EXPOSED !

MR. BUKOLA SARAKI'S FINANCIAL
CRIMES AT SOCIETE GENERAL BANK AND AS
EXECUTIVE GOVERNOR OF KWARA STATE (MUST
READ AND SHARE!) The CUPS organisation has
obtained an exclusive highly confidential report
prepared for the former President Goodluck
Jonathan about the financial criminality of Mr. Bukola
Saraki during his tenure as a Director of Societe
Generale Bank (Nigeria) PLC in 1990-2000. The report
also covered the period he was elected as the
Executive Governor of Kwara State between 2003 and
2011. Brief history: Mr. Bukola Saraki was born as
Olubukola Adebisi Olabowale Saraki on 19/12/1962 at
Hampstead North, Metropolitan Bourough of
Hampstead, United Kingdom. He worked as a Medical
Officer at Rush Green Hospital, Essex in 1988-1989.
He was a Director of Societe Generale Bank (Nigeria)
PLC in 1990-2000. He was appointed Special Assistant
to the President on Budget in 2000. He became the
Executive Governor of Kwara state between 2003 and
2011. In April 2011 he was elected a Senator
representing Kwara Central senatorial district. He
was re- elected in March 2015 for another 4 years
term. 1. Saraki's financial crimes at the Societe
General Bank PLC: The Societe Generale Bank
(Nigeria) PLC was sent out of the clearing house in
June 2003. By early 2004, the bank and its top
management were accused of involvement in a
Thirty- Seven Billion Naira (N37 Billion) fraud. The
bank was unable to account for Seventeen Billion
Naira (N17 Billion) alleged to have been overdrawn
from its accounts with the Central Bank of Nigeria.
Following the total collapse of the Societe Generale
Bank (Nigeria) PLC, on March 20, 2003, the Nigerian
Drug Law Enforcement Agency (NDLEA) and the
Economic and Financial Crimes Commission (EFCC)
were drafted to investigate some allegations of fraud
at the bank, perpetrated by the Saraki family. Dr.
Olusola Saraki, his wife, Florence, son, Bukola Saraki,
and 9 other shareholders were dragged to the NDLEA
after being accused of using depositors' funds to buy
shares at the bank, contrary to the Banking and Other
Financial Institutions Act. Investigations revealed that
the presidency intervened and the case never saw the
light of the day. The money, which amounted to
billions of Naira, was moved from several bank
branches in bullion vans. There are no records of
these transactions. Dr. Olusola Saraki (Bukola
Saraki's father) and co-defendants were accused of
using depositors' funds to buy shares at the ailing
Societe Generale Bank (Nigeria) PLC, contrary to the
Banking and Other Financial Institutions Acts
(BOFIA) . The case never saw the light of the day. The
money, which amounted to billions of Naira, was
moved from several bank branches in bullion vans.
There are no records of these transactions. In one of
the court cases filed by the EFCC at the Lagos Judicial
Division of the Federal High Court it was alleged that
Dr. Olusola Saraki, while being a Director at Societe
General Bank PLC between 2002 and 2003 had
recklessly approved the grant of loan in the sum of
N210,000,000.00 (Two Hundred and Ten Million
Naira) on no less than five different occasions to the
Peoples Democratic Party (PDP), Kwara State
Chapter, with no collateral. This is in contravention of
Societe Generale's regulation, and thereby
committed an offence punishable under section 16(1)
(a) of the Failed Bank (Recovery of Debts) and
Financial Malpractices in Banks Act. In one of the
cases filed by the EFCC against Dr. Olusola Saraki at
the Lagos Judicial Division of the Federal High Court,
it was alleged that between 2002 and 2003 while
working as Director at Societe Generale Bank
(Nigeria) PLC, he transferred the sum of $
35,000,000.00 (N7 Billion) from United Kingdom to
Nigeria without reporting the transaction to the
Central Bank. This contravenes Section 15(2) (a) of
the Money Laundering Act. 2. Saraki's financial
crimes as Kwara state Governor: Mr. Bukola Saraki
was governor of Kwara state between May 2003 and
April 2011. Among other things, he mismanaged
about N65 billion which accrued to Kwara state from
the federation account between April 2003 and June
2008. "The total money from Federation Account
meant for the 16 Kwara local governments between
April 2003 to June 2005 is about N65 billion. While
Baruten, IIorin West, Offa and Oyun were supposed
to be given (out of it) a sum of not less than N5
billion, N5.7 billion, N3.4 billion and N3.1billiona
respectively. But after a survey by team of expert
builders, economists, engineers and others, that
covered the entire 16 local government council areas,
it has been discovered that in each of these local
governments, no serious project worth an amount of
N1.5 billion took place between this period. This
shows that about N40 billion meant for local
governments development was diverted elsewhere
and for the four local governments mentioned above,
there are no traces of development that could match
up to the colossal amount of the local government
revenue. Between the years 1999-2003 which
happened to be the most critical period in the life of
the Societe Generale Bank (Nigeria) PLC, Bukola
Saraki acquired 15 luxurious cars, which included a
Ferrari. He and his wife, Toyin, also purchased
houses in London worth 10 million pounds. On 29
November 2001, Bukola Saraki bought a mansion in
London for Four Million, Two Hundred and Fifty
Thousand Pounds (£4,250,000.00). The house which
has deed title number NGL805616, is located at 70
Bourne Street, London SW1W 8JW. The lease hold on
the property was registered on 9 January 2002 with
the land registry, Harrow Office. The above
mentioned property was reportedly bought with a
loan from Fortis Bank, SA-NV. The house now has a
free hold. It is a story structure. The house is not far
from Buckingham Palace road. Toyin Saraki, the wife
had previously bought number 69 Bourne Street in
2000 for two million pounds. In 2002, the former
Governor also bought Number 53 Ashley Gardens for
4 million pounds. He used a front company known as
"Ashley Gardens limited." Apart from his U.K
properties, Bukola Saraki owns several properties in
Nigeria worth several millions of Naira including a
N700 million house in Victoria Island fetching him
N96 million rents annually. Friends and associates of
the former Governor have posited that he was in the
private sector when he bought his London property.
He was the Vice Chairman of Societe General Bank at
that time. Those who believe that while the bank was
experiencing financial problems, he as an executive
of the bank was acquiring a multi- million pound
home, was wholly wrong. The activities of the
Transition Implementation Committee (TIC), the body
that managed the local government areas in Kwara
State for a while also says a lot about Governor
Saraki's leadership style. Investigation found out that
in May 2003, when the Saraki led government came
into office, he appointed transition committees to run
the affairs of the 16 local councils. In the first six
months, the most senior civil servants in the councils
called Director of Personnel Management (DPM) ran
the councils. They were given a little part of council
allocation to cover salaries. In the second six
months, caretaker committees were appointed by the
state government. They too had no access to council
allocation. They were given enough to cover salaries
and emoluments and N200,000 per month for
running expenses. The total accrual to all the local
governments for the 12 months came to N7.9 billion
(N7 Billion, N843 Million and N364,000 naira). That
simply implies that the TIC hardly exhausted a
quarter of their accrual. But till today, the balance
has not been accounted for. A company called
OlaKleen, which is owned by the Governor's younger
brother, Olaolu Saraki, is the consultant to the state's
project named "Operation Keep Kwara Clean".
Although OlaKleen is only working in the state capital,
llorin, the 16 local councils are made to pay for its
service, coughing out about N14 Million every month.
When asked, one of the Chairmen said "In my local
government, I employed my own cleaners whom I
pay N5,000 in salary on a monthly basis. I had 30
cleaners, yet I was still compelled to pay N960, 000 a
month to OlaKleen, when they were neither working
for me nor operating in my local government." A
2001 law stipulated that 2.5 per cent of council
allocation should go to the traditional councils. The
Saraki government raised it to 4 percent. Pointing out
what he called arm- twisting, a former Chairman of
Edu Local Government said "My local government
has three traditional rulers: Emir of Lafiagi, Emir of
Saragi and Emir of Shonga. Lafiagi's salary is
N80,000, the other two N50,000 each, making it a
total of N180, 000. So if I have N70 Million allocation,
4 percent of it, about N3 million is taken from me to
pay a salary of N180,000. In addition, the monthly
miscellaneous expenses of these traditional rulers
are the burden of the local government. If they are
sick or traveling or having ceremonies, we pick the
bills." For years now, the state government has not
accounted for the proceeds of this deduction from
the joint account domiciled at Intercontinental Bank
along Wahab Folawiyo Road, IIorin. The account
number of this joint project is 0029253979001. All the
sixteen local governments were forced to pay certain
amount of the net allocation accruing to them,
understanding that the state will also pay a certain
percentage of its allocation. It was gathered that
while the local governments have been loyal to the
agreement the state government is yet to fulfill its
own side of the bargain. Apart from the gross
deduction the 16 local governments have lost about
N5b to this arm-twisting in the name of joint capital
project. The signatories to the account are the state
Accountant General and the Deputy Director of
Treasury, none of the local government chairmen is a
signatory. It was also gathered that Chief Olusala
Saraki's close affinity with former President Obasanjo
coupled with the influence wielded by Bukola Saraki
in the Yar'Adua days made it impossible for the EFCC
to bring either of them to book. Investigations carried
out revealed that the Kwara State Governor was
largely instrumental to the appointment of Mrs.
Farida Waziri as the EFCC Chairman (former). Sources
in the EFCC revealed that after her retirement, Mrs.
Waziri was one of those who lobbied the EFCC
hierarchy to stop the investigation of the Saraki
dynasty. EFCC investigators were at the time digging
into how the Sarakis looted the Societe Generale
Bank (Nigeria) PLC. Mrs. Waziri, who was close to
several EFCC officials, used her leverage to stop
further investigations and the planned prosecution of
the Saraki family, including the governor whose
questionable wealth in Nigeria and the United
Kingdom grew bigger just as the fortunes of the
family bank, in which he was the Executive Director,
completely deteriorated, and finally collapsed. We at
CUPS will continue exposing the financial and
political crimes committed by this criminal gangster,
until he is forced out of the Senate. Nigeria cannot
afford having a mafia kingpin as its number three
citizen, while his Excellency, President Muhammadu
Buhari, and the Vice-President, Profesor Yemi
Osinbajo, are clean leaders with impeccable records
on fighting corruption. We contend that Mr. Bukola
Saraki will continue to abuse his power as Senate
President to undermine the determination of his
Excellency to fight corruption. Knowing what we
know, we further contend that Mr. Bukola Saraki
poses a threat to Nigeria's national security. May God
save Nigeria and Nigerians. Amen.
Thepanacea Reports
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