This Nigerian minister bought N836.8 million penthouses in Panama

– An ex-minister for national planning and former PPPRA chairman bought N836.8 million penthouses

– Details of Mr Gbadamosi’s deal were revealed in leaked Panama Papers

Rasheed Gbadamosi, a former minister for national planning, writer, businessman and recently appointed co-chairman of the Lagos at 50 planning committee, is the owner of two sumptuous penthouses in Panama, one of the world’s best-known tax havens.

Mr Gbadamosi’s suspicious dealings were exposed by Premium Times with the help of documents leaked from the database of Mossack Fonseca, alaw firm that allowed wealthy people worldwide use offshore firms to evade tax and avoid sanctions.

According to the obtained data, the ex-minister, purchased the two properties worth N836.8 million ($2.6 million) in 2008, while chairing the Petroleum Products Pricing Regulatory Agency (PPPRA). The property is registered under the ownership of Ciclones Corporation Inc.

The correspondence of an unnamed Mossack Fonseca official showed that Mr Gbadamosi was so interested into the purchase he offered his estates agent to fly to Panama in a private jet to inspect the buildings.
Premium Times has provided precise figures on the property price and their dimensions:

The first penthouse (Penthouse 1) 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. It is valued at N436,800,000.

The second penthouse (Penthouse 5) is also located in Ocean Park Tower 2. It consists of a surface area of 479,88 square meters, on the 39 floor of the building. It costs N400,000,000.


Ocean Park Tower 2 is one of the most expensive residences in Panama City. Located within the lush, Punta Pacifica area of the city, Ocean Park Tower 2 is a 44-floor glassy skyscraper that stood at 463 feet tall.

The high-rise building, which overlooks panoramic views of the Pacific ocean, is furnished with controlled security, high-end luxury finishing, internal jogging and walking tracks, football field, parks for children, basketball and volleyball courts etc.

Interestingly, owners of the apartments are exempted from paying property taxes for 20 years.