How Saraki lied, acquired Lagos property –Witness

Mr. Michael Wetkas, prosecution witness in the continuing trial of Senate President Bukola Saraki before the Code of Conduct Tribunal (CCT), on Monday described him as a liar for claiming he bought a property in Lagos with proceeds of sale of rice and sugar.

Wetkas stated this at the resumed hearing of the case on Monday while he was cross-examined for the 13th day by the defence lawyer, Mr. Paul Usoro (SAN).

He disclosed to the Danladi Umar-led CCT that the Senate President in reality purchased the properties at 17A and B, McDonald Street, Ikoyi, Lagos, in 2006 with proceeds of loans he got from the Guaranty Trust Bank.

Saraki, who is being prosecuted by the Federal Government before the CCT on 16 counts, including false and anticipatory asset declaration, which he allegedly made as governor of Kwara State between 2003 and 2011, had in his asset declaration form of June 3, 2011, submitted at the end of his second tenure as governor, affirmed that he acquired the property in 2006, and five others in 1990, 1991, 1992, 1996 and 2000 with proceeds of sales of rice and sugar.

However, earlier he had declared in his asset declaration form dated July 11, 2007 for the end of his first tenure as governor and at the commencement of his second tenure as governor, that he bought the properties through loan worth N497million.

But Wetkas, witnessing on the case, said that the loan initially obtained was planned to be paid quarterly in five tranches but that as the then Kwara State governor, he did obtain extra loans from the bank which led to the subsequent restructuring of the loan.

As directed by the defence lawyer, Wetkas also read from the GT Bank statement of the Senate President covering the period 2005 to 2015. The bank statement was earlier admitted by the CCT as Exhibit 7. The witness confirmed that Saraki got three loans in the sums of N380million, N380million and N400million in connection with the properties acquired by Saraki.

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“In 2006, the balance was N9, 779,109. 79million before the loan was credited. This first loan taken was used to pay the one before. The loan amount was N380million. The property it was used to buy was worth N256.3million. There was five per cent charge translated into N12, 815,000. It was liquidated on February 5, 2007.

“When the loan was liquidated, it took the balance to a debit balance of N231, 552,804.93. Then another loan was taken of N380m on the same February 5, 2007. The second loan was taken to defray the debit. It now gave a credit balance of N98million.

“As of the 2007 declaration, there was debit outstanding of the loan of up to N300million, which was not declared in 2007 declaration. There were other inflows into account the purposes of paying. On August 27, 2009, the balance on the account shows an inflow into the account of N100million through banker’s cheque. On July 31, 2009, it shows that the account was in debit of about N93, 933,654.15.

“After the inflow of N100million on August 27, it went into credit balance of N6, 066,345.6. On April 30, 2009, the account was in debit position of N17m. The on the same date, there was loan disbursement of N400million,” Wetkas testified.
By Ebere Ndukwu …

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