Obi denied any wrongdoing following revelations from the Pandora Papers project coordinated by the International Consortium of Investigative Journalists (ICIJ).
The project saw 600 journalists from 150 news organisations around the world poring through a trove of 11.9 million confidential files, contextualising information, tracking down sources and analysing public records and other documents.
Several current and former world leaders, and public officials were named in the project.
Mr Obi told Premium Times that he did not declare companies and the funds and property he jointly owns with his family members or anyone else in his asset declaration filings with the Code of Conduct Bureau because he was unaware that the law required him to do so.
“I don’t declare what is owned with others,” he said. “If my family owns something I won’t declare it. I didn’t declare anything I jointly owed with anyone.”
On the day the company was incorporated, about 50,000 shares of Gabriella Investment were issued in favour of Hill International Holding Corporation, a shell International Business Company operating under the laws of Belize.
Obi said the offshore entity is the holding company for most of his assets and that the business structure he adapted was to enable him to avoid excessive taxation.
“I am sure you too will not like to pay inheritance tax if you can avoid it,” he said.
The former vice-presidential candidate said that British Lloyds Bank’s advice informed his offshore structure decision.
Asked if he is concerned that Nigerians would be disappointed at him following the findings, Obi said he was more concerned about his UK and US schools alumni network, his business and foreign creditors.
He insisted that he served well as Anambra governor and Nigerians already have their opinions about him.
The group in a statement issued on Monday in Asaba, Delta State capital, said that the PREMIUM TIMES report on Obi’s foreign business activities published earlier today tried to create a wrong impression about him. The statement signed by NFJ’s Chairman, Mr. Francis Ezeoka, accused the newspaper of bad faith and of doing a hatchet job “lacking in substance” and “purity of motive.”
It said that PREMIUM TIMES betrayed its motive right from its opening paragraph where, without even the benefit of the said reports, it started passing judgement, thus betraying the fact that they were on a sponsored mission targeted at tarnishing Obi’s reputation.
NFJ, which described Nigerians as very intelligent and discerning people, said it was confident that they would ask PREMIUM TIMES the ultimate questions: “Did you trace any missing government money to any company Obi has real or imaginary interest? Is any public money missing in any public establishment Obi has had contact with, such as Anambra State, Security and Exchange Commission?”
The group also wondered the nexus between Obi’s numerous speeches the report referred to and the actual issue the newspaper pretended to be investigating.
“To prove that he has nothing to hide, we learnt that Obi made himself available to PREMIUM TIMES and honestly answered all their questions. Apparently disappointed that they could not establish a case of corruption against him, the newspaper resorted to editorialising and playing the prosecutor contrary to the journalism tenet of fair reporting.”
“We know many fantastically corrupt Nigerians and the property they acquired while in government, as well as how they stole the money of their states and ended up plunging their states into debt and yet PREMIUM TIMES did not consider them objects of investigations,” NPF further said.
It advised the public to disregard the sponsored report, assuring that fighting corruption is good, but must be differentiated from witch-hunting.