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

Senate President, Bukola Saraki,
Senate President, Bukola Saraki, docked by the Code of Conduct Bureau .. in 2016

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 HANDN2,500,000
CASH AT BANK IN NIGERIA
BANK ADDRESSNAME OF ACCOUNTAMOUNT (NAIRA)
SOCIETE GENERAL BANK MARTINS STREET, LAGOS.B. SARAKIN11,050,000
ECOBANK NIG. PLC. BROAD STREET, LAGOSB. SARAKIN350,000
CITIZENS BANK BROAD STREET, LAGOS.B. SARAKIN390,000
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. SARAKIN3,000,000
TOTALN51,540,000
CASH AT BANK OUTSIDE NIGERIA
BANK ADDRESSNAME OF ACCOUNTAMOUNT
COUTS & CO. 440 STRAND , LONDONB. SARAKI£45,000
£860,000
NORTHERN TRUST INTERNATIONAL BANKING CORPORATION. MERRILL LYNCH PIERCE FENNEREFICAZ LTD.$400,000
FORTIS BANK. CAMOILE STREET, LONDON.TYBERRY CORPORATION£2,000,000

          
LANDED PROPERTIES IN NIGERIA
S/NPROPERTY DESCRIPTIONVALUEMODE OF ACQUISITIONDATE OF ACQUISITIONREGISTERED OWNER
1PLOT 212 MUSA YAR'DUA, VICTORIA ISLANDN700mBUSINESSDECEMBER 1991BAS TRADING
2PLOT OF LAND LEKKI PHASE 1 IN BLOCK 72N7mSAVINGSFEBRUARY 1992DR. BUKOLA SARAKI
3PLOT OF LAND AT IBAFON NEAR AJAH, LAGOSN5mSAVINGSNOVEMBER 1992DR. BUKOLA SARAKI
4NO. 42, GERARD ROAD, IKOYIN750mBUSINESSJULY 1998SKYVIEW PROPERTIES LTD
5NO. 19 RUXTON ROAD, IKOYIN500mBUSINESSDECEMBER 1996SKYVIEW PROPERTIES LTD
6NO. 62, AWOLOWO ROAD, IKOYIN100mBUSINESSMAY 1993SKYVIEW PROPERTIES LTD
7NO. 15A&B McDONALD, IKOYIN160mBUSINESSMARCH 2000CARLISLE PROPERTIES LTD
8NO. 6 VOLGA STREET, MAITAMA, A.6, ABUJAN60mSAVINGSNOVEMBER 1996DR. BUKOLA SARAKI
LANDED PROPERTIES OUTSIDE NIGERIA
S/NPROPERTY DESCRIPTIONVALUEMODE OF ACQUISITIONDATE OF ACQUISITIONREGISTERED OWNER
1123A ASHLEY GARDENS THIRLEBY ROAD LONDON$750,000BUSINESSAPRIL 1990DR. BUKOLA SARAKI
256 CHEYNE COURT S.W.3 LONDON$900,000BUSINESSJANUARY 1996EUROPEAN & AMERICAN
354 ASHLEY GARDENS AMBRASDEN AVENUE LONDON$2,550,000BUSINESSJANUARY 1995DR. BUKOLA SARAKI
4141 ASHLEY GARDENS THIRLEBY ROAD LONDON$600,000BUSINESSNOVEMBER 1992TYBERRY CORPORATION INC.
5NELL GWYNN HOUSE SLOANE AVENUE LONDON$400,000BUSINESSNOVEMBER 1992TYBERRY CORPORATION INC.
6ORMOND HOUSE ORMOND STREET LONDON SW 1$400,000BUSINESSNOVEMBER 1998EUROPEAN & AMERICAN
753 ASHLEY GARDENS AMBR0SDEN AVENUE LONDON$2,550,000BUSINESSDECEMBER 2002TYBERRY CORPORATION INC.
870 BOURNE STREET LONDON SW 1$4,800,000BUSINESSJANUARY 2002DR. BUKOLA SARAKI
MOVABLE PROPERTY ASSETS (VEHICLES)
S/NPROPERTY DESCRIPTIONVALUEMODE OF ACQUISITIONDATE OF ACQUISITION
1MERCEDES S320N16mBUSINESSNOVEMBER 1999
2MERCEDES S500N20mBUSINESSDECEMBER 1999
3MERCEDES G500N18mBUSINESSAPRIL 2000
4MERCEDES V220N6mSAVINGSSEPTEMBER 2000
5MERCEDES 300EN2mBUSINESSNOVEMBER 1997
6FERRARI 456 GTN25mBUSINESSAPRIL 2000
7LINCOLN NAVIGATORN15mBUSINESSFEBRUARY 2000
8MERCEDES ML240N8.5mBUSINESSMARCH 1999
9PEUGEOT 406N2.9mSAVINGSDECEMBER 2000
10MERCEDES CLK320N9mSAVINGSAUGUST 1998
11MERCEDES E320N11mBUSINESSSEPTEMBER 2002
12MERCEDES G500 (BULLET PROOF)N45mBUSINESSNOVEMBER 2002
