Fresh headache for Saraki, as Panama papers reveal foreign secret assets

Senate President, Bukola Saraki battle to extricate himself from allegations os false assets declaration may have suffered a setback as he now has more worries to contend with over his as some secret assets have been traced to his wife in some foreign countries.

The assets were revealed in data of the Panama-based Mossack Fonseca, obtained by a German newspaper, Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ).

The Panama papers uncovered a hidden London property in the name of Toyin Saraki located at #8 Whuttaker Street, Belgravia, London SW1W 8JQ. It has title number NGL802235. The first, Girol Properties Ltd, was registered on August 25, 2004, (a year after Saraki’s became governor of  Kwara State) in the British Virgin Island (BVI).

Company documents show that Mrs. Saraki owns 25,000 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, denied ever owning any shareholding in Girol Properties.

The property were not declared by Saraki, who under the law as a public officer is required to declare his own assets, those of his wife as well as assets in the names of his children below the age of 18.

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But Saraki in a response said the properties in question belong to his wife’s family, and the law does not require him to declare such.

He said he has fully complied with the provisions of the law on declaration of assets by public officers including properties owned individually by himself and his wife.

According to him, “The property in question forms part of Dr. Saraki’s wife’s family asset. 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.

“Furthermore, the law only requires a public officer to declare both his own assets and those held by his spouse and his children under 18 years of age. The law does not require a public officer to declare assets held by the spouse’s family.

“It is not expected by the law that a public officer should declare such assets held in the spouse’s family estate. Indeed, the Code of Conduct form does not make provision for declaration of spouse’s family assets”, he stated.

 

 

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