Dr. Bukola Saraki, Guaranty Trust Bank (GTBank) and the Money Laundering Case: The Untold Story

Posted on by Seyi Oduyela

Dr. Bukola SarakiDr. Bukola Saraki, Guaranty Trust Bank (GTBank) and the Money Laundering Case: The Untold Story

New evidence has emerged on how Dr. Bukola Saraki laundered money through Guaranty Trust Bank, Oluwaseyi Oduyela writes from Washington, DC with evidence of Bank Statement

In a new development, African Interest uncovered a draft of N204 Million awarded by Guaranty Trust Bank (GTB) to Dr. Bukola Saraki that formed part of instruments with which Dr. Bukola Saraki liquidated his company’s various indebtedness in Intercontinental Bank after over 80% write-off to remove encumbrances on various properties he used to collaterize his loans; using Skyview Properties Ltd as the source of the #204Million Draft.  According to the GTB documents, including bank statement of US Dollar account (2000-2013) made available to Africa Inquirer, a series of cash lodgments were found in the accounts of the companies solely belonging to Dr. Bukola Saraki within the period he was the Executive Governor of Kwara State. The investigation observes that the monies were deposited in cash by personal aides of Dr. Bukola Saraki, especially one Abdul Adama. African Interest investigation also reveal that the pattern of the cash lodgments into the account between 8th February 2010 and 28th January 2011 amounting to about #484,416,000.00 is indicative of evidence of Money Laundering.

Though Dr. Bukola Saraki’s aides took precaution to make the cash deposits in such a manner as to beat the provisions of the Money Laundering Act but were however betrayed by the frequency of the lodgments. The document in our possession showed one Abdul Adama, a Personal Assistant to Dr. Bukola Saraki as the person responsible for making the cash deposits using several fictitious names and GSM numbers of several unsuspecting members of the public.

To avoid interrogation, Abdul Adama  filed harassment suit against the police in 2014, this is according to the court document obtained by African Interest at the High Court with civil Suit No.FCH/ABJ/CS/152/2014 pending before Justice A.R Mohammed.

Our investigation also reveal that one Austin Ikpi, a staff in the Kwara state Government House also made a cash deposit of #35,000,000.00 into the account on the 18th of January 2011. Another person mentioned, Kennedy Izuagbe, who was Dr. Saraki’s personal Assistant and sole signatory to the account has denied any knowledge of N39,999,000.00 allegedly deposited in his name on February 10, 2010. In his defense, Toyin Pinheiro, a director and shareholder in the company has denied the various cash lodgments that where made into the account and had asked that Kennedy Izuagbe the M.D and Sole signatory to the account be asked to account for the lodgments.

Surprisingly, our investigation reveal that the account is domiciled with the GRA Ilorin Branch of GTBank where incidentally, all the transactions took place.

Examining the documents, we discover that though GTBank reported the cash lodgments exceeding the maximum threshold, of single cash deposit, as prescribed by the Money Laundering Act 2004, it was ominously silent on the unusual frequencies of those deposits.

 

Africa Inquirer investigation also reveal some other evidence of money laundering from the inflows and outflows crisscrossing between Dr. Bukola Saraki (personal account), Acquitane Oil and Gas Ltd and Carlisle Properties and Investment Ltd that prompted further investigations and request for the personal statement of accounts for Dr. Bukola Saraki from GTBank and for Carlisle Properties Ltd from Zenith Bank and Acquitane Oil and Gas Ltd from Access Bank Plc.

 

An investigation of Dr. Bukola Saraki personal accounts with GT Bank made available to us include, naira personal account (0034967455), domiciliary accounts (0034967479Dollars) and British Pound Sterling (441/441953/3/1/0), reveal a series of cash lodgments during the period he was Executive Governor of Kwara State. According to our investigation, the pattern and frequencies of cash deposits into these personal accounts of Dr. Bukola Saraki, are indicative of money laundering.

Our investigation revealed that all cash lodgments between May 18, June 5, 2009 and December 6, 2009 were ‘washed’ through transfer into fixed deposit account on June 17, 2009. Bulk of these funds were deposited in bits; that is, less than $10,000.00 per cash deposit entry to ensure that the cash lodgments doesn’t fall within the transaction to be reported to CBN/NFIU as suspicious according to Foreign exchange regulation. Individuals who lodged these funds must be questioned to identify their source of naira. On May 19, 2009, one Garba Dare deposited $10,000  to Dr. Bukola Saraki  account, 12 times, one Abdul, deposited $10,000 to the same account, 3 times and there were 3 deposits of $10,000 by Dr. Bukola Saraki same day. All these were done at the Guaranty Trust Bank branch at Garki Area 3, Abuja.IMG_3833

On June 17, 2009, the total cash of $250,000.00 was transferred to pledge ledger and credited back to the account on September 7, 2009 to regularize a debit balance, the bank must shed light on this.

On the December 2, 2010, February 2, 2010, February 15, 2012 and February 16, 2010, Sun & San/Bukola Saraki, Munigann Trading & Serv. Ltd/Bukola Saraki, Limkers Nig Ltd & Ulip Cocoa Processing Ltd transferred the sums of $1,200,000.00, $1,000,000.00, $150,000.00 & $42,000.00 respectively into the customer’s account and on same days these amounts were converted to GBP. Based on our findings, the following questions beg for answers:

  • What is the source of the dollar since it is not a direct inflow as expected?
  • After conversion to GBP how was it transferred and to who?
  • Customer’s current account statement/ related SWIFT telex copies must be provided. According to a banking source, these cannot be missing as they can always be recalled from the SWIFT network electronically.
  • Who are the owners of these two companies dealing in this volume of Forex.

Furthermore, on August 29, 2009, consolidated cash lodgments of $250,000.00 was placed into time deposit account and later terminated and returned with interest on March 26, 2013, that same day $250,800.00 was transferred to a foreign account of the customer via SWIFT.IMG_3832

This is contrary to Forex (Monitoring & Miscellaneous Provisions) Act hence the receiving account must be established and investigated through the Swift transfer telex copy.

Efforts to speak with Dr. Bukola Saraki, through one of his media aides failed. Mr. Chuks Okocha has not responded to our e-mail since September 2015.

Our investigation also discovered a huge and consistent transfer of fund into Dr. Saraki’s credit card account with AMEX this is analyzed below:

DATE AMOUNT ‘ $ ‘ SOURCE OF FX
26/08/2009 73, 223.28 Cash
8/9/2009 127,174.05 Cash/A/c Trsf
21/10/2009 85,543.88 Cash/A/c Trsf
18/02/2010 97,139.77 Cash/A/c Trsf
15/03/2010 140,000.00 Cash/A/c Trsf
16/03/2010 84,000.00 Cash/A/c Trsf
18/05/2010 134,000.00 Cash/A/c Trsf
21/06/2010 64,000.00 Cash/A/c Trsf
29/07/2010 80,984.00 Cash/A/c Trsf
31/08/2010 100,000.00 Cash/A/c Trsf
2/9/2010 18,000.00 Cash/A/c Trsf
22/06/2011 111,444.79 Cash/A/c Trsf
19/07/2011 43,651.92 Cash/A/c Trsf
16/08/2011 91,738.00 Inflow
26/08/2011 10,000.00 Cash
29/08/2011 65,000.00 Inflow
27/09/2011 112,140.80 Inflow
17/11/2011 147,000.00 Cash/A/c Trsf
14/12/2011 86,872.10 Cash/A/c Trsf
4/1/2012 50,000.00 Cash/A/c Trsf
27/01/2012 145,000.00 Cash/A/c Trsf
30/01/2012 7,000.00 Cash
10/2/2012 94,754.63 Cash
20/02/2012 77,000.00 Cash
29/03/2012 70,648.44 Inflow
12/4/2012 60,000.00 Inflow
11/5/2012 70,000.00 Cash/A/c Trsf
17/05/2012 55,000.00 Inflow
12/6/2012 89,411.74 Inflow/Cash
4/7/2012 70,000.00 Inflow
6/9/2012 45,000.00 Inflow
24/09/2012 45,308.00 Inflow
11/10/2012 130,400.00 Inflow
7/12/2012 4,153.00 Cash
TOTAL TRANFER TO AMEX ACCOUNT 2,612,365.12  

 

Based on the schedule analyzed above Africa Inquirer will continue its investigation by seeking audience with the promoters and executive management of the following companies:

  • Bin Dahuud BDC
  • Cadington Resources Ltd
  • WestGate Global Trust Ltd
  • Churcuil General Trading
  • Carlisle Properties Investment Ltd
  • Renocon Propery Dev. Ltd
  • Yaro Ventures & Trust Nig Ltd
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