EXCLUSIVE: Seychelles begins probe of Saraki, wife, for alleged money laundering


Authorities in Seychelles have opened a criminal investigation into the multi-million dollar assets which Senate President Bukola Saraki and his wife, Toyin, are believed to hold through offshore shell companies in tax havens, PREMIUM TIMES can report.

Bukola and Toyin Saraki are being targeted by financial intelligence operatives for their “suspicious” use of offshore shell companies as uncovered in the Panama Papers investigation published in 2016, according to new records obtained by the International Consortium of Investigative Journalists and shared with PREMIUM TIMES and other partners.

Investigators at the Seychelles Financial Intelligence Unit said they are interested in determining whether or not Mrs Saraki stood as a front for her husband in the ownership of some of the offshore holdings linked to the family when a trove of offshore assets managed by Panamanian law firm, Mossack Fonseca, was leaked to the media.

The investigators are also working to determine if the transactions undertaken with the shell companies were used to launder funds or carry out other suspicious activities.

Two weeks after the Sarakis were exposed as owning undeclared offshore assets in violation of Nigeria’s code of conduct regulations, detectives from that country’s FIU asked Mossack Fonseca to furnish them with all documents relating to Sandon Developments Ltd, a firm registered in Seychelles under Toyin Saraki’s name.

Mossack Fonseca responded to the request on April 29, 2016, by forwarding a link to the PREMIUM TIMES article on the Panama Papers as well as all documents relating to Sandon Ltd, including international passports and business activities.

The status of the investigation, however remained unclear as there is no record of any update about it since Mossack Fonseca responded to the authorities’ requests at the end of April 2016.

Mrs Saraki registered Sandon Ltd in 2011 and used it to buy a family property at #8 Whittaker Street, Belgravia, London SW1W 8JQ.

Mr Saraki denied links to the offshore assets in 2016, saying they belonged to his wife’s family. But information obtained by PREMIUM TIMES at the time indicated that the Senate President merely used his wife as a front, and Seychelles authorities also found the denial unconvincing.

The revelations were amongst the findings of a lengthy investigation by the International Consortium of Investigative Journalists, German newspaper Süddeutsche Zeitung and more than 100 other global news organizations – including PREMIUM TIMES.

PREMIUM TIMES was the only Nigerian publication involved in the investigation, which lasted a year before the first set of stories started running on April 3.

For two weeks, Yusuph Olaniyonu, a spokesperson for Mr Saraki, did not return PREMIUM TIMES requests for comments about the criminal investigation of his principal and spouse in Seychelles.

Nigerian authorities had previously stated that they were investigating Mr Saraki’s offshore assets that were not declared in contravention of the law, but no charges have been brought against him.

Offshore shell entities are not necessarily fraudulent. There are legitimate uses for them by businesspersons across the world, but several other people, including criminals, have used them for untoward activities.

When Mrs Saraki registered Sandon Ltd on January 12, 2011 in Seychelles, she listed Babatunde Morakinyo, a long-term personal aide and friend of Mr Saraki, as a shareholder.

Mr Morakinyo was amongst the top aides of Mr Saraki who were identified by the Economic and Financial Crimes Commission as laundering billions of naira in suspected bribes from the Paris Club refund to Nigerian states in 2017.

While incorporating that Sandon Ltd, documents show, Mrs Saraki bought a curious service from Mosshich she tucked the hidden assets.

PREMIUM TIMES further reported at the time that Sarakis used nominee directors in order to perhaps avoid being identified as the beneficial owner of Sandon. 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 revelations came at the time Mr Saraki was being tried by the Code of Conduct Tribunal (CCT) for failing to properly declare his local assets when he became governor in 2003, 2007 and when he moved to the Senate in 2011, having completed the two terms allowed under the Constitution.

In June 2017, the CCT found Mr. Saraki not guilty on all the 18 counts of false assets filings as brought against him by the Nigerian government.

The Nigerian government challenged the ruling at the Court of Appeal, which affirmed the conclusion of the tribunal on all but three counts in a December 12 ruling. Mr Saraki appealed the decision to the Supreme Court.

The Supreme Court is scheduled to deliver its judgment in the appeal on July 6.


https://www.premiumtimesng.com/news/headlines/273330-exclusive-seychelles-begins-probe-of-saraki-wife-for-alleged-money-laundering.html

Saraki the international thief
Saraki commits a crime in every country he has ever resided in.

Hope interpol declared him wanted so PMB can bundle him to them ASAP

Its well

Awon "Apani jaiye" Ole!

........some mins please
My people, make una help me ooo, I can't view my comment after posting it

Say what?

I hope some people will not start linking the probe to Buhari oooo

And some fools will still come online on empty stomach to support this thief and his criminal wife

Waiting patiently for IPIGS to defend crime as usual

.

All our politicians and past leaders should be probed. NONE are CLEAN.

May she be indicted & punished accordingly.Nigerian judiciary is up to the highest bidders like the Saraki's.

am tired of defending this man and his family

He does not only do it, he carries all his family along too.... Like Father like son.......

On the levels of accusation hanging on this man's neck, he should do the humble thing and resign......

Ooops I forgot, 9ja politicians no dey resign.... They are like Teflon.......

Nigeria govt are pulling saraki from the right while Seychelles are pulling from the left. Saraki is in hot soup

Sarakiiiii

Queenext:
And some fools will still come online on empty stomach to support this thief and his criminal wife

If anyone can support:
Tinubu
Amechi
Atiku
Orji Uzo

And the list goes on and on

Then why not Saraki...


Naija is doomed.

Even Lai Mohammed, femi Adesina and Garba sehu knows

Shior all of them operate foreign accounts and got properties there, that's why they don't care if Nigeria breaks up

I want to tell u a story....

.

story

And Somewhere In Nigeria, Right Now, Someone Is Dying Or In Great Pains Over 500 Naira Drug He Can't Afford.

Some people's hero

Having read through the comments before mine, I am disappointed that uptill now, none of this illiterate kids that go about Insulting their elders on NL has come online to insult Buhari for witch hunting Saraki in Seychelles. I am disappointed.

Saraki is being pulled from the left by the Nigerian govt while Seychelles is doing theirs from the right. Interesting, saraki is in hot soup

Why are mr president, vice president, ministers, senators, reps members, governors etc not investigated like this on asset declaration & found guilty made to face the law like Saraki? Dey dia dey make idiotic comments

You can see why Nigeria would never progress. When u have thieves as lawmakers then u can see why the war against corruption would be lost even before the battle begins. No wonder 2 years is d penalty for misappropriation of public funds. That is y d likes of Bode George spent 2 years in prison for d billions he embezzled but a poor man that steals radio or commits petty wud be given harsher jail terms cos polithievcians can do such petty crimes. The likes of TA Orji, other ex governors who looted treasuries are now lawmakers. You can see the likes of senator Dariye who got a mere 14 years for all d billions he stole.
I laugh when people support Saraki out of hatred for Buhari, they dont know that Saraki is a Devil who with his gang of legislooters has sold the future of this doomed country. Look at d current budget just passed.

Saraki is being pulled from the left by the Nigerian govt while Seychelles is doing theirs from the right. Interesting, saraki is in hot soup

No 5% should come and trash rubbish here please

You often hear that these people are rich. What you don't hear is that it is Nigeria's stollen money that made them rich. The wife is just as clever as her husband, always attaching herself to one international NGO or UN agency as cover. And he wants to be president. I saw him the other day laying a wreath at the grave of an unknown soldier in Russia.

What a smack on our collective intelligence.