Panama Papers Leak: Not only Ibori, but Saraki, also Implicated among others

The Panama Papers leak was a huge deal yesterday and it came as a great shock when Nigeria’s own James Ibori was implicated in the scandal with Mossack Fonseca, the law firm and offshore provider responsible for the leak.

 It has now been revealed that Ibori is not the only Nigerian on the list with embattled Senate President, Bukola Saraki also in there along with his brother Laolu, his associate Obi Asika and Olufela Ibidapo.

The former Kwara State governor was according to the Panama Papers and shared by the International Consortium of Investigative Journalists (ICIJ), he failed to declare assets belonging to his wife, Mrs Toyin Saraki, in secret offshore territories.

Saraki responded noting that he has in his various assets declarations included properties owned individually by himself and his wife. Saraki’s statement, signed by his Special Adviser (Media and Public Affairs) Yusuph Olaniyonu, said the property in question formed part of his wife’s family assets.

It said: “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.”

But the report in the Panama Papers alleged that at least four assets belonging to the Saraki family, tucked away in secret offshore territories, have been uncovered. It alleged that the Senate President failed to declare them to the Code of Conduct Bureau (CCB) as required by Nigerian laws.

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”.

 Last September, the CCB slammed false assets declaration charges on Saraki, accusing the Senate President of among other things, failure to declare his assets in full.

 However, a fresh investigation by Premium Times and its media partners, has uncovered a hidden London property in the name of Toyin Saraki but which was left out among the assets declared by the Senate President. The hidden property is located at #8 Whuttaker Street, Belgravia, London SW1W 8JQ. It has title number NGL802235.

 Similarly, the Senate President stated in his assets declaration form that his wife held an account in EcoBank, Broad Street, Lagos, where she had N1.5 million at the time he became governor in 2003. She also maintained an account in Coutts & Co Strand, London, where she owned £450,000 and $125,000 in addition to $3 million in Northern Trust International Banking Corporation Merrill Lynch Pierce Fenner.

THE HERALD