[EXPOSED] Bukola Saraki’s Hidden Family Assets Also Exposed In ‘Panama Papers’ Leak

At least four assets belonging to the wealthy and famous Saraki family of Nigeria, all tucked away in secret offshore territories, have been uncovered, Premium Times reports.. This is part of a massive leak of documents exposing the offshore holdings of 12 current and former world leaders.

The leak also provides details of the hidden financial dealings of 128 more politicians and public officials around the world, including Nigerians.

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.

The second company, Sandon Development Limited, was registered in Seychelles Island on January 12, 2011 and has Mrs. Saraki and one Babatunde Morakinyo, (a long-term personal aide and friend of Mr. Saraki) of 11 Okeme Street, Lagos, as shareholders.

While incorporating that company, documents show, Mrs. Saraki bought a curious service from Mossack Fonseca & Co, the Panamanian firm that helped her to register the firm. Perhaps to avoid being identified as the beneficial owner of Sandon, the Senate President’s wife asked Fonsecca to provide nominee directors for the company. Nominee directors are sometimes used in tax havens to conceal real owners of companies and assets.

She then made an undertaking indemnifying the Panamanian company “in respect of all claims, demands, actions, suits, proceedings, costs and expenses whatsoever as may be incurred or become payable by you in respect of or arising out of any member or employee or associate of your company or associated companies holding any office, directorship or shareholdings in the company or by reason of or in consequence of any act or decision made by any such person or company in connection with the management and/or administration of the said company.”

Shortly after the company was incorporated, Mrs. Saraki used it, in July 2011, to buy the property on Whuttaker Street, Belgravia, London SW1W 8JQ.

The property, acquired from Renocon Property Limited, a company registered in the British Virgin Island, was never disclosed to Nigerian authorities as required by the country’s code of conduct law.
The third hidden company in the name of Mrs. Saraki is Landfield International Developments Ltd., a company registered in the British Virgin Islands on April 8, 2014. It’s registration number is 1819394 while its registered office is 1 Akara Blog., 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Island.

According to Mossack Fonseca, the registered agent of the company, Mrs. Saraki, at least until January 27, 2015, was sole shareholder and beneficial owner of the company which had two nominee directors – Glaisd Alie Limited and NewGombe Limited – both appointed on September 2, 2014. Its agent says Landfield is authorized to issue a maximum of 50,000 no par value shares.

“In so far as is evidenced by the documents filed at the Registered Office, the Company is in existence and, in good standing,” Mossack Fonseca recently said of Landfield in response to an enquiry by one Laura Templeman, a Senior Associate for Ogier Group, a law firm based in the British Virgins Island.

“According to the documents filed on the Company’s file as at 27th January, 2015, there are no actions, pending or threatened against the Company and no action has been taken to wind up the Company or to appoint a receiver or manager.”

Mrs. Saraki said she sold her shares in the company to a third party in January but there is no official document to that effect yet.

Mossack Fonsesca, the company with which the Sarakis deal is at the center of a huge tax evasion allegation. Mossack Fonseca’s fingers are in Africa’s diamond trade, the international art market and other businesses that thrive on secrecy. The firm has serviced enough Middle East royalty to fill a palace.

The Mossack Fonseca documents indicate that the firm’s customers have included Ponzi schemers, drug kingpins, tax evaders and at least one jailed s ex offender.