Business
EXPOSED!!!The Stupendous wealth Bukola Saraki acquired as Gov. of Kwara + The Many Assets His wife and Children Possess
Akure— The President of the Nigerian Senate, Bukola Saraki, currently facing corruption charges, was worth N10 billion (by current exchange rate) at the time he assumed office as governor of Kwara State in 2003.
While his entire assets, including cash, landed properties and shares in Nigeria and abroad stood at about N8 billion, those of his wife totalled N1.8 billion and his four children N202 million.
These are contained in the asset declaration form and the affidavit Mr. Saraki deposed to before an Ilorin High Court and submitted to the Code of Conduct Bureau on September 16, 2003.
The document entitled “Form CCB 1: Asset Declaration Form for Public Officers,” was exclusively obtained by PREMIUM TIMES.
Mr. Saraki was on September 18 this year docked at the Code of Conduct Tribunal on a 13-count charge bordering on alleged corruption and false declaration of assets.
He was specifically accused of deliberately manipulating the asset declaration form he submitted prior to his assumption of his current position as senate president.
Although he pleaded not guilty to the charges, claiming his ordeal was politically motivated, the CCT adjourned the case to October 21, 22 and 23 for further hearing.
His wife had earlier been invited by the Economic and Financial Crimes Commission over alleged complicity in shady contract deals during her husband’s tenure as governor between 2003 and 2011.
The assets declaration form showed that Mr. Saraki, who was a little over 40 years at the time he assumed office, had only N2.5 million cash at hand and a total of N51 million in various Nigerian banks at the time he filed the document.
He was also worth a total of £2.9 million and $400,000 lodged in some foreign banks at the time. That was besides owning landed and movable assets running into billions of naira and pound sterling in Nigeria and London.
He also held a substantial number of shares in a number of local and foreign companies valued at millions of naira and pounds.
Mr. Saraki said while he had N11,050,000 in the defunct Societe Generale Bank, where his family had interest, he had N350,000, N3 million and N390,000 in EcoBank, Guaranty Trust Bank and the defunct Citizen Bank, respectively, all in Lagos.
Besides, one of Mr. Saraki’s companies – Better Foods Ltd – had N600,000 and N23 million in Citizen Bank, Broad Street, Lagos and Societe Generale Bank, Oke Arin Street, Lagos, respectively.
Two other companies, namely Carlisle Properties & Investment Limited and BAS Trading and Manufacturing Ltd had N10.2 million and N2.9 million in accounts domiciled in EcoBank and Guaranty Trust Bank.
The senate president, in Appendix 2 of the document, declared a total of £905 million in one of his offshore accounts domiciled in Coutts & Co. 440 Strand, London.
Tyberry Corporation, another of his companies, had £2 million in Forte Bank, Camoile Street, London.
He also opened an account for his company, Eficaz Ltd, at Northern Trust International Banking Corporation Merrill Lynch Pierce Fenner, where he had $400,000 at the time he declared the assets.
In Appendix 3 of the form, Mr. Saraki also detailed eight landed property scattered in various parts of Lagos and Abuja which he said he acquired between December 1991 and March 2000, all valued at N2.3 billion.
According to him, a plot of land in Lekki, Lagos that he acquired in February 1992 was valued at N7 million while another one in Ajah he got in November 1992 was valued at N5 million.
Yet in November 1996, he acquired a plot in the Maitama District at N160 million.
Other properties he declared are those owned by his companies – a N750 million property at 42 Gerrard Road, Ikoyi owned by Skyview Properties Ltd; a N500 million property at 19 Ruxton road, Ikoyi, Lagos by Skyview Properties Ltd; and a N100 million property at 62 Awolowo Road, Ikoyi.
He declared the rental value of the property as N110 million, N65 million and N6 million per annum, respectively.
One of his companies, Carlisle Properties Ltd owned a property worth N160 million at No 15A & 15B McDonald Road, Ikoyi while BAS Trading owned a property on Musa Yar’Adua Street, Victoria Island, also in Lagos, valued at N700 million.
The rental income of the latter was N96 million per annum. He did not disclose that of the former.
Outside Nigeria, Mr. Saraki had landed property worth $12.9 million, all of which he listed in Appendix 5.
The properties, according to the document, were all located in London, UK.
According to him, the value of the properties at 123 Ashley Gardens, Thirlebey Road, London, (acquired in April 1990), 54 Ashley Road Gardens, Ambrasden Avenue ( acquired in January 1995) and 70 Bourne Street, London SW 1 (acquired in January 2002), were valued at $750,000, $2.55 million and $4.8 million, respectively.
He also declared some properties as belonging to his companies.
