Paradise Papers: Document counters Saraki’s claim that he broke no law

The asset declaration form the President of the Senate, Bukola Saraki, filed in 2003 after he became governor has countered the politician’s claim that he complied with the Code of Conduct and Tribunal law as far as his Cayman Islands company, Tenia Limited, is concerned.

PREMIUM TIMES had reported on Monday that the senator violated the law by failing to disclose a company he owned and ran (as sole shareholder and director) in an offshore tax haven while holding full-time appointment in Nigeria as governor and senator. Mr. Saraki established the company in 2001, two years before he became governor of Kwara.

But while reacting to the publication, which is part of this newspaper’s ongoing Paradise Papers series,  the senator said through his spokesperson, Yusuph Olaniyonu, “For the umpteenth time, we will reiterate the fact that the Senate President has fully complied with the law on assets declaration, even as it concerns the company under reference.”

However, Mr. Saraki’s asset declaration filing obtained by PREMIUM TIMES showed that the politician’s submission to the Code of Conduct Bureau after his election in 2003 did not include Tenia Limited.

In that document, the senator only listed European and American Trading Company, Tyberry Corporation, Eficaz Ltd., Gensoft, All Africa Media Company, Merrill HHB Fund, Mundernet Fund and Izorch Incorporated as the only eight offshore companies he held substantial or ordinary stockholdings outside Nigeria.

He also failed to declare the company when he was reelected governor in 2007 and senator in 2011 and 2015. Yet he admitted that the company was only struck off in 2015.

SEE TABLE OF THE ASSETS MR SARAKI DECLARED IN 2003 BELOW.

ALSO DOWNLOAD HIS ASSET DECLARATION FORM HERE. 

Nigeria’s Code of Conduct Act mandates all public officials to, on assumption of office, complete and return assets declaration forms to the Code of Conduct Bureau, after swearing to an affidavit before a High Court Judge on a date not exceeding 30 days after receiving the form.

The law says the submission should also cover assets owned by spouses and children below the age of 18.

By failing to declare that offshore company, the senator violated that law, and the Code of Conduct Tribunal could slam a criminal charge on him.

Mr. Saraki recently faced a 13-count corruption charge at the Tribunal over alleged false declaration of assets. He was acquitted and discharged by the court but the Nigerian government has since appealed the verdict.

Mr. Saraki appears a serial user of offshore companies to conceal assets.

PREMIUM TIMES had during its #PanamaPapers reporting in 2016 linked three firms to the senator. The first, Girol Properties Ltd., was registered in the British Virgin Island (BVI) on August 25, 2004 (a year after the politician became governor).

The second company, Sandon Development Limited, was registered in Seychelles Island on January 12, 2011 and had Mrs. Saraki and one Babatunde Morakinyo, (a long-term personal aide and friend of Mr. Saraki) as shareholders.

The third hidden company in the name of Mrs. Saraki is Landfield International Developments Ltd. It was registered in the British Virgin Islands on April 8, 2014.

The companies were never disclosed as required by law, and the Nigerian authorities are yet to bring charges against the senator despite several promises to do so.

DETAILS OF ASSETS DECLARED IN 2003
CASH AT HAND	N2,500,000
CASH AT BANK IN NIGERIA
BANK ADDRESS	NAME OF ACCOUNT	AMOUNT (NAIRA)
SOCIETE GENERAL BANK MARTINS STREET, LAGOS.	B. SARAKI	N11,050,000
ECOBANK NIG. PLC. BROAD STREET, LAGOS	B. SARAKI	N350,000
CITIZENS BANK BROAD STREET, LAGOS.	B. SARAKI	N390,000
CITIZENS BANK BROAD STREET, LAGOS.	BETTER FOODS LTD.	N600,000
ECOBANK NIG. PLC. BROAD STREET, LAGOS.	CARLISLE PROPERTIES & INVESTMENT LTD.	N10,250,000
GUARANTY TRUST BANK PLC. ADEYEMO ALAKIJA STREET, LAGOS.	BAS TRADING & MANUFACTURING LTD.	N2,900,000
SOCIETE GENERAL BANK MARTINS STREET, LAGOS.	BETTER FOODS LTD.	N23,000,000
GUARANTY TRUST BANK PLC. ADEYEMO ALAKIJA STREET, LAGOS.	B. SARAKI	N3,000,000
	TOTAL	N51,540,000
CASH AT BANK OUTSIDE NIGERIA
BANK ADDRESS	NAME OF ACCOUNT	AMOUNT
COUTS & CO. 440 STRAND , LONDON	B. SARAKI	£45,000
		£860,000
NORTHERN TRUST INTERNATIONAL BANKING CORPORATION. MERRILL LYNCH PIERCE FENNER	EFICAZ LTD.	$400,000
FORTIS BANK. CAMOILE STREET, LONDON.	TYBERRY CORPORATION	£2,000,000

