh penthouses owned by Nicolas Corcione, owner of Ciclones Corporation Inc and Cosmopolitan Corp, the companies under which the properties were registered.

Valued at $1,365,000, the first penthouse Gbadamosi bought, is located in Ocean Park Tower 2, and consists of a surface area of 537.33 square meters, on floors 35 and 36 of the tower.

The property is registered under the ownership of Ciclones Corporation Inc.

The second penthouse is located in the same building as the first, Ocean Park Tower 2. It consists of a surface area of 479.88 square meters, on the 39th floor of the building. It was registered under the ownership of Cosmopolitan Corp.

All attempts to speak with the ex-minister prove abortive as his telephone line did not connect while a text message was not responded to by of 7pm on Sunday.

Punch