The property at 56 Cheque Road, London (valued at $900,000) and another located at Ormond House, Crimond Street, London SW 1 (valued at $400,000) were owned by European & America Trading Company.
Three others located at 53, 54 and 141 Ashley Gardens, London, were owned by Tyberry Corporation. The values were $2.5 million, $2.5 million and $600,000.
In Appendix 4, Mr. Saraki listed 15 various movable assets, mainly motor vehicles which he acquired between 1997 and 2002 all at a total value of N263.4 million.
The vehicles and their prices are a Mercedes S320 valued at N16 million; Mercedes S500 (N20 million); Mercedes G500 (N18 million); Mercedes V220 (N6million); Mercedes 300 E (N2 million); Ferrari 456 GT (N25 million); Navigator (N15 million); Mercedes ML 240 (N8.5 million); Peugeot 406 (N2.9 million); Mercedes CLK 320 (N9 million).
Others are Mercedes E320 (N11 million); Mercedes 500 (Bullet Proof), N45 million; Mercedes S500 (Bullet Proof), N30 million; Lexus Jeep (Bullet Proof), N30 million; and Lincoln Navigator (Bullet Proof), N25 million.
He said he acquired the cars proceeds of “Business” and “Savings.”
Mr. Saraki also declared a number of shares he held in different companies in Nigeria and abroad.
For instance, in Nigeria, the senate president said at the time he became governor he had a total of 1,204,653 shares in four companies valued at N2.2 million.
The companies were African Petroleum, UNIPETROL, Airline Catering and Central Petroleum.
Other organisations where he held huge shares were GTB where he had 100,000 worth N425,000.
These shares in the bank were however bought in his son’s name, Seni.
Outside Nigeria, Mr. Saraki declared he had shares in five companies, namely Gensoft, All African Media Coy, Merrill BBH Fund, Mundernet Fund and Izorch Inc.
The 100,000 shares he held at Gensoft were valued at €2.6 million while the total number of shares in the remaining four companies was worth $6.1 million.
His company, HAUSSMAN, however held 160 units of shares with a total value of $1.5 million in some foreign companies. It had 25,000 shares valued at $100,000 in Mundernet Fund, 10,000 valued at $400,000 in Eaton Vanice Fund, 50,000 shares valued at $700,000 in PIMCO Fund and 75,000 shares worth $300,000 in Merrill BBH.
Wife
He stated in the assets declaration form that his wife held an account in EcoBank Broad Street, Lagos, where she had N1.5 million at the time he became governor.
She also maintained an account in Coutts & Co Strand, London where she owned £450,000 and $125,000.
She also had $3 million in Northern Trust International Banking Corporation Merrill Lynch Pierce Fenner.
Mrs. Saraki also maintained substantial shares in European and American Trading Company, Tyberry Corporation and EFICAZ Ltd.
Other property the senate president listed against his wife’s name were a plot of land at Lekki valued at N5 million which he said was a gift he received in January 1989.
She also had a property at 15 Bryanston Square, London W1 and 69 Bourne Street, London.
While the first, whose rental income he put at £48,000 with a value of £900,000, was acquired in January 1989, the second, whose value was £2m and had rental value of £150,000 was acquired for business in April 2000.
Mr. Saraki also declared that his wife held 500,000 shares, valued at £500,000, at P.C.C (U.K) Ltd.
He was silent on the number of shares the former first lady had in HAUSSMANN and TINY TEE (Nig) Ltd.
Children
In APPENDIX 1 of the form, the senate president also detailed the property owned by his four children, whose names he gave as Tosin, Seni, Teniola and Teniayo.
According to the document, Tosin had N700,000 in the family bank, Societe Generale Bank while Seni had N400,000 in the same family bank.
Outside Nigeria, Tosin and Seni jointly maintained an account in Northern Trust International Banking Corporation Merrill Lynch Pierce Fenner, where they had £400,000 while Teniola and Teniayo had £250,000 in the same bank at the time.
In Coutts & Co. 440 Strand, London, Tosin and Seni had £1000 and £500, respectively.
Saraki’s Case At Code of Conduct Bureau
In what some interpreted as political persecution, Mr. Saraki was arraigned last month before the CCT for false declaration of assets seven years after he concluded his two terms as governor.
In one of the 13-count charge, the senate president was accused of making anticipatory declaration of asset, thus breaching the Code of Conduct Bureau and Tribunal Act, Cap C15, Laws of the Federation of Nigeria, 2004.