LANDED PROPERTIES IN NIGERIA
S/N	PROPERTY DESCRIPTION	VALUE	MODE OF ACQUISITION	DATE OF ACQUISITION	REGISTERED OWNER
1	PLOT 212 MUSA YAR'DUA, VICTORIA ISLAND	N700m	BUSINESS	DECEMBER 1991	BAS TRADING
2	PLOT OF LAND LEKKI PHASE 1 IN BLOCK 72	N7m	SAVINGS	FEBRUARY 1992	DR. BUKOLA SARAKI
3	PLOT OF LAND AT IBAFON NEAR AJAH, LAGOS	N5m	SAVINGS	NOVEMBER 1992	DR. BUKOLA SARAKI
4	NO. 42, GERARD ROAD, IKOYI	N750m	BUSINESS	JULY 1998	SKYVIEW PROPERTIES LTD
5	NO. 19 RUXTON ROAD, IKOYI	N500m	BUSINESS	DECEMBER 1996	SKYVIEW PROPERTIES LTD
6	NO. 62, AWOLOWO ROAD, IKOYI	N100m	BUSINESS	MAY 1993	SKYVIEW PROPERTIES LTD
7	NO. 15A&B McDONALD, IKOYI	N160m	BUSINESS	MARCH 2000	CARLISLE PROPERTIES LTD
8	NO. 6 VOLGA STREET, MAITAMA, A.6, ABUJA	N60m	SAVINGS	NOVEMBER 1996	DR. BUKOLA SARAKI
LANDED PROPERTIES OUTSIDE NIGERIA
S/N	PROPERTY DESCRIPTION	VALUE	MODE OF ACQUISITION	DATE OF ACQUISITION	REGISTERED OWNER
1	123A ASHLEY GARDENS THIRLEBY ROAD LONDON	$750,000	BUSINESS	APRIL 1990	DR. BUKOLA SARAKI
2	56 CHEYNE COURT S.W.3 LONDON	$900,000	BUSINESS	JANUARY 1996	EUROPEAN & AMERICAN
3	54 ASHLEY GARDENS AMBRASDEN AVENUE LONDON	$2,550,000	BUSINESS	JANUARY 1995	DR. BUKOLA SARAKI
4	141 ASHLEY GARDENS THIRLEBY ROAD LONDON	$600,000	BUSINESS	NOVEMBER 1992	TYBERRY CORPORATION INC.
5	NELL GWYNN HOUSE SLOANE AVENUE LONDON	$400,000	BUSINESS	NOVEMBER 1992	TYBERRY CORPORATION INC.
6	ORMOND HOUSE ORMOND STREET LONDON SW 1	$400,000	BUSINESS	NOVEMBER 1998	EUROPEAN & AMERICAN
7	53 ASHLEY GARDENS AMBR0SDEN AVENUE LONDON	$2,550,000	BUSINESS	DECEMBER 2002	TYBERRY CORPORATION INC.
8	70 BOURNE STREET LONDON SW 1	$4,800,000	BUSINESS	JANUARY 2002	DR. BUKOLA SARAKI
MOVABLE PROPERTY ASSETS (VEHICLES)
S/N	PROPERTY DESCRIPTION	VALUE	MODE OF ACQUISITION	DATE OF ACQUISITION
1	MERCEDES S320	N16m	BUSINESS	NOVEMBER 1999
2	MERCEDES S500	N20m	BUSINESS	DECEMBER 1999
3	MERCEDES G500	N18m	BUSINESS	APRIL 2000
4	MERCEDES V220	N6m	SAVINGS	SEPTEMBER 2000
5	MERCEDES 300E	N2m	BUSINESS	NOVEMBER 1997
6	FERRARI 456 GT	N25m	BUSINESS	APRIL 2000
7	LINCOLN NAVIGATOR	N15m	BUSINESS	FEBRUARY 2000
8	MERCEDES ML240	N8.5m	BUSINESS	MARCH 1999
9	PEUGEOT 406	N2.9m	SAVINGS	DECEMBER 2000
10	MERCEDES CLK320	N9m	SAVINGS	AUGUST 1998
11	MERCEDES E320	N11m	BUSINESS	SEPTEMBER 2002
12	MERCEDES G500 (BULLET PROOF)	N45m	BUSINESS	NOVEMBER 2002
13	MERCEDES S500 (BULLET PROOF)	N30m	BUSINESS	FEBRUARY 2003
14	LEXUS JEEP (BULLET PROOF)	N30m	BUSINESS	NOVEMBER 2002
15	LINCOLN NAVIGATOR (BULLET PROOF)	N25m	BUSINESS	JANUARY 2002
SHARES IN NIGERIA
S/N	COMPANY	NO OF SHARES	VALUE	REGISTERED OWNER
1	AFRICAN PETROLEUM	51,303	N992,200	BUKOLA SARAKI
2	UNIPETROL PLC	153,350	N153,350	BUKOLA SARAKI
3	AIRLINE CATERING	500,000	N500,000	LIMKERS LTD
4	CENTRAL PETROLEUM	500,000	N500,000	BUKOLA SARAKI
SHARES OUTSIDE NIGERIA
S/N	COMPANY	NO OF SHARES	VALUE	REGISTERED OWNER
1	GENSOFT	148,000	EUROS 2,600,000	BUKOLA SARAKI
2	ALL AFRICA MEDIA COY	650,000	$2,250,000	BUKOLA SARAKI
3	MERRILL BBH FUND	600,00	$300,000	EFICAZ LTD
4	MUNDERNET FUND	45,000	$225,000	EFICAS LTD
5	IZORCH INC	333,333	$3,333,333	TYBERRY
MRS TOYIN SARAKI'S ASSETS
LANDED PROPERTIES IN NIGERIA
S/N	PROPERTY DESCRIPTION	VALUE	MODE OF ACQUISITION	DATE OF ACQUISITION	REGISTERED OWNER
1	PLOT OF LAND AT LEKKI PHASE 1	N5M	GIFT	JANUARY 1989	TOYIN SARAKI
LANDED PROPERTIES OUTSIDE NIGERIA
S/N	PROPERTY DESCRIPTION	VALUE	MODE OF ACQUISITION	DATE OF ACQUISITION	REGISTERED OWNER
1	35, BRYANSTON SQUARE LONDON W 1	£900,000	GIFT	JANUARY 1989	TOYIN SARAKI
2	69, BOURNE STREET LONDON S.W.3	£2,000,000	BUSINESS	APRIL 2000	TOYIN SARAKI
SHARES
S/N	COMPANY	NO OF SHARES	VALUE	REGISTERED OWNER
1	P.C.C. (UK) LTD.	500,000	£500,000	TOYIN SARAKI
CASH AT BANK IN NIGERIA
S/N	BANK ADDRESS	AMOUNT	NAME OF ACCOUNT
1	ECOBANK (NIG) PLC BROAD STREET, LAGOS	N1,500,000	TOYIN SARAKI
CASH AT BANK OUTSIDE NIGERIA
S/N	BANK ADDRESS	AMOUNT	NAME OF ACCOUNT
1	COUTTS & CO 440 STRAND, LONDON	£450,000	TOYIN SARAKI
		$125,000
2	NORTHERN TRUST INTERNATIONAL BANKING CORP. MERRILL LYNCH PIERRE FENNER	$3,000,000	HAUSSMAN LTD.
CHILDREN ASSETS
CASH AT BANK IN NIGERIA
S/N	BANK ADDRESS	AMOUNT	NAME OF ACCOUNT
1	SOCIETE GENERAL BANK, BROAD STREET, LAGOS	N700,000	TOSIN SARAKI
2	SOCIETE GENERAL BANK, BROAD STREET, LAGOS	N400,000	SENI SARAKI
CASH AT BANK OUTSIDE NIGERIA
S/N	BANK ADDRESS	AMOUNT	NAME OF ACCOUNT
1	COUTTS & CO 440 STRAND, LONDON	£1,000	TOSIN SARAKI
2	COUTTS & CO 440 STRAND, LONDON	£500	SENI SARAKI
3	NORTHERN TRUST INTERNATIONAL BANKING CORP. MERRILL LYNCH PIERRE FENNER	£400,000	OLUWATOSIN & OLUWASENI SARAKI
4	NORTHERN TRUST INTERNATIONAL BANKING CORP. MERRILL LYNCH PIERRE FENNER	£250,000	OLUWATOSIN & OLUWASENI SARAKI

