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, led by the International Consortium of Investigative Journalists (ICIJ) and in which PREMIUM TIMES is a key participant.

The project 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.

The leaked files were retrieved from some offshore services firms around the world that set up shell companies and other offshore entities for clients, many of them influential politicians, businesspersons, and criminals seeking to conceal their financial dealings.

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In August 2007 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.

The company, Zadok Investments Limited, was set up on August 20, 2007 with 50,000 ordinary shares with a value of $1.00 each.

Mr Oyedepo and his wife, Faith, are the largest shareholders with 30 percent of shares each.

Love and Joy, two daughters of the cleric, were similarly given 10 percent shares each.

The documents did not reveal the exact businesses and transactions the offshore company was set up to conduct. The entity however appears to be the family’s investment vehicle under which the family’s wealth is warehoused for offshore management.

Biblical reference

Mr Oyedepo may have tapped the name of his offshore company from the Bible. According to the books of 2 Samuel, 1 King and Ezekiel, Zadok was a loyal priest to the biblical King David.

And he was also helpful to the enthronement of Solomon as David’s successor being that he was the priest that anointed Solomon’s head with oil at Gihon, which effectively made him his father’s successor.

After Solomon built the temple in Jerusalem, Zadok was the first high priest of the temple.

An entrepreneurial cleric

While the cache of documents did not reveal what type of business the company was set up for, some of the documents revealed that the company was still active at least as recently as 2016 when Trident Trust filed a resolution of the company’s board revalidating its list of directors.

Meanwhile, Mr Oyedepo, who felt “insulted” by his $150 million valuation by Forbes Magazine in 2011, is one of the main proponents of prosperity gospel in Christendom and encapsulates this by his myriad of entrepreneurial endeavours.

“Some fellow said we are worth $150 million, I said that’s an insult. $150 million? That’s an insult. I’m worth Philippians 4:19”, he said while referring to the Forbes valuation.

Philippians 4:19 reads: “And my God will meet all your needs according to the riches of his glory in Christ Jesus.”

Recently, while reacting to reports that some of the church’s pastors were sacked without benefits, Mr Oyedepo, who described the sacked pastors as “unfruitful” and “blatant failure”, said his church had never lacked money.

“Money? Nonsense! We’ve never lacked it and yet we’ve never prayed for it. We are just simply obeying God and he is backing up what he asks us to do.”

“Obedience will turn you to a living wonder. Just obey God. Have you seen us raise a prayer point of Oh God send us money?,” he asked later during the speech.

Outside his evangelical work, he is mainly known as the founder of one of Nigeria’s most expensive universities, Covenant University. He also owns Landmark University, in Omu-Aran, Kwara State.

He also owns Faith Academy Limited alongside his wife, Faith. Faith Academy Limited is the company that runs the highbrow boarding secondary school that goes by the same name.

Mr Oyedepo is also known for his acquisition of at least four private jets which include, a Gulfstream V jet, said to be worth at least $30 million, two other Gulfstream planes and a Bombardier Challenger aircraft, which he operates using another of his companies, Dominion Air Limited.

Dominion Air Limited was set up in 2005 and his second son, Isaac, is listed as one of its directors.

Mr Oyedepo is also the owner of Hebron Oil Limited and a slew of other businesses mostly located in his Canaanland estate in Ota, Ogun State.