Hidden Family Assest of Nigeria’s Senate President, Saraki, uncovered in tax havens

PanamaPapers: Hidden family assets of Nigeria’s Senate President, Saraki, uncovered in tax havens

At least four assets belonging to the wealthy and famous Saraki family of Nigeria, all tucked away in secret offshore territories,have been uncovered.

But the President of the Senate, Bukola Saraki, failed to declare them to the Code of Conduct Bureau (CCB) as required by Nigerian laws.

This revelation, made possible by internal data of 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, could worsen Mr. Saraki’s case as he battles to extricate himself from allegations of corruption.

Mr. Saraki is yet to respond to PREMIUM TIMES’ request for comments. His spokesperson, Yusuph Olayinonu, did not return calls or respond to a text message seeking comments.

But in a written response to ICIJ, the Senate President insisted, through his UK lawyers, that he “declared his assets properly in accordance with the relevant legislation,” and that the charges against him “are both unfounded and politically motivated.”

The hidden assets

The first, Girol Properties Ltd, was registered on August 25, 2004 (a year after Mrs. Saraki’s husband became governor of Nigeria’s north-central state of Kwara) in the British Virgin Island (BVI).

Company documents show that Mrs. Saraki owns 25,000 numbers of shares with a par value of US$ 1,00 each, and was appointed the first and only director of the company.

It however remains unclear what businesses Mrs Saraki transacted with the company. Mrs Saraki however, in a letter to ICIJ, through her lawyers, denies ever owning any shareholding in Girol Properties.

A troubled husband

Mrs Saraki’s husband, Bukola, who is Nigeria’s third most powerful official by virtue of his position as Senate President, is facing a 13-count charge of alleged false declaration of assets.

He is being tried by the Code of Conduct Tribunal, a special court that tries public officers for any contravention of the Code of Conduct for Nigerian public officers as spelt out in the Fifth Schedule of the Nigerian constitution.