ABUBAKAR BUKOLA SARAKI ASSETS
S/N	DESCRIPTION	AMOUNT (NAIRA)
1	Cash at hand	2,500,000
2	Cash at Bank (Nigeria)	51,540,000
3	Cash at Foreign Banks	976,270,150
4	Landed Properties in Nigeria (8)	2,282,000,000
5	Landed Properties Abroad (8)	2,580,287,500
6	Movable Assets (Vehicles) (15)	263,400,000
7	Shares (In Nigeria)	2,570,550
8	Shares Abroad	1,862,704,310
	TOTAL	8,021,272,510
TOYIN SARAKI (WIFE) ASSETS
S/N	DESCRIPTION	AMOUNT (NAIRA)
1	Cash at Bank (Nigeria)	1,500,000
2	Cash at Bank (Abroad)	761,539,750
3	Landed Property (Nigeria)	5,000,000
4	Landed Property (Abroad)	895,027,000
5	Shares	154,315,000
	TOTAL	1,817,381,750
HIS CHILDREN
S/N	DESCRIPTION	AMOUNT (NAIRA)
1	Cash at Bank (Nigeria)	1,100,000
2	Cash at Bank (Abroad)	201,072,445
	TOTAL	202,172,445
	GRAND TOTAL	10,040,826,705

ALSO DOWNLOAD HIS ASSET DECLARATION FORM HERE.