The charge reads, “That you, Dr. Olubukola Abubakar Saraki, while being the Executive Governor of Kwara State on or about 16th September, 2003 within the jurisdiction of this Hon. Tribunal, did make a false declaration in assets declaration form for public officers on assumption of office as Governor of Kwara State by making an anticipatory asset declaration in that you claimed to have owned and acquired No. 15A and N0. 15B McDonald Ikoyi, Lagos through your company Carlisle Properties Limited in the year 2006 when the said property was in actual fact sold by the Implementation Committee on Federal Government landed property in the year 2006 to your companies Tiny Tee Limited and Vitti Oil Limited for the aggregate sum of N396, 150, 000 and you hereby committed an offence under Section 15 of the Code of Conduct Bureau and Tribunal Act, Cap C15, Laws of the Federation of Nigeria, 2004 and incorporated under Paragraph 11(1) and (2) of Part 1, 5th Schedule to the Constitution of the Federal Republic of Nigeria 1999 (as amended) and punishable under Section 23(2) of the Code of Conduct Bureau and Tribunal Act and incorporated under Paragraph 18 of part 1, 5th Schedule to the Constitution of the Federal Republic of Nigeria 1999 (as amended).”
Career History
Mr. Saraki, a medical doctor, assumed office as governor on May 29, 2003.
He served as medical officer for about one year at Rush Green Hospital, London between 1988 and 1989.
He later served as Director of SGB, owned by his late father, Olusola, between 1990 and 2000. In 2000, former President Olusegun Obasanjo named him his special assistant on budget.
He also served on the Economic Policy Coordination Committee, where he had the task of formulating and implementation key economic policies for the country.
In 2003, he ran for the office of governor of Kwara State on the platform of the Peoples Democratic Party and won.
Societie Generale Bank, the bank in which he was director, became insolvent around the same time, with several depositors losing their savings.
He was re-elected in 2007. During his second tenure, he served as chairman of the Nigerian Governors’ Forum.
Mr. Saraki later showed interest in running for president in 2011 but was excluded alongside two others from the presidential race by the Adamu Ciroma-led Northern Political Leaders Forum, which picked a former vice president, Atiku Abubakar, as its consensus candidate.
That year, he was however elected into the Senate to represent Kwara Central senatorial District on the platform of the PDP.
He was re-elected in 2015 on the platform of the APC. He had led some other PDP senators to defect to the party in early 2014.
He emerged senate president on June 9 against the wishes of his party and some of its leading chieftains.
SOURCE : PREMIUM TIMES
NNPCL and Corruption’s Final Throes
By Pius Olasanmi
In the twilight of the Obasanjo administration, when Nigerians were still capable of being outraged, when Turn Around Maintenance (TAM) of refineries was a buzzword that still held some mysticism to bamboozle citizens, during a conversation, a certain man said something profound. The man said, “As a businessman, if I were the owner of these refineries, knowing that they are three decades old, I would take the last money I have, hire bulldozers, raze them to the ground, and obtain loans to build new ones.”
When we pressed him further on why he would engage in such waste, he explained that repairing the refineries is the real waste. He explained that even if the TAM were honestly carried out, a thirty-year-old refinery would never compete favourably with a new one that would integrate contemporary technology. Operating at its best, such a refinery would never be comparatively more efficient. It is therefore pointless to have spent another one naira on the refineries at that point.
A few months later, I had a conversation with a then-lawmaker on an entirely different matter. I mentioned that the National Assembly has failed by not crafting legislation that would criminalise and punish public office holders who foist wrong decisions on the country. The logic: a public office holder need not steal to be punished, wrong decisions should attract penalties for an office holder who opts for the worst of all options when there are less injurious ones.
These established premises speak to the ongoing nauseating efforts at revisionism by those who wrecked the Nigerian National Petroleum Company Limited (NNPCL) and its previous iteration, the Nigerian National Petroleum Corporation (NNPC). Notably, this campaign to rewrite history is traceable to Engineer Mele Kolo Kyari, the disgraced immediate past Chief Executive Officer of NNPCL and his hirelings. They have suffocated the news and the public opinion space with even more lies than they spun while in office.
The Saint Kyari campaign is anchored on convincing Nigerians that the Port Harcourt, Warri and Kaduna Refineries were fully functional when he was booted out of office. So brazen is the campaign that one of its talking heads challenged the group chief executive officer (GCEO), Engr. Bayo Ojulari, to “inform Nigerians categorically what happened to the functioning refineries he inherited from his predecessor, Engr. Mele Kyari.” The effrontery.
We have not forgotten so soon the charade that followed the baffling claim that Nigeria has spent $2.8 billion on the repair of the refineries, while they are not churning out even a single litre of refined product among them. Saint Kyari and his goons played all manner of tricks, all of which embarrassed President Bola Tinubu, who had counted on ticking off the return to productivity of the refineries as part of his achievements, only to realise that he was deceived into celebrating phantoms. Tragic.