13MERCEDES S500 (BULLET PROOF)N30mBUSINESSFEBRUARY 2003
14LEXUS JEEP (BULLET PROOF)N30mBUSINESSNOVEMBER 2002
15LINCOLN NAVIGATOR (BULLET PROOF)N25mBUSINESSJANUARY 2002
SHARES IN NIGERIA
S/NCOMPANYNO OF SHARESVALUEREGISTERED OWNER
1AFRICAN PETROLEUM51,303N992,200BUKOLA SARAKI
2UNIPETROL PLC153,350N153,350BUKOLA SARAKI
3AIRLINE CATERING500,000N500,000LIMKERS LTD
4CENTRAL PETROLEUM500,000N500,000BUKOLA SARAKI
SHARES OUTSIDE NIGERIA
S/NCOMPANYNO OF SHARESVALUEREGISTERED OWNER
1GENSOFT148,000EUROS 2,600,000BUKOLA SARAKI
2ALL AFRICA MEDIA COY650,000$2,250,000BUKOLA SARAKI
3MERRILL BBH FUND600,00$300,000EFICAZ LTD
4MUNDERNET FUND45,000$225,000EFICAS LTD
5IZORCH INC333,333$3,333,333TYBERRY
MRS TOYIN SARAKI'S ASSETS
LANDED PROPERTIES IN NIGERIA
S/NPROPERTY DESCRIPTIONVALUEMODE OF ACQUISITIONDATE OF ACQUISITIONREGISTERED OWNER
1PLOT OF LAND AT LEKKI PHASE 1N5MGIFTJANUARY 1989TOYIN SARAKI
LANDED PROPERTIES OUTSIDE NIGERIA
S/NPROPERTY DESCRIPTIONVALUEMODE OF ACQUISITIONDATE OF ACQUISITIONREGISTERED OWNER
135, BRYANSTON SQUARE LONDON W 1£900,000GIFTJANUARY 1989TOYIN SARAKI
269, BOURNE STREET LONDON S.W.3£2,000,000BUSINESSAPRIL 2000TOYIN SARAKI
SHARES
S/NCOMPANYNO OF SHARESVALUEREGISTERED OWNER
1P.C.C. (UK) LTD.500,000£500,000TOYIN SARAKI
CASH AT BANK IN NIGERIA
S/NBANK ADDRESSAMOUNTNAME OF ACCOUNT
1ECOBANK (NIG) PLC BROAD STREET, LAGOSN1,500,000TOYIN SARAKI
CASH AT BANK OUTSIDE NIGERIA
S/NBANK ADDRESSAMOUNTNAME OF ACCOUNT
1COUTTS & CO 440 STRAND, LONDON£450,000TOYIN SARAKI
$125,000
2NORTHERN TRUST INTERNATIONAL BANKING CORP. MERRILL LYNCH PIERRE FENNER$3,000,000HAUSSMAN LTD.
CHILDREN ASSETS
CASH AT BANK IN NIGERIA
S/NBANK ADDRESSAMOUNTNAME OF ACCOUNT
1SOCIETE GENERAL BANK, BROAD STREET, LAGOSN700,000TOSIN SARAKI
2SOCIETE GENERAL BANK, BROAD STREET, LAGOSN400,000SENI SARAKI
CASH AT BANK OUTSIDE NIGERIA
S/NBANK ADDRESSAMOUNTNAME OF ACCOUNT
1COUTTS & CO 440 STRAND, LONDON£1,000TOSIN SARAKI
2COUTTS & CO 440 STRAND, LONDON£500SENI SARAKI
3NORTHERN TRUST INTERNATIONAL BANKING CORP. MERRILL LYNCH PIERRE FENNER£400,000OLUWATOSIN & OLUWASENI SARAKI
4NORTHERN TRUST INTERNATIONAL BANKING CORP. MERRILL LYNCH PIERRE FENNER£250,000OLUWATOSIN & OLUWASENI SARAKI

ABUBAKAR BUKOLA SARAKI ASSETS      
S/NDESCRIPTIONAMOUNT (NAIRA)
1Cash at hand2,500,000
2Cash at Bank (Nigeria)51,540,000
3Cash at Foreign Banks976,270,150
4Landed Properties in Nigeria (8)2,282,000,000
5Landed Properties Abroad (8)2,580,287,500
6Movable Assets (Vehicles) (15)263,400,000
7Shares (In Nigeria) 2,570,550
8Shares Abroad 1,862,704,310
TOTAL8,021,272,510
TOYIN SARAKI (WIFE) ASSETS
S/NDESCRIPTIONAMOUNT (NAIRA)
1Cash at Bank (Nigeria)1,500,000
2Cash at Bank (Abroad)761,539,750
3Landed Property (Nigeria)5,000,000
4Landed Property (Abroad)895,027,000
5Shares154,315,000
TOTAL1,817,381,750
HIS CHILDREN
S/NDESCRIPTIONAMOUNT (NAIRA)
1Cash at Bank (Nigeria)1,100,000
2Cash at Bank (Abroad)201,072,445
TOTAL202,172,445
GRAND TOTAL10,040,826,705

ALSO DOWNLOAD HIS ASSET DECLARATION FORM HERE. 


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