By Ademola Adegbamigbe
When TheNEWS published a cover story, entitled “Governor Saraki’s Fabulous Wealth” in its 2 July 2007 (volume 28 number 25) edition, the Kwara State Chief Executive reacted in two ways. First, his knee-jerk response led to his men combing the streets of Ilorin, Offa, Erin-Ile and other major towns in Kwara, trying to mop up copies of the edition. Citizens of the state, who were eager to read about the governor’s stupendous wealth, even as over 85 per cent of them live below the poverty line, made photocopies of the edition and passed them around. More concerned were those whose life savings, business capital and fixed deposits went down with the Saraki family’s financial institution, Societe Generale Bank of Nigeria (SGBN).
Second, Governor Saraki went to town with advertorials, denying the story and impugning the integrity of TheNEWS. In the process, however, Saraki’s illogicalities helped to confirm the truthfulness of the cover story.
According to Alhaji Mas’ud Adebimpe, Chief Press Secretary (CPS) to Dr. Bukola Saraki, who signed the advertorial, TheNEWS’ “story is purportedly based on Governor Saraki’s Asset Declaration Form, submitted to the Code of Conduct Bureau in 2003, when he became Governor of Kwara State”. He added that the materials used by TheNEWS had been in circulation, especially on the Internet before Saraki became governor in 2003. Implicit in this statement is the fact that the documents, as the Kwara Governor wanted Nigerians to believe, are not genuine. This, TheNEWS management insists, is not true.
The magazine publishers said it is baffling that the same Governor who held that the documents were fake scampered to the Code of Conduct Bureau, questioning why “a document that was freely sworn to and delivered to (it) as classified ... under the law’’ could be freely circulating on the Internet.”
The Governor also made a meal of the Code of Conduct Bureau’s reply (to his 4 April 2007 letter of complaint), claiming that the “Internet publication and information contained therein did not emanate from the Assets Declaration forms in the custody of the Bureau.” Here, the Bureau did not deny the document, but that TheNEWS could have gotten the documents through its own investigative efforts and not from the bureau.
Since Saraki claimed that the documents are fake, TheNEWS is ready to tender the said documents, containing his signature in court. Can the Governor deny his own signature then? TheNEWS management, therefore, challenges Saraki to come out publicly with what he considers the correct document before the impending court encounter. The magazine hereby further publish documents regarding one of Saraki’s properties (number 53 Ashley Gardens) which he bought with a front but declared in his assets.
In his advertorial, Saraki was silent on the photographs that TheNEWS published. “Do photographs lie?” The magazine’s publishers asked.
There is a new trend in the age of information and communication technology that subjects of unfavourable press accuse the media of making use of computer manipulation to mislead the public. Is Governor Saraki denying the photographs of his properties which are located at the addresses he listed on the documents he claimed are fake? TheNEWS management challenges him to come out and tell Nigerians. All these are as important as the fresh documents and photographs which TheNEWS is publishing in this edition.
Unsuccessfully, Governor Saraki also tried to extricate himself from the ill-fated SGBN. In the words of his CPS: “Reading through the story, the impression one tends to get is that anything that Governor Saraki ever owned in his life was acquired with depositors’ fund at the SGBN.”
Saraki’s image maker even had the cheek to say his principal’s lawyers would certainly take the appropriate action on this soon. TheNEWS management’s response to this is that they are waiting for this elemental encounter.
Reacting to the “running with the hare, hunting with the wolves” accusation levelled against TheNEWS, the management remembered the efforts made by Saraki to kill past cover stories on Societe Generale Bank. “Yet we published on the side of the victims of that financial institution’s mismanagement,” it argued. That is, the victims who would have spent their money (trapped in Saraki’s bank) to pay the hospital bills and school fees of their family members, and even start businesses to improve their living standards. “Very soon, the victims will press more claims. They will make further moves to reclaim their money,” the management predicted.
Still on “honour”, TheNEWS publishers challenged Nigerians to check the records. “Did Bukola Saraki lift a finger for the democracy which he now enjoys? Where was he in those days?” They asked, adding that if the Kwara State Governor is honourable, then he and his father must immediately pay the Societe Generale Bank depositors.
Meanwhile, Saharareporters has reacted to Saraki’s advertorial. The investigative group argued that as characteristic of PR hirelings, Governor Bukola Saraki’s handlers focused on questioning the authenticity of the document, but carefully avoided denial of the content of the said document.
“We wish to assure our teeming readers that our publication was based on the real, authentic and genuine documents filed by Saraki with the Code of Conduct Bureau. Saraki and his handlers should know that there are patriotic Nigerians in every sector and level of society who feel a burden of duty to expose corruption and sundry impunity by those who swore to uphold the laws of the nation.
“Upset at the inability of the Economic and Financial Crimes Commission to prosecute the Sarakis for their open robbery of the assets of Societe Generale Bank of Nigeria - a bank whose premeditated demise has brought untold misery upon its unsuspecting customers and their families/dependants - these patriotic Nigerians provided us with details of Dr. Saraki’s assets.”
The group added that it was a tragedy that a man of Dr. Bukola Saraki’s unflattering antecedents and shady business tendencies was allowed to run a state in Nigeria. “On our part,” Saharareporters said, “we are working with a team of international attorneys and NGOs to offer the Nigerian and global audience a full disclosure of Dr. Bukola Saraki’s unexplained wealth. Our goal is to ensure that, before long, his assets in the UK, US and Nigeria would be fully recovered and used to make partial restitution for the damages done to SGBN customers and the Nigerian public. We note with interest that Mr. Umar Yar’Adua, recently foisted on the presidency, has publicly declared his assets. If Saraki is confident that he has nothing to hide, we challenge him to follow the example of his party leader by making his assets a public document.”