Lest we forget, 200 trucks were arranged as props in a well-directed video clip to celebrate the re-streaming of the Port Harcourt Refinery. The disappointment. Nigerians were to learn from several reports that the Port Harcourt refinery was not producing and was instead using old, stored petroleum products to load trucks. Worse still, the Kyari crew was passing off sanction-tainted Russian-sourced crude oil refined in Malta as locally refined products. More insult was piled on the assault on our collective sensibility with the lies that the Port Harcourt Refinery exported semi-finished products. Brazen.
Meanwhile, Kyari and his hirelings called those who pointed out or protested these glaring scams all manner of names. They hid behind industry technicalities and jargon to create the impression that those of us who knew Nigerians were being robbed did not understand what we were saying. The point remains that a $2.8 billion investment can potentially build a refinery with a capacity of around 100,000 barrels per day (bpd). Of course, the actual capacity of such a refinery will depend on various factors, including the complexity of the refinery, the technology used, and the location. That is the amount that Kyari’s regime at the NNPCL took and did not give Nigerians refined products.
Fast forward to Kyari’s sack and the appointment of Engineer Bayo Ojulari, who has demonstrated that things can indeed be done differently. Kyari’s exit was expectedly followed by the Economic and Financial Crimes Commission (EFCC) going after him and his associates. The extent of the theft is better understood against the backdrop of N80 billion being found in the bank account of one of his associates. They went on the run.
Perhaps because the EFCC was biding its time on securing international warrants for the arrests of these characters on the lam, they have become emboldened. They have decided to fight back and rewrite the story of their participation in the greatest fraud against Nigerians. Engineer Ojulari’s renewed mindset, which is entrenching a semblance of the transparency Nigerians demand, became their natural target. The demons that once roamed around the corporation came out with malevolence. They started spinning stories of corruption to tarnish the incumbent who refused to hide their crimes. The objective: bring Ojulari down. But alas, he is winning the war as it stands.
His innocence is proven, and it is glaring that those who want him out are mere charlatans who can no longer ply their corrupt wares because of the impact of the new reforms. Corruption in the NNPCL is in its final throes. The fake news being unleashed against the incumbent leadership is akin to corruption’s last kicks as reforms in the sector strangulate it and its practitioners. The reforms must take place in the NNPCL, whether the industry demons like it or not.
As a parting shot, Kyari and his associates would do well to prepare their defence. In addition to accounting for the $2.8 billion they laundered in the name of repairing the moribund refineries, they must also answer for the poor decision to fix that which is irretrievably broken. Awarding contracts for Turn Around Maintenance of 59-year-old refineries that a right-thinking person had suggested should be demolished almost twenty years ago, when they were only 30 years old, is criminal. Trying to deceive Nigerians that the fake repairs worked is treason.
Olasanmi is a public affairs analyst writing from Lagos.
GRANDIS 5STAR LUXURY APARTMENT & SUITES SET TO REDEFINE LIVING IN VICTORIA ISLAND
Set to Rise elegantly against the Lagos skyline, is the Grandis 5Star Luxury Apartment & Suites. According to Adejuwon Ademola, The General Manager of the Development company, it is more than just a residential building
“it’s a lifestyle statement. Standing 17 floors high in the heart of Victoria Island, this revolutionary masterpiece of modern architecture will offer a panoramic 360° view of Eko Atlantic, Victoria Island, and Ikoyi, transforming every apartment into an exclusive penthouse experience for the world’s most discerning elite.”
Developed by Dumarco Construction Limited, a globally acclaimed company with decades of delivering complex, high-value projects in the highly regulated petroleum, oil, and gas industries, Grandis 5Star brings unmatched international safety standards, uncompromising quality, and timeless elegance into Nigeria’s luxury property market.
> “When you live in Grandis, you’re not just buying a home—you’re investing in peace of mind, world-class safety, and an effortless luxury experience that will remain pristine for decades,” says Adejuwon A. Ademola, General Manager of Dumarco Construction Limited.
The Gold Standard in Safety and Quality
Dumarco’s roots in the oil and gas sector mean the company operates to some of the strictest safety protocols in the world. Every stage—from conceptualization, design, construction, to long-term maintenance—follows internationally accepted procedures and quality assurance measures. Cutting corners is simply not in Dumarco’s vocabulary.
> “In the oil and gas industry, there’s no room for compromise. We’ve brought that same discipline and zero-tolerance for mediocrity into property development,” says Ademola. “That’s why Grandis will be one of the safest and most enduring residential developments in Nigeria.”
