Nigeria’s immediate past Senate President, David Mark, has links to at least eight offshore shell companies while holding public office, in violation of a federal code of conduct law, a massive leak of files belonging to Mossack Fonseca, a law firm in Panama, shows.
The files, seen by PREMIUM TIMES, show how Mossack Fonseca, reputed as one of the most secretive companies in the world, helped clients register offshore entities, some of which are then used to launder money, evade tax and dodge sanctions.
They also provide details of the hidden financial dealings of 128 more politicians and public officials around the world, including in Nigeria.
The trove of 11.5 million files shows how a global industry of law firms and big banks sells financial secrecy to politicians, fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.
The revelations are among the findings of a lengthy investigation by the International Consortium of Investigative Journalists, German newspaper Süddeutsche Zeitung and more than 100 other global news organizations – including PREMIUM TIMES.
PREMIUM TIMES is the only Nigerian publication involved in the investigation, which lasted a year.
As a former senate president, Mr. Mark stands out among other notable Nigerians named in the files.
“The property in question forms part of Dr Saraki’s wife’s family asset,” Mr. Saraki said. “It is public knowledge that Mrs. Saraki comes from a family of independent means and wealth with numerous and varied assets acquired over decades in family estates and investments
“Furthermore, the law only requires a public officer to declare both his own assets and those held by his spouse and his children under 18 years of age. The law does not require a public officer to declare assets held by the spouse’s family.
“It is not expected by the law that a public officer should declare such assets held in the spouse’s family estate. Indeed, the Code of Conduct form does not make provision for declaration of spouse’s family assets,” he stated.
Indeed, Toyin Saraki hails from the rich and famous Ojora family of Lagos. She married Bukola Saraki in 1991.
The hidden properties in offshore territories the Senate President failed to declare were acquired in 2004 and 2011 respectively.
They are not part of the Ojora’s family estate and were not acquired through inheritance.
They are owned by Mrs. Saraki, as shown in the offshore documents obtained by this newspaper.
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We hear you. Your defence is a product of after-the-fact scenario. The truth is that you were cork-sure the truth about your offshore dealings would never be revealed. How gullible and wrong you were. The document tells us that your wife owns the deals but we know who truly owns them. The Piper does not dictate the tune. It is the prerogative of who pays the Piper.