An internal data procured by the firm revealed that the family of Nigeria’s Senate President, Bukola Saraki, has several assets tucked away in safe offshore havens. The document was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ) and other media.
Here are properties in the name of Toyin Saraki but which was left out among the assets declared by the Senate President:
1. 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.
2. 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.
3. 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.
4. A hidden property is located at #8 Whuttaker Street, Belgravia, London SW1W 8JQ. It has title number NGL802235. It’s reported that funds from Sandon Development limited was used to procure this property.
However the Senate President and his wife said they’ve done nothing wrong. They maintained that it is not illegal to hold shares in offshore companies.