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#PanamaPapers Revelations cause Ripples All Around the World – In Nigeria, Ibori & Saraki Listed

BellaNaija.com

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James-IboriThe Panama Papers are a leaked set of 11.5 million confidential documents created by the Panamanian corporate service provider Mossack Fonseca that provide detailed information on more than 214,000 offshore companies, including the identities of shareholders and directors. The documents name the leaders of five countries — Argentina, Iceland, Saudi Arabia, Ukraine and the United Arab Emirates — as well as government officials, close relatives and close associates of various heads of government of more than 40 other countries, including Nigeria, Brazil, China, France, India, Malaysia, Mexico, Malta, Pakistan, Russia, South Africa, Spain, Syria and the United Kingdom.

Comprising documents created since the 1970s, the 2.6 terabyte set was given by an anonymous source to the Süddeutsche Zeitung in August 2015 and subsequently to the US-based International Consortium of Investigative Journalists (ICIJ). The papers were distributed to and analyzed by about 400 journalists at 107 media organizations in more than 80 countries. The first news reports based on the set, along with 149 of the documents themselves were published on April 3, 2016. Among other planned disclosures, the full list of companies is to be released in early May 2016.

The BBC reports;

A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.
Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca.

They show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax.

The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

The documents show 12 current or former heads of state and at least 60 people linked to current or former world leaders in the data.
They include the Icelandic Prime Minister, Sigmundur David Gunnlaugson, who had an undeclared interest linked to his wife’s wealth. He has said he will not resign. (Thousands of Icelandic citizens are now protesting and calling for his resignation)
The files also reveal a suspected billion-dollar money laundering ring involving close associates of Russian President Vladimir Putin.

In Nigeria, Premium Times was one of the media organizations which spent the last year analyzing the documents. The newspaper has so far, named 2 prominent Nigerians.
Former Governor James Ibori and current Senate President Bukola Saraki.

On James Ibori, Premium Times says;
Former Delta State governor, James Ibori, established limited liability companies and foundations in secret offshore tax havens to hide some of the funds he looted from the state’s treasury, a leak of secret tax documents has revealed.

Mr. Ibori, who is currently serving jail term in the United Kingdom after pleading guilty to fraud charges in 2012, enlisted his immediate family as beneficiaries of the offshore companies and foundations.

To hide his loot, Mr. Ibori, working through a Swiss asset management firm, Clamorgan S.A. in Geneva, established several offshore companies, including Stanhope Investments Limited,a foundation, Julex Foundation, and a trust, The Hopes Trust, enlisting himself, his wife and daughters as beneficiaries.

On Bukola Saraki, Premium Times says;
#PanamaPapers: Hidden family assets of Nigeria’s Senate President, Saraki, uncovered in tax havens.
At least four assets belonging to the wealthy and famous Saraki family of Nigeria, all tucked away in secret offshore territories, have been uncovered.
But the President of the Senate, Bukola Saraki, failed to declare them to the Code of Conduct Bureau (CCB) as required by Nigerian laws.

This revelation could worsen Mr. Saraki’s case as he battles to extricate himself from allegations of corruption.

Under the code of conduct law, a public office holder is required to declare his own assets, those of his wife as well as assets in the names of his children below the age of 18.

Mr. Saraki and his wife denied any wrongdoing.

Responding to separate written demands for comments, the couple maintained that it is not illegal to hold shares in offshore companies.
In a letter to ICIJ by the London-based law firm of Discreet Law, Mr. Saraki said he declared his assets properly in accordance with the relevant Nigerian legislation.
Mrs. Saraki, in a separate letter to the ICIJ through another London-based law firm, Harbottle & Lewis, also insisted that she “made all required disclosures in relation to her shareholdings.”
In their separate letters, the couple threatened to sue should the ICIJ and its partners proceed to publish information about the undeclared offshore assets, with Mrs Saraki saying any publication concerning her private financial information infringes on her privacy and breaches the Data Protection Act 1998.

20 Comments

  1. hezekina pollutina

    April 4, 2016 at 10:02 pm

    And the others nko? Abi na only Saraki & Ibori dey wan quench today?

    • californiabawlar

      April 4, 2016 at 10:08 pm

      Bruhhhh it’s an internationally published list…if there are any other Nigerian names on it then please provide. If not, then it’s only Ibori and Saraki on THIS LIST.

      Focus on that?

    • hezekina pollutina

      April 5, 2016 at 2:38 pm

      So what if its internationally published? Common believe nothing my friend! This is an edited and suspicious list on the Naija side of things – so it may also be suspicious on the international side. That could call into question the legitimacy of the document. And that is my concern. Is this some kind of distraction from something else? The question is – WHY? For Naija side we have to ask for sure, Why only these 2? You can lock em all up for all I care.

  2. Wisdom

    April 4, 2016 at 10:29 pm

    Babaginda nko ? Danjuma nko ? Rubbish make una they fool una self… nah only Ibori and Saraki in the whole of this thieving Nigeria . Abeg tell us another something… Na wa ooo we citizens na so they look us dull..

    • ibiza

      April 4, 2016 at 10:53 pm

      Danjuma is not a thieving politician. He works (ed) for his money.
      That’s the difference.

    • Anon

      April 4, 2016 at 11:11 pm

      ibiza – just out of interest, what work? Oil drilling, oil exploration, oil lifting and/or oil prospecting as a result of having a few oil blocs? The 5 biggest problems and thieves in Nigeria are all former Military Generals. Roger that.

    • Ibiza

      April 4, 2016 at 11:42 pm

      Anon, ‘Thieving politician’ is the key word. Was the oil bloc stolen? Is he a politician? On both both accounts, no.
      With regards to your ‘interest’, Google him. You would find the work he does.

    • Anon

      April 5, 2016 at 8:22 am

      Thanks Caroline. You confirmed yourself with your comment on your post. Have a good life…

      Danjuma is worse than a “thieving politician.” He’s one of the 5 I mentioned. I understand your loyalty. Your daily bread comes from our stolen commonwealth.

    • ibiza

      April 5, 2016 at 11:12 am

      Lmaoo now I’m Caroline?
      Girl bye.

    • truth

      April 4, 2016 at 10:55 pm

      This is the problem with Nigerians. instead of focusing on those named and demanding for retribution, you are there fishing for names that wasn’t on this list. I pray for some Nigerian youths and their chicken corrupt mentality.

    • Anonymous

      April 4, 2016 at 10:56 pm

      It is funny when silly people claim wisdom! Documents belonging to an international law firm got leaked and so far , we know of 2 Nigerians on the list, please who are you referring to as fooling themselves? Please catch them in ones and twos,,recovering the loot from them is better than nothing especially now that our economy is not buoyant

    • Wisdom

      April 5, 2016 at 1:45 pm

      @ANONYMOUS DUMBEST READ THE ARTICLE AGAIN IF YOU WILL ALLOW YOUR BRIAN TO OPEN AND TAKE IN.
      BRINGING OUT TWO NAMES DOEST MEAN PANAMA ONLY GAVE TWO NAMES TO PREMIUM TIMES, NETHER DID IT SAY ONLY TWO NAMES WERE LEAKED TO PREMIUM TIMES.
      BELOW STATED :
      “”Nigeria, Premium Times was one of the media organizations which spent the last year analyzing the documents. IN HIDDEN LANGUAGE ……The newspaper has so far, named 2 prominent NIGERIANS that are relevant to the now SITUATION on whatever the government of this country wants to use it for, FOR THE NOW……

    • Rampage

      April 5, 2016 at 2:06 am

      Your statements are too idiotic for a moniker like “wisdom”. If you are so obsessed with Babangida, please go and investigate him yourself.

      Otherwise, wait patiently and comment with sense while the Nigerians with brain at Premium Times do the hard work of decoding the leaked documents to get more names for us.

  3. Ig

    April 4, 2016 at 10:57 pm

    Nonsense! Wat of the oda criminals….

  4. Anon

    April 4, 2016 at 11:14 pm

    They will now use Charity Organisations and Foundations to launder their stolen wealth. Wicked people.

  5. Mschew

    April 5, 2016 at 8:57 am

    nene+ biko where are you?! we won’t see you on this kind of post na, this is the same Ibori you keep defending upandan

    Interesting how politicians in other countries also loot but at least they develop their countries to an extent, Nigerian politicians will loot the country DRY to the very last drop, you will now see frustrated, hungry and angry looking people all over the place. I hope more revelations will be made in the coming days.

  6. saw

    April 5, 2016 at 10:48 am

    this is just terrible. can’t wait for more names to be revealed, cos I know there should be soooo many more.

  7. GANNY OGUNSHAKIN

    April 5, 2016 at 12:55 pm

    The ordercity to sue. ” Aitete mole, Ole nmoloko.” Nigeria should publish all these undeclared assets. After all. as a former Governor of Kwara State, Bukola Saraki’s salary is not more than twenty five thousand dollars a year. The Government of Muhamodu Buhari and all his fellow “PDP” members should force him to resign ASAP. This low life has brought shame and disgrace to the office of the speaker of the Senate of Nigeria. The only logical thing for him to do is to resign to safe face and spare his fellow Nigerians from the embarrassment of having to watch the speaker of the Nigerian Senate sitting inside the dock at the Court. Nigeria should proceed to confiscate all these undeclared assets period. A word is enough for the wise, I ‘ m just saying.

  8. wisdom

    April 5, 2016 at 1:03 pm

    I shake my head for this country called Nigeria it’s sad but true we will never ever be free from corruption as far as we have people supporting the obvious. We have people who would come here and act like they are brain dead and want to put in good word for the likes of Babaginda and Danjuma who are only a few from the thousands that are capable of been on this list and not far from been on this list or some OTHER kind of LIST and also not different or better than the likes of Ibori and Saraki…. How dare you talk about hard work to these likes do you know the meaning of hard work and integrity????
    Nigeria mennnnnn the word we have a long way isn’t for us , we don’t even have a way…Yes I mentioned their names and yes their names weren’t published but doesn’t take away the obvious fact on who they are.. Let’s be truthful to ourselves in our quiet times even if you are a family member to them or you benefit from them. AND if you are any of the above just waka pass and shut up and be enjoying the benefits, don’t come here and make the few Nigerians that are still knowledgeable and hoping for the best look like we are hopeless.
    This is the reason why people in power in all levels in this country and all sectors past and present will continuously take the citizens of this country for granted.. treat us like we are stupid cos that’s what we are used to .. even the wise ones would begin to doubt themselves when stupid is thrown at you….

  9. Rattle Cake

    April 7, 2016 at 10:57 am

    Tinubu isn’t on the list?….OK.

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