One more problem for Saraki

By: Adeniran Stephen

As the wave of controversy over Panama Papers moves across the world, sweeping persons and institutions off their feet, it appears not to have shaken anyone or anything in Nigeria. This is despite that several prominent Nigerians are alleged to be among the Africans named in the data detailing secret offshore assets released by a German newspaper, Süddeutsche Zeitung.

 Nigerians linked to the secret firms from the data so far include the President of the Senate, Bukola Saraki, and his wife, Toyin; a former Governor of Delta State, Mr. James Ibori; a former Minister of Defence, Lt.-Gen. Theophilus Danjuma (retd.); former President of the Senate, Sen. David Mark; Africa’s richest man, Aliko Dangote, and his cousin, Sayu Dantata; as well as the General Overseer of The Synagogue Church of All Nations, Prophet T.B. Joshua, and his wife, Evelyn.

 

The German newspaper, on April 4, 2016, released the Panama Papers, the biggest leak in the history of data journalism, publishing online 11.5 million documents from Panamanian law firm, Mossack Fonseca. The data showed how world leaders, celebrities, athletes, FIFA officials and criminals hide money, using anonymous shell corporations across the world.

The Panamanian law firm, regarded as one of the world’s most secretive companies, according to the documents, has helped clients launder money, dodge sanctions and evade tax.

The data was obtained by Süddeutsche Zeitung (http://www.sueddeutsche.de) and shared by the International Consortium of Investigative Journalists with over 100 other media partners in 82 countries, including Nigeria’s Premium Times.

The Senate President, in a statement issued by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, however stated that he had, in his different asset declarations, included properties owned individually by himself and his wife, while the properties in question formed part of his wife’s family asset.

However, the claim game took a new twist when fresh documents published by Premium Times revealed that Saraki’s wife is allegedly a business front for her husband contrary to claims by the Senate President that the assets belonged to his wife’s family. The new documents the news medium got from Mossack Fonseca allegedly showed that assets in Toyin’s name in tax havens were held in trust for her husband.