The current problem with Governor Saraki started when TheNEWS, in its 2 July 2007 edition, published a story on his over N9 billion assets in cash, properties and stocks.
Part of the breakdown are N120 million and $224 million incomes as annual rent from his landed properties in Nigeria and London.
On Appendix 3 of Saraki’s declaration of assets, the total value of his assets was put at N2.282 billion. One of them is located on Plot 212 Musa Yar’Adua Street, Victoria Island, valued at N700 million. Others are a plot of land on Lekki Phase (block 72), N7 million; Ibafo near Ajah, N5 million; buildings on number 42 Gerrard Road, Ikoyi, N750 million; 19 Roxton Road, Ikoyi, N500 million; 62 Awolowo Road, Ikoyi, N100 million; 15A & B MacDonald, Ikoyi, N160 million and another on number 6 Vulga Street, Maitama, Abuja, valued at N60 million.
Saraki also listed details of his landed property on Appendix 5 of his declaration of assets. The total value of all these is $12.95 million. One is located on number 123A, Ashley Gardens, Thirleby Road, London, valued at $750,000. Others are at 56 Cheyne Court, SW 3, London, $900,000; 54 Ashley Gardens, Ambrasden Avenue, London, $2.5 million; 141 Ashley Gardens, Thirleby Road, London, $600,000; Nell Gwynn House, Sleave Avenue, London, $400,000; Ormond House, Ormond Street, S/London, $400,000; 53 Ashley Gardens, Ambrasden Avenue, London, $2.5 million, and 70 Bourne Street, S/W London, valued at $4.8 million. All these, according to Saraki himself, attract a total of $224,500 in annual rent.
Appendix 4 of Saraki’s declaration of assets forms contains his movable property. That is, a Mercedes series S320, valued at N16 million; S500, N20 million; G500, N18 million; V220, N6 million and 300 E, N2 million.
Other brands of Mercedes series owned by him are ML 240, valued at N8.5 million; CLK 32, N9 million; E320, N11 million; G500 bullet-proof, N45 million and S500 bullet-proof, N30 million.
Saraki also has a Ferrari 456 GT which cost him N25 million; a Navigator, N15 million; Peugeot 406, N2 million, Lexus Jeep bullet-proof, N30 million and Lincoln Navigator bullet-proof, N25 million.
Saraki also revealed in Appendix 1, the stupendous deposits he has in different bank accounts. In Nigeria, he has N11 million in Societe Generale; Ecobank, Broad Street, Lagos, N350,000; Citizens Bank, Broad Street, Lagos, N390,000; Citizens Bank, Broad Street, Lagos, N600,000; Ecobank Nigeria plc, Broad Street, N10.3 million, and Guaranty Trust Bank, Adeyemo Alakija Street, Lagos, N2.9 million. Others are Societe Generale Bank, Oke Arin Street, Lagos, N23 million and Guaranty Trust Bank, Adeyemo Alakija Street, Lagos.
Details of cash in Saraki’s foreign bank accounts are contained in Appendix 2. At Coutts & C, 440 Strand, London, he has £905,000; Northern Trust International Banking Corporation, Merrillynch Piece Fender, $400,000 and Fortis Bank, Camoile Street, London, £2 million.
The Governor’s family members were not left out in the assets declaration, as contained in Appendix 7. His four children Tosin, Seni, Teniola and Teniayo, as the Governor declared, were worth N741.89 million in cash, real estate and stocks in Nigeria and overseas. Saraki further revealed that his wife, Toyin, had a net asset of N1.49 billion as at 29 May 2003.
As TheNEWS presented in the cover story in question, a chunk of these assets were acquired while Saraki’s bank betrayed signs of distress. N17 billion of depositors’ funds painfully went up in smoke. TheNEWS gave details of these in its 24 October 2005 edition.
In 2002, as this magazine reported, there had been a massive depletion of the bank’s deposits which entailed a badly needed N500 million recapitalisation in conformity with the Central Bank of Nigeria (CBN)’s directive.
The Sarakis came up with a subterfuge. Instead of raising funds through public shares, they decided to do this through members of the board of the bank. They were, Dr. Olusola Saraki (the Governor’s father); his wife Florence, Bukola and nine others. In a move that smacked of a python swallowing itself tail first, the family members allegedly used N416 million of depositors’ money to recapitalise.
They allegedly did this by moving the money to different banks from where they cashed it through directors’ cheques.
When the CBN raised question, the Sarakis, slippery as eel, claimed they raised the money through the sale of foreign currencies, brought from abroad.
However, CBN came down hard on the family: “There existed a possibility that depositors’ funds of SGBN might have been used in the payment of the rights, given the fact that in certain instances, SGBN bullion van was used in transporting the cash to the banks where the managers’ cheques were obtained.”
Worse still, the bank went under because of what TheNEWS reported as “barefaced stealing and insider abuses”. Examples were the National Maritime Authority (NMA)’s money that disappeared. These were levies which Saraki’s bank collected on behalf of NMA, which EFCC traced to a City Bank account number 886667. The sum of $1 million, belonging to Super Eagles’ former skipper, Austin Okocha, also evaporated from the bank’s vaults.
If Nigerians thought that the full weight of the law would be brought to whip the highly connected Sarakis into line, they were mistaken. Former President Olusegun Obasanjo intervened and the report was swept under the carpet. Now thanks to the Sarakis, SGBN depositors will forever regret the day they pressed their noses to the tellers’ counter to open accounts.
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