First Word on SB

First Word on SB

Telling stories that matter to Nigerians

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FW: The Sarakis' are being investigated by Seychelles

Aisha-Nana Salaudeen

Aisha-Nana Salaudeen

Aisha is trying to figure out how to tell as many impact stories as possible in different forms.

Bukola Saraki and his wife, Toyin Saraki are being investigated by authorities in Seychelles over their multi-million dollar assets held through offshore shell companies in tax havens.

Financial intelligence operatives are looking into the suspicious use of offshore shell companies by the Sarakis'. According to them, there is a possibility that the transactions undertaken with these companies were used to launder funds or carry other other suspicious activities.
 

What is this about?

 

In 2016, assets found to belong to the family of Bukola Saraki were uncovered in offshore territories. The Senate President had failed to declare these assets to the CCB (Code of Conduct Bureau) as required by the Nigerian law. Saraki denied links to these assets, claiming they belonged to the family of his wife. However, his denial was unconvincing as there’s a possibility that he only used his wife as a front.

The first hidden asset, Girol properties Ltd, was registered in 2004 in the British Virgin Island. Company documents show that Toyin Saraki was appointed the first and only director of the company. The second asset, Sandon Development Ltd, was registered in Seychelles Island in 2011 with Toyin as a shareholder. The third hidden company, Landfield International Development Ltd was registered in 2014 in British Virgin Island.

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