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Pandora Papers: How Panama Law Firm Helped Public Figures Hide Money in Tax Havens
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A prestigious Panamanian law firm was named in the so-called ‘Pandora Papers’ as implicated in the creation of offshore shell companies meant to hide money in tax havens for more than 160 politicians and public figures.
They included “some accused of looting their countries,” according to the International Consortium of Investigative Journalists (ICIJ), which obtained the leaked documents as part of the Pandora Papers, published Sunday, which sent shockwaves of embarrassment through powerful circles.
Aleman, Cordero, Galindo & Lee, or Alcogal, was involved in creating shell companies to move money for Jordanian King Abdullah II, Czech Prime Minister Andrej Babis, Montenegro President Milo Djukanovic and three former presidents from Panama, among others, according to the bombshell release.
Others involved with Alcogal — co-founded in the 1980s by the son of a former Panamanian ambassador to the United States who then became ambassador himself — include a Honduran presidential candidate and a former president of Ecuador.
The firm also worked with figures in some of the most notorious financial scandals of the last decade, including the massive Latin American bribery plot involving Brazilian construction company Odebrecht and the soccer corruption case known as “Fifagate,” according to the ICIJ.
In a report, the ICIJ enumerated the 14,000 offshore entities in Belize, the British Virgin Islands and Panama created with the help of Alcogal in an effort to stash money away from public scrutiny for some 15,000 clients since 1996.
So prolific was the law firm’s offshore involvement that nearly two million of the 11.9 million leaked documents associated with the Pandora Papers — which were reported on by some 600 journalists — came from Alcogal.
Magnet for rich and powerful
According to the ICIJ, Alcogol played “a leading role in the tax avoidance and asset protection industry.”
“Over the past three decades, Alcogal has become a magnet for the rich and powerful from Latin America and beyond seeking to hide wealth offshore,” the reporting group said, citing leaked corporate records.
“Firms like Alcogal propel that (shadowy) economy, helping well-heeled clients find havens to conceal their money, sometimes from tax collectors and criminal investigators. Ordinary people often pay the price,” the ICIJ report on the firm said.
For example, the ICIJ says Alcogal set up more than 200 shell companies for the Banca Privada d’Andorra, some of which were then used to conceal public corruption in Venezuela. The United States later blacklisted the bank over money laundering concerns and Alcogal disentangled itself from the bank.
The firm rejected accusations of shady dealings in a statement, saying it was considering legal action to defend its reputation “in a vigorous manner where necessary.”
“Alcogal rejects the conjecture, inaccuracies and falsehoods in the papers,” the firm said, offering to work with authorities to investigate any irregularities.
And several politicians named in the papers also pushed back, including former Panamanian president Ricardo Martinelli, who denied involvement in anything untoward.
The revelations from the Pandora Papers could further damage Panama’s reputation, after the Central American country’s image already took a hit in a previous round of financial scandal reporting known as the “Panama Papers” five years ago.
The government worried about fallout from the new release, according to a letter from officials released by local media.
“The damage could be insurmountable,” the Panamanian government said in the letter, sent through a law firm to the ICIJ.
The letter warned that “any publication” reinforcing “a false perception” of the country as a possible tax haven “will have devastating consequences for Panama and its people.”
The letter from the Panamanian government also references some of the reforms that the Central American country has made in recent years, although it remains on the EU list of tax havens.
The Panama of 2016 “is nothing like the Panama of today,” the government said in its letter.
(AFP)
Headlines
Flamingos Receive $50 Gift for Winning U-17 Women’s World Cup
Nigeria’s Flamingos have received a cash reward of $50,000 following their historic triumph at the 2026 FIFA U-17 Women’s World Cup.
The reward was presented to the team on Saturday night by Alhaji Saleh Ahmadu, a sponsor of the National Sports Commission (NSC), during a special reception held in their honour.
The event was attended by several top dignitaries, including NSC Chairman, Mallam Shehu Dikko; Director-General, Honourable Bukola Olopade; and Comptroller-General of the Nigeria Customs Service, Mr. Bashir Adewale Adeniyi.
The Flamingos are also expected to receive additional rewards in recognition of their outstanding achievement in Morocco.
Nigeria secured a historic 2-1 victory over Japan in Saturday night’s final in Rabat to emerge champions of the competition for the first time in the nation’s history.
The triumph marks a significant milestone for Nigerian women’s football and further underscores the country’s growing presence on the global stage.
Meanwhile, striker Oluebube Umejiaku has explained how the team recovered from their opening defeat to Poland to win the 2026 FIFA U-17 Women’s World Cup in Morocco.
Nigeria began their campaign with a 2-1 loss to Poland, despite Umejiaku scoring as a substitute. However, the team bounced back, treating every subsequent fixture as a final on their way to winning the competition.
The Flamingos defeated DPR Korea, Mexico and other opponents before overcoming Japan 2-1 in Saturday’s final to claim the trophy.
Umejiaku, who started the tournament on the bench, became one of Nigeria’s standout performers, scoring crucial goals, including in the final, and winning the Golden Ball award as the tournament’s best player.
Speaking to FIFA.com after Nigeria’s historic triumph, she said the players were determined to change their fortunes following the opening loss to Poland.
“When we lost the first game against Poland, everybody said we needed to wake up because we didn’t come here to look at anybody’s face and we have to take every game as a final. We don’t downgrade anything; we play and we put all our best into every game.”
Umejiaku also reflected on her journey from a substitute to one of the tournament’s most influential players, saying she remained hopeful of getting an opportunity to start.
“Every time I went to training and every time I slept, I told God that I’m praying for all the people that are starting. But when I wanted to start, I just told God that it is my time,” she said.
