Earlier today, the General Overseer of The Living Faith Church was under fire after he was exposed for setting up a family offshore company, the words seem foreign to most Nigerians, but the meaning of offshore company will be discussed for a better understanding.
In a layman term, an offshore company is a company that is situated in a different country to the one, different from the owner or where it carries out its transactions, which is mostly influenced by tax evasion reasons and is also used to transact, and trade business legally outside the location, where it is situated.
It can also be said to be a company that is operated in an overseas country or a foreign jurisdiction, and most of the directors of these companies use it to reduce the amount of tax paid, and also cover up their illegal financial dealing, protect asset, privacy and confidentiality, and others.
The meaning of offshore company had been discussed above, but as much as it sounds foreign, Pastor Oyedepo is not the first Nigerian Evangelist or pastor to set up, such company the likes of; Pastor Chris Oyakhilome of Christ Embassy church, the founder of Synagogue Church of All Nations, Pastor TB Joshua also possessed an offshore company.