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.
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 |