To ensure transparency and prevent (project complacency), Dumarco deliberately separates the developer, contractor, and consultant roles, engaging only the most competent professionals in each respective field. Dumarco’s project team includes globally recognized contractors such as Julius Berger, Cappa & D’Alberto, and Elalan, Migliore Construczione & Tecniche (MC&T) and their partners VENCO IMTIAZ CONTRACTING COMPANY (VICC) based in Dubai, UAE, Business Contracting Limited, alongside leading consultants like Morgan Omanitan & Abe, LAMBERT, and James Cubitt.
Grandis – Investments, appreciation, returns and profitability
Our selection process for the location of the project alone was pains-taking and completely thorough scientific process. Top professional companies were employed to conduct a scientific data acquisition and analytical survey of the entire Victoria Island, Ikoyi, Lekki and Eko Atlantic before a project site is selected. Analyzing and acquiring areas developmental charts and trends, studying and gathering historical and present sale prices, rental charge and occupancy rates over a 50 year period from every individual street before the selection of the location of any of our developments especially true for the Grandis Project
He adds,
“Our clients and residents can be rest assured that the location of Grandis has been scientifically proven through all existing data to provide our clients with a 100% occupancy rate, highest developmental location, highest rental income and investment returns. ”
The Grandis Experience
Located minutes away from international corporate headquarters, embassies, and landmarks such as Eko Hotel, Radisson Blu, and the Radisson Red, Grandis offers unmatched convenience for professionals, diplomats, and high-net-worth individuals. Every residence is designed for both indulgence and efficiency, with high-grade finishes, smart-home systems, and private amenities that ensure seamless living.
From sunrise over the Atlantic to the glittering Lagos night skyline, residents will enjoy uninterrupted luxury, supported by discreet and highly trained staff, advanced security systems, and a design that prioritizes comfort and privacy.
> “We designed Grandis for people who want everything—security, elegance, convenience, and the assurance that their home will look as spectacular in 20 years as it does on day one,” Ademola notes.
A Legacy That Lasts
With its combination of visionary architecture, peerless safety, and meticulous maintenance planning, Grandis is built to remain iconic for generations. Thanks to Dumarco’s meticulous approach, the building’s service charges are expected to remain low while its value and appeal continue to appreciate over time.
In a market often marred by shortcuts and substandard practices, Mr Ademola says
Grandis stands as a beacon of what luxury living should be—safe, spectacular, and built to last.
“Grandis 5Star Luxury Apartment & Suites — Where safety meets sophistication, and every detail is designed for a life well-lived.”
He added
Website -www.dumarcoltd.com
Project website – www.26idowutaylor.com
Email [email protected]
Tel / WhatsApp +234 9077777883
GM – Adejuwon A. Ademola
celebrity radar - gossips
Nationwide Talent, One Broadcaster: Tinubu Picks Pedro, Bello, Din, Mohammed to Lead NTA
Tinubu Overhauls NTA Leadership: Media Powerhouse Rotimi Pedro Takes Helm as DG
President Bola Ahmed Tinubu has announced a major shake-up at the Nigerian Television Authority (NTA), appointing renowned media executive Rotimi Richard Pedro as the new Director-General in a move widely seen as a bold step toward modernising the state broadcaster.
Pedro, a Lagos native, brings nearly 30 years of expertise in broadcasting, sports rights, and marketing communications across Africa, the UK, and the Middle East. A trained entertainment and intellectual property lawyer, he also holds an MSc in Investment Management and Finance from City University Business School, London.
In 1995, Pedro founded Optima Sports Management International (OSMI), which rose to become one of Africa’s leading sports content providers—distributing premium events such as the English Premier League, UEFA Champions League, FIFA World Cup, and CAF competitions to audiences in over 40 countries.
His career highlights include top roles at Bloomberg Television Africa and Rapid Blue Format, as well as advisory work for FIFA, UEFA, Fremantle Media, and the African Union of Broadcasters (AUB). At the AUB, he was instrumental in securing exclusive pan-African free-to-air media rights for all CAF competitions.
Alongside Pedro’s appointment, Tinubu named Karimah Bello from Katsina State as Executive Director of Marketing, Stella Din from Plateau State as Executive Director of News, and Sophia Issa Mohammed from Adamawa State as Managing Director of NTA Enterprises Limited.
Industry insiders credit Pedro with building commercially viable broadcast platforms, driving sponsorship growth, and delivering world-class content to African audiences. His appointment marks one of the most significant leadership changes at NTA in years—signalling the government’s intent to strengthen the broadcaster’s competitiveness in a fast-evolving media landscape.
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