Another key contributor to Nigeria’s triumph was Awawu Bashiru, who initially had limited playing time under head coach Akeem Busari.
Bashiru played just 77 minutes between the opening match and the quarter-final against Venezuela before earning her first start against Brazil. She scored twice in that encounter and also opened the scoring in the final against Japan.
Reflecting on the team’s achievement, Bashiru credited their success to teamwork and the technical crew’s instructions.
“I’m so happy, I’m so excited and I’m so grateful,” she said. “The teamwork, instruction and listening to our coaches is why we got the goals and why we won the final. We are history-makers. We made Nigeria, and the millions of people there, proud.”
Busari, meanwhile, explained that his decisions to change the starting line-up were based on the players’ attitude, character and commitment rather than reputation.
“No matter how good you are, I’m a coach that plays on character,” Busari said of making those key changes. “It’s all about mindset, attitude and merit; if they’re there, you get your playing time. If they’re not there, you’re waiting to come in. As a coach, we want everyone to wire up and play together.”
Nigeria’s victory made the country the first African nation to win the FIFA U-17 Women’s World Cup and the first from the continent to claim a women’s FIFA tournament title.
Umejiaku expressed confidence that the triumph would mark the beginning of more success for Nigerian and African women’s football.
“I’m very happy because now we have broken the chain,” Umejiaku added. “In Africa we always win – that’s a promise. We’ve won, and now we’ll be winning and winning, that’s just it. We thank God for everything.”
Bashiru also promised that Nigeria would return with the same determination at the next edition of the competition.
“We can expect more from Nigeria,” Bashiru added. “We are winning and we’ll bring the same energy, the same zing, at the next U-17 Women’s [World Cup].”
Busari described the triumph as a major boost for African football, saying it demonstrated the continent’s growing competitiveness at youth level.
Headlines
Obi Tasks Tinubu to Give Account of N15.8trn Subsidy Savings, $100bn Borrowing
The Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has called on President Bola Tinubu to account for the N15.8 trillion saved from the removal of the fuel subsidy and the over $100 billion borrowed by his administration.
Obi’s challenge comes 24 hours after Tinubu took a swipe at the former Governor of Anambra State during an All Progressives Congress (APC) campaign rally in Akwa Ibom State, saying that while the NDC candidate ran from erosion in Anambra, he (Tinubu) confronted the Atlantic Ocean in Lagos.
In a post on his X handle on Saturday, Obi congratulated Tinubu on spending a night in a Nigerian State outside Lagos and Abuja, while urging him to visit other states and account for the resources available to his administration.
“I congratulate you on spending a night in one of Nigeria’s states outside Lagos and Abuja. I hope you enjoyed the warmth, hospitality, and delicious cuisine of Akwa Ibom, which I am sure is even better than those of the destinations where you have spent over 260 days outside Nigeria since coming into office.
“I sincerely hope this visit will inspire you to travel to the remaining 33 states of the federation, spend time with the people and, more importantly, explain what your administration has done with the ₦15.8 trillion saved from the removal of fuel subsidy, the over $100 billion you have borrowed, the increased revenues accruing to the government from taxing Nigerians, and the additional government revenues which your administration celebrated last year as having surpassed its target,” Obi wrote.
He insisted that Nigerians deserve to know what the government has achieved with the resources, including the number of people lifted out of poverty, children returned to school and functional primary healthcare centres built.
“Nigerians deserve to know how many that were pulled out of poverty within this period, how many out-of-school children were returned to school, and how many functional primary healthcare centres you have built.
“They also deserve to know how much electricity supply has improved, especially given your promise that if you do not fix power, Nigerians should not vote for you. They deserve an explanation of how you have secured the country, which still ranks among the most terrorised countries in the world.
“Mr. President, Nigerians deserve answers. They deserve to know what has been done with the resources entrusted to your government,” he added.
Obi said the new Nigeria he hopes to build would be founded on accountability, transparency and the physical, measurable impact of public resources on the lives of citizens.
Headlines
Flamingos Beat Japan 2-1 to Win 2026 U17 Women World Cup
Nigeria’s under-17 women’s national team, the Flamingos, etched their names into football history Saturday, defeating former champions Japan 2–1 at the Mohammed VI Football Complex to lift the 2026 FIFA U17 Women’s World Cup.
With the victory, Nigeria becomes the first African nation to win the tournament since its inception in 2008.
Led by head coach Akeem Busari, the Flamingos entered the showpiece having already broken ground as the first African side to reach the final, surpassing their previous best finish of a bronze medal in 2022.
After a fiercely contested opening half-hour against a disciplined Japanese side making their fourth final appearance, Nigeria broke the deadlock in the 39th minute.
Midfielder Awawu Bashiru—who had starred with a brace in the semi-final against Brazil—unleashed a long-range strike that slipped past Japanese goalkeeper Kou Kadowaki to give the Flamingos a 1–0 lead at the break.
Nigeria wasted no time doubling their advantage after the restart. Just two minutes into the second half, forward Oluebube Umejiaku latched onto a through ball and lifted a composed finish over the onrushing Kadowaki in the 47th minute to make it 2–0.
Desperate to reclaim a title they last won in 2014, Japan responded with a triple substitution and mounted heavy late pressure.
The Young Nadeshiko eventually pulled a goal back in the 80th minute through setting up a tense finish in front of a crowd that included FIFA President Gianni Infantino and CAF President Patrice Motsepe.
Despite Japan’s late surge, Nigeria’s backline—marshalled by goalkeeper Sylvia Ijirigho and defender Omowunmi Sunday—held firm through stoppage time to seal an unforgettable triumph for Nigerian and African women’s football.
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