Nigerian Politicians’ Love for the Real Estate Sector

The Change Government has brought a lot of activities of previous fraud cases to book. So many “big people” are involved,  even the Judges are not left out. Yet, all Nigerians are waiting with their hands crossed to see the proof of these cases after thorough investigations. The former first Lady, Dame Patience Jonathan is not left out. Bukola Saraki’s case keeps making Newspaper headlines. Today’s news reveals  the following on Saraki’s real estate investment.

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Principal prosecution witness Michael Wetkas today in Abuja told the resumed Code of Conduct Tribunal hearing that Senate President Bukola Saraki used a succession of loans from Guaranty Trust Bank (GTB), not the proceeds of his crop sales, to finance two properties he acquired in 2006 in Ikoyi, Lagos.

Reading from a bank statement of Mr. Saraki covering the period 2005 and 2015 that was earlier admitted by the CCT as an exhibit, he said the former Kwara State governor obtained three loans – N380m, N380m and N400m – to finance the properties, which are located at 17A and B, McDonald Street in the highbrow area.


“In 2006, the balance was N9,779,109.79m before the loan was credited,” Mr. Wetkas said. “This first loan taken was used to pay the one before. The loan amount was N380m. The property it was used to buy was worth N256.3m. There was five per cent charge translated into N12,815,000.”

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The witness further stated that the loan was liquidated on February 5, 2007, leaving a debit balance of N231,552,804.93.

“Then another loan was taken of N380m on the same February 5, 2007. The second loan was taken to defray the debit. It now gave a credit balance of N98m.”

Saraki is facing charges of false, anticipatory and improper declaration of assets he is alleged to have acquired during his eight years as governor of Kwara State, from 2003-2011. The CCT opened the day with the prosecution cross-examining Mr. Wetkas for the 13th day.

Defense lawyer Paul Usoro began by asking Mr. Wetkas to read from Mr. Saraki’s asset declaration forms, as previously admitted into evidence by the tribunal.

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In the Declaration dated June 3, 2011, which Saraki submitted at the end of his second term, he declared that he acquired the Ikoyi properties in 2006—as well as five others in 1990, 1991, 1992, 1996 and 2000—with funds, he obtained from selling rice and sugar.

In his declaration dated July 11, 2007, submitted between his two terms, Saraki stated that he acquired the properties through loans of N497m.

Mr. Wetkas explained that originally, the loan Mr. Saraki obtained was to have been paid in five tranches, but that the governor then arranged the succeeding loans to take care of the first.

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According to the witness: “As of the 2007 declaration, there was debit outstanding of the loan of up to 300m which was not declared in 2007 declaration,” he said. “There were other inflows into account [for] the purposes of paying. On August 27, 2009, the balance on the account shows an inflow into the account of N100m through banker’s cheque. On July 31, 2009, it shows that the account was in debit of about N93,933,654.15. After the inflow of N100m on August 27, it went into credit balance of N6,066,345.6. On April 30, 2009, the account was in a debit position of N17m. Then on the same date, there was loan disbursement of N400m.”

You can out smart Nigerian politicians today. Invest in Real Estate and make more on a long term basis. Visit to buy or rent a property anywhere in Nigeria. It doesn’t have to be fraud.


Source: Sahara Reporters


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