#PanamaPapers: Toyin Saraki’s lawyers disagree with husband, say secret assets belong to her alone

Toyin Saraki.... Photo Credit: Thisdaylive.com
Toyin Saraki.... Photo Credit: Thisdaylive.com

Lawyers to Toyin Saraki, the wife of the embattled Nigerian Senate president, Bukola Saraki, have said the controversial hidden assets the politician failed to disclose, tucked away in secret offshore tax havens, belong solely to Mrs. Saraki, and not her family estate.

A trove of internal data from the Panama-based offshore-provider, Mossack Fonseca, obtained by the German newspaper, Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ) with PREMIUM TIMES and over 100 other media partners in 82 countries, revealed that the properties were part of the assets belonging to the Senate President’s immediate family.

A PREMIUM TIMES investigation on Monday exposed Mr. Saraki as having failed to declare the assets among those filed with the Code of Conduct Bureau (CCB), as required by Nigerian laws.

However, Mr. Saraki, through his Special Adviser on Media and Publicity, Yusuph Olaniyonu, claimed in a statement Monday night that he fully complied with the provisions of the law.

He said the assets he failed to disclose belonged to the estate of his wife’s family.

“It is public knowledge that Mrs. Saraki comes from a family of independent means and wealth with numerous and varied assets acquired over decades in family estates and investments,” Mr. Olaniyonu said.

But the claims by Mr. Saraki contradicted those by his wife’s lawyers who said the assets in question belonged to no one else but Mrs. Saraki alone.

The London-based law firm of Harbottle & Lewis, who are lawyers to Mrs. Saraki, in clarifying the legal position of the controversial assets, said its client solely own them.

“Our client is the sole shareholder in Sandon Development Limited. There are not and have never been any other shareholders in Sandon Developments Limited,” Harbottle & Lewis stated in a response to enquiries by the ICIJ in a letter dated March 19, 2016.

Similarly, the law firm also confirmed that Mrs. Saraki was the “sole shareholder of Landfield International Developments Limited from incorporation until January 2015,” when she sold her shares to a third party.

Also in one document seen by PREMIUM TIMES, Mrs. Saraki insisted she was the sole director of Girol Properties Limited.

In the document, entitled, “Memorandum of the Sole Director of Girol Properties Limited”, Mrs Saraki wrote on August 25, 2004, “In accordance with the Articles of Association of the Company, I, the undersigned, Mrs. Toyin SARAKI, being its sole director, do hereby set down the following on record:

REGISTERED OFFICE: It was confirmed that the registered office of the Company be situated at Akara Bldg, 24 De Castro Street, Wickhams Cay I, Road Town, Tortola, B.V.I.

SEAL: It was resolved that the Common Seal produced to the Meeting (an impression of which is affixed below) be and it is hereby adopted as the
Common Seal of the Company.

CORPORATE DOCUMENTS: It was resolved that the books, records and minutes of the Company may be kept anywhere in the world.

SHARES: It was resolved that the Company be and hereby is authorised to issue, for value received, share certificates No. l and 2, in the name of Mrs. Toyin SARAKI, for 25000 shares with a par value of US$ 1,00 each

Adopted and signed this 25m day of August, 2004.

Toyin SARAKI, Director

Last September, the CCB slammed false asset declaration charges on Mr. Saraki, accusing him, among other things, of failure to declare his assets in full.

The bureau said Mr. Saraki breached Nigerian law requiring all public office holders to mandatorily declare their assets, those of their wives and children below the age of 18.

The hidden properties, Girol Properties Limited, Sandon Development Limited and Landfield International Developments Limited, which the Senate President failed to declare, were acquired between 2004 and 2011.

Documents showed that Sandon Development Limited was registered in Seychelles Island on January 12, 2011, with Mrs. Saraki and one Babatunde Morakinyo, (her husband’s long-term personal aide and friend) as shareholders.

The documents also showed that Landfield International Developments Limited, with registration number 1819394, was incorporated in the British Virgin Islands on April 8, 2014, with its registered office address as #1 Akara Blog., 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola.

Until January 27, 2015, when Mrs. Saraki sold her shares in the company, Landfield Limited had her as sole shareholder, although with some nominee directors she hired from Mossac Fonseca to ostensibly conceal her ownership of the shell company.


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  • Spoken word

    Comedy of the absurd.

  • Otile

    Ifa Orunmilla a gbe yin oo. The Yorubas have looted Nigeria silly. One may ask; do Yorubas believe that Nigeria was created for them and the Fulanis? What is this oppression all about? Is it for their survival or for greed? Nigeria must break up. This in your face daylight robbery of Nigeria by a few crooks has gotten out of hand. Where else in the world is this happening?

    Nigeria must break up. The greedy few must not loot away our resources while the masses suffer and go sorrowful. God forbid. Injustice is stinking to high heavens in this damned amalgamation.

    • Folahan

      After spending all your energy to defend saraki and the PDP, you now want tactically convert the issue to a tribal issue. it wont oga, shame on you all

      • Julius

        lolz. The faggot is also a racist. Thats all he does online besides trolling for young boys. You ought to know that. Just read his post, he hates women after the Yorubas. Lmaoooooooo !!. Keep an eye on the fckers

      • Otile

        I have never defended bad people in PDP nor will I defend bad people in Islamic APC. Suka duka taya. These rogues have denied youths their right of obtaining good jobs, good education, comfortable life style. A plague on both their houses. I still don’t know why you Odua people are supporting them to please your master Imam Mohamed Buhari.

    • persona

      All of a sudden, Saraki is Yoruba now. Your shame knows no bounds.

      • Otile

        What are you talking about? Judas, are you now going to deny that Toyin and Bukola are Yoruba, or are going to swear by your Koran that Yusuph Olaniyonu, and Femi Osinbajo are Yoruba. I will not let you get away with saying that illustrious sons and daughters of Oduduwa are Fulanis just to please your master Imam Buhari. Man know thyself.

        • Oyepitan Sola

          The wife is a Yoruba , no dispute about that. However , the Saraki dynasty originated from the Fulani extraction and none including the late Olusola Saraki ever agreed to be referred to as a Yoruba man. For the record , Ilorin emirate where the Senate President hails from is not part of the Yoruba speaking area of Kwara State. Shall we suspend religious , tribal and political affiliation when discussing issues of corruption ? Whoever has his or hands soiled should face the music. No sentiment.

          • Otile

            Olusola Saraki family cannot claim to be Yoruba for fear of losing their leadership of Kwara state. Why did Toyin an undisputed illustrious daughter of Oduduwa soil her hands in this looting business? She could have invested the $billions looted in Eko, Abuja or Illorin. Contrary to your belief your Yoruba and Fulani leaders are unpatriotic. Protect their stolen resources in foreign lands my foot.

          • Reminisce6

            The late Olusola Saraki`s mother was from Iseyin in Oyo State and his father or grandfather migrated from Mali according to the senior Saraki.Ilorin is a Yoruba speaking city,natives of Ilorin of all background speaks Yoruba as first language of communication.

          • Otile

            That is Yoruba for you. When Obasanjo was misbehaving during his first term they disowned him saying that he is an Igbo man. During his second term when he started to award them copious contracts they changed their color, embraced him as their own God given son greater than Awolowo.

          • PolyGon2013

            Yep. I agree.

        • persona

          You definitely are just a loud mouth. I will shock you today. The Sarakis came all the way from Mali. Till his dad died, he was the leader of Malians in Diaspora, so does that tell you he is Yoruba now? You just come here and open your ignorance to the world. You are using both Judas and the koran at the same time, an essential part of you is missing, try find am biko.

        • kinsly

          Can you shut up about this Yoruba and Fulani tribal nonsense? I beg.

    • Fadama

      Saraki will go more as a Fulani man and not a Yoruba man. Physical appearance is a good clue to tell that he is not Yoruba. More so, the physical appearance of his late father

      • Otile

        Yeah, Bukola is no longer Yoruba because he is caught red-handed. How about Toyin, is she Fulani too?

        • PolyGon2013

          I disagree with you on all issues except this one. Saraki is a Yoruba. To he’ll with his dressing appearance.

        • aisha ani

          A thief is a thief no matter how you dress he/she up!

          • Otile

            Aisha, how was the party with the President at our beautiful Nigerian embassy in the District of Columbia?

            Gba dun.

          • aisha ani

            Not bad at all!

        • Fadama

          The discussion here is on Saraki. I know not of Toyin.

          • Otile

            She is a good Yoruba woman too.

      • PolyGon2013

        Get lost about physical appearance, unless you mean his clothing appearance. Saraki is a Yoruba. Forget about his Islamic clothes.

        • Fadama

          If you have evidence to the contrary, please provide

    • tundemash

      Oloshi, wha has tribe got to do with this ? When Saraki was charged before the court, which Yoruba man did u see defend him? Was it not miscreants like you looking for crumbs from his table that were queuing up to defend him claiming he’s been witch-hunted ? I guess Stella Oduah, Metuh, Odili,Denziani, Jonathna Dumbo, Orubebe are all from Ijebu Ode . Mor0n !

      • Big Colonel Mariama(rtd)

        Just shut up here. Your people are killing us with high tech looting. That is the issue here. Stop defending evil. Other tribes are baby looters where your people are mega looter.They just don’t stop until the whole damned money is all looted.Defend that at your own peril.

        • tundemash

          Sergeant Mariama, which people are killing you with high-tech? For all I care Saraki should be hanged today! Oloshi, is it not you wailing wailers that has been supporting the rogue since ?

  • owhonda

    Its like they gave birth to Saraki in very serious corrupt circumstances. The guy oozes corruption to its fullness.

  • Dazmillion

    I dont know why the good people of Kwara state tolerated this Saraki family for so long.

    • hummm

      Its called being poor and uneducated in knowing how to fight for their rights,

      • Julius

        I agree.

  • persona

    We await the next lie to try in concealing this one.
    The issue here is that EFCC should now separate both husband and madam for trial so they don’t get to align their stories.
    I hope madam is not already telling Saraki say why drag my family into your defense.

    • Pirofessor2016

      @disqus_qjvnqdDXoX:disqus

      No other country exhibits Nigeria’s syndrome of stealing. The country’s political system is now overwhelmed
      and unable to do anything else other than opening new vistas for stealing and drawing more energy into
      closing new sluices continually opened. A net effect is the mass failure in the country’s school students.
      Just one out of ten school pupils passed school certificate since 1999. With 90% WASC failure rate,
      an illiterate future is guaranteed for Nigeria. Stealing, meanwhile, continues, along with violent crimes.

      Beheading is rampant in Nigeria, even in the afternoon; at petrol stations and on the streets.
      Youths in the country have mostly taken to stealing wholesale, by taking after state officials.
      Government Ministers and Parliamentarians are the most infamous for stealing in Nigeria.
      In that matrix of blood and evil, Nigeria has been falling precipitously in pitch darkness.
      There’s now hardly electricity lasting one hour a day in any of the 36 states in Nigeria.

    • resipsaloquitur

      WITH CONSTITUTIONAL IMMUNITY THE 36 GOVERNORS IN NIGERIA;

      ALL HAVE A LICENSE TO STEAL WHICH THEY USE TO DEADLY EFFECT,

      TO STEAL IN BILLIONS OF NAIRA AND TO RENDER NIGERIANS HELPLESS.

      THEY STEAL WITH BULLION VANS AND KEEP SOME LOOT WITH THEIR WIVES.

  • Godwin

    @Otile is like u are totally confused, what has Yoruba got to do with Saraki, have forgot how u peoples of Igbo could go to any extent in looking and amassed wealth illegally. What ur brother Orji Kalu for Abia State governor and others. I beg try and remove d clog in eyes before pointing acuse finger to Yoruba. A true Yoruba son or daughters depend on God and hardworking, that is why different tribes can co-habit with them without any rancour. But this is not possible in any of ur areas.

    • silewezi

      Godwin, you are totally correct that this is not a tribal thing. But you almost damaged your good words by mentioning Orji Kalu and ‘people of Igbo’, since you in effect commit the same error as Otile.

      • Otile

        I committed no error. Toyin and Bukola are still Yoruba no matter how much Ogbeni Godwin would like distance these two Yoruba son and daughter from the Yoruba tribe.

        • Julius

          Im sure now that a Yoruba man must have fathered your siblings while your mother was still married to your father.Only way I can explain your hatred and obsession with everything that has to do with the Yorubas. I’ll keep praying for you. You need mercy !

    • Julius

      You should ignore that maggot fag. All his miserable failed life is Yorubas fault. What else do you expect from him ?The asshole is a loser and losers always has to blame others.

  • blow fissh

    My interpretation of this is that Bokola Saraki will and must go down on his own when the time comes for assets forfeitures. The London-based law firm of Harbottle & Lewis engaged by Toyin Saraki is doing what non of our so call SAN’s can never dream of doing. The law firm is making sure that when the shit hits the fan Toyin’s property co-mingle with Bukola and the family members are kept at arms length as well.

    • Derry

      @blowfissh:disqus

      NIGERIA: A dying country choked by hypocrites

      Let me digress a bit. Nigeria’s elites told fat lies to spruce him up,
      but Muhamadu Buhari was not any of the superlatives falsely deployed.
      General Olusegun Obasanjo said he is totally convinced about Buhari
      having the ability to change the country, but as darkness fell on Nigeria since
      January under Buhari’s clumsiness, and as petrol stations ran dry at the same
      time with no petrol supply for transportation or for private power generation,
      General Obasanjo went into hiding and saying nothing, so as not to be seen
      eating his words in public.

      WOLE SOYINKA on his part,
      dusted up his olden thesauruses to invent a completely false
      phrase which doesn’t fit any facts. Soyinka said Muhamadu Buhari is the one who
      can save Nigeria from ‘collapse’ as a born again democrat. Five months after
      Buhari was sworn in, nearly 1,000 Shiite Muslims lay dead in Kaduna and the
      economy collapsed on all indices. A case has since been filed against Buhari at
      the International Criminal Court, straddling genocide. Wole Soyinka has kept
      quiet ever since, and eating his own words in the dark, without any electricity
      supply under Buhari’s incompetent rule which recorded zero megawatts
      of electricity generation on 31st March this year.

      But see, last year or so, it was the same Wole Soyinka who rushed
      60 kilometres to Lagos denounce traffic hold-up in faraway Port-Harcourt caused by
      Patience Jonathan. But now the same Soyinka cannot find the moral courage to pick
      up the same dusted up thesauruses to denounce Nigeria’s nationwide blackout added
      by nationwide petrol scarcity under Buhari. Oh, God. What a country of hypocrites!

      • Arabakpura

        Just as you put it, it’s just a digression! Could it be that Saraki was not aware that his wife kept a different estate in the name of Saraki? Another family issue brewing there!

        • Goodman

          This revelation by the Panamanian law firm is a big revelation on how the financial world works in reality. There is absolutely no way that Bukola did not know or contribute to the wife’s financial dealings. Normally in the court of law spouses cannot give evidence against one another. It’s a family thing. Toyin has always been a front for Bukola. What happened in Iceland is typical example. Husband and wife. The guy gave up his job yesterday as prime minister knowing that in reality it always been both their money as the wife was fronting for the family. Offshore accounts is legal but when you are in a position of power, watch your deals. The Saraki family are rich and with that kind of financial interest globally it’s hard to stay 100% clean.
          Bukola Saraki may one day run as presidential canditate of Nigeria.

          • Arabakpura

            Thank you good man! May Saraki never run for the office of the president of this country!

        • Julius

          Its all a lie. Of course he knew. This is another ruse that must be laughed at. They are not fooling anybody. What they forgot is that people/corporations keeps records in the western countries. The date, the amount and who signed the dotted lines.

      • Powerlessconscious

        What is happening is not a new thing. It happened between march to may 2015 towards the end of gej tenure. Nobody is afraid of agitators or PDP supporters as buharo still has 3more years to use. Those that voted for change gave the president 4years to rebuild the country and not 1year. Nobody is ashamed nobody is afraid. Dangote refinery in Lagos will solve it all. Mind the president has achieve progress on corruption and insecurity of bokoharams and vandals. Remain employment and budget will solve the problem. Kachikwu has already said he does not give a dam because he knows those there is light at the end of tunnel. And APC supporters too does not give a dam because we see the good hope. God bless pmb/osinbanjo. God bless nigeria. God bless Nigerians.

    • fslclairvoyance

      THE COUNTRY CALLED NIGERIA IS A DEN OF THIEVES; AND, ANYONE ISOLATING BUKOLA SARAKI
      AS THE PROBLEM, IS NOT WISE. HONESTY OF THOUGHT IS NOWHERE TO BE FOUND AGAIN IN THE
      DARK DEN OF THIEVES CALLED NIGERIA. OPINIONS ARE RENDERED BY RADICALS AND ELITES JUST
      TO MISLEAD NIGERIANS TO ACCEPT THIS STATUS QUO OF ILLITERACY AND STEALING AS NORMAL.

  • aisha ani

    Na which work Toyin do, wey she fit acquire all dis money? As of the time UTC folded up the Ojora’s were down to their last kobo, this was before Bukola became governor.

  • Analyst

    Prayer Points:

    1. Every family idol, every spirit wife and those that say I can’t move forward, receive Buhari and APC’s chain now! Prayer!

    2. Every power pursuing me here and there, I command you to be slow motion of Buhari

    • Dapsy

      And you think you have sense with this post abi?

      • Analyst

        Sai suffer, in Buhari name I pray for you,Amen!

    • Powerlessconscious

      You posted this on vanguard. The country is indeed moving forward under buhari. You only need to open your eyes and see it.

  • Arabakpura

    Incredible! Why is this criminal still in the headship of the highest law making body in Nigeria?

    • Julius

      Because its Nigeria.

  • share Idea

    can PT report the proceedings of Saraki’s case at CCT. It will show that Saraki is just been persecuted by this administration?

    With regards to Panama leak, I have said it before that we do not need Panama leak to know that majority of Nigerian politicians stole our collective wealth. What so many people failed to understand is that under democracy no matter how morally bad an individual action looks, it will require a strong institutions and law to bring such person to justice. Secondly, whoever that is championing that just cause must come to equity with clean heads.

    I will advise people that are being deceived by this charade from Buhari government to lower their expectation as when push comes to shove, Buhari will show his true colour – hypocrite and propagandist. ( case in point, public declaration of his assets not done up till now).

    • utolason

      LOL. Go and read the witness statement at the CCT on Guardian Newspaper website. How and by whom a thief is caught is irrelevant but that he was caught. Get real!

      • Julius

        Thank you !

    • Julius

      Did Jonathan did declare his ?

    • tundemash

      ShareDunce, what are u ranting about ? Saraki being persecuted? Since when has been given an opportunity to defend an allegation in court become persecution ?

  • UOU

    It was Patience that suppose to take food to Jonathan, in Prison, Chai, Its is Toyin, that will first take Snacks, to Saraki, change

    • Julius

      She may also has a room/cell next to her husband in jail if she keep lying to the court. Stay tuned !

      • UOU

        You can never say, it might be you, with your wife(if you have any) having the next jail room besides you or at least the usual prisoner, the baboon of ota, who was there once before, during buhari’s brother regime

        • Julius

          Dumb ass, you aint making sense. Get lost !

  • ODOFIN, Lagos

    I feel very sad for Kwara State and her unborn generations for the damage done by the Sarakis to her…

  • Sp_shagari

    SARAKI certainly thinks Nigerians are dumb, like WTH, this is clearly to redirect the primary argument that the shares and assets are all his own, he create internal crack shifting the debate between her and her family. He systematically remove himself as possibility to redirect all blames

  • British Nigerian

    It just might be Toyin Saraki is about to “Leg it” from her husband, hence making such a controvesial public statement. For a woman to publicly say “I own it all”, thereby putting her beloved husband in a very difficult position before Nigerians speaks volumes.

    Now, she can publicly leave him, claiming ownership to the choicest properties in the UK. He cannot dream of contradicting himself in a UK court in the future. If divorce is on the cards, he has just been “Sucker Punched” as she will clean him out big time.

    This is just speculation…but her definitive statement clearly does not help her honey one bit – more like throwing him underneath a fast moving “London Red Bus”.

  • Toughie Man

    She looks puny, frail and despondent in this PT pix but she is an incorrigible crook. Saraki her criminal husband is dubious to a fault. Saraki continuous stay in that senate as its president makes that place stinks like a decomposing corpse. Very early in life he started stealing and closing down any company he associates with by looting it dry. Ananias (Bukola) and Saphirra(Toyin) Saraki are the devil’s reincarnate. Their second names are stealing and the best way to handle is to bring them out first to their villages, gather them naked as criminals are treated in villages, mock them, spit on them before hauling them into a black maria to be taken to a maximum prison while awaiting trial. We know there are sufficient international evidence that the duo are international criminals.

  • Abiboss

    What difference does it make?

  • Man_Enough

    The law knowing full well that the wife may have assets of her own,stipulates that they be declared. Wherever procedures are evaded, crime lurks nearby. The only way she can defend her husband is to tender a certificate of divorce backdated to a date before saraki became governor.

  • saheedl

    Saraki and Wife know nothing but money stealing, stealing money. Very bad people.