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Head of Nigeria’s legislature comes under probe in Seychelles-Report

Authorities in Seychelles have opened a criminal investigation into the multi-million dollar assets which Senate President Bukola Saraki and his wife, Toyin, are believed to hold through offshore shell companies in tax havens, PREMIUM TIMES can report

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Authorities in Seychelles have opened a criminal investigation into the multi-million dollar assets which Senate President Bukola Saraki and his wife, Toyin, are believed to hold through offshore shell companies in tax havens, PREMIUM TIMES can report.

Bukola and Toyin Saraki are being targeted by financial intelligence operatives for their “suspicious” use of offshore shell companies as uncovered in the Panama Papers investigation published in 2016, according to new records obtained by the International Consortium of Investigative Journalists and shared with PREMIUM TIMES and other partners.

Investigators at the Seychelles Financial Intelligence Unit said they are interested in determining whether or not Mrs Saraki stood as a front for her husband in the ownership of some of the offshore holdings linked to the family when a trove of offshore assets managed by Panamanian law firm, Mossack Fonseca, was leaked to the media.
The investigators are also working to determine if the transactions undertaken with the shell companies were used to launder funds or carry out other suspicious activities.

Two weeks after the Sarakis were exposed as owning undeclared offshore assets in violation of Nigeria’s code of conduct regulations, detectives from that country’s FIU asked Mossack Fonseca to furnish them with all documents relating to Sandon Developments Ltd, a firm registered in Seychelles under Toyin Saraki’s name.

Mossack Fonseca responded to the request on April 29, 2018, by forwarding a link to the PREMIUM TIMES article on the Panama Papers as well as all documents relating to Sandon Ltd, including international passports and business activities.

The status of the investigation, however remained unclear as there is no record of any update about it since Mossack Fonseca responded to the authorities’ requests at the end of April 2016.

Mrs Saraki registered Sandon Ltd in 2011 and used it to buy a family property at #8 Whittaker Street, Belgravia, London SW1W 8JQ.

Mr Saraki denied links to the offshore assets in 2016, saying they belonged to his wife’s family. But information obtained by PREMIUM TIMES at the time indicated that the Senate President merely used his wife as a front, and Seychelles authorities also found the denial unconvincing.

The revelations were amongst 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.

Politics

Mozambique’s top court affirms governing party’s victory in recent election

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The highest court in Mozambique affirmed Monday that the incumbent Frelimo party won the October election, sparking widespread demonstrations from opposition parties who claim the vote was manipulated.

Fears of fresh bloodshed have been raised in the nation already shaken by weeks of fatal protests after Mozambique’s top electoral court mostly confirmed the results of the country’s contentious October elections, reinforcing the Frelimo party’s decades-long hold on power.

The final decision on the election process rests with the Constitutional Council. Mozambique, a nation of over 35 million people in Southern Africa that Frelimo has ruled since 1975, is expected to see more protests in response to its judgement.

Mozambique operates a framework of a semi-presidential representative democratic republic in a multi-party system. The president of Mozambique serves as both the head of state and the head of government.

The government exercises executive power. The administration and the Assembly of the Republic have the authority to enact laws.

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Politics

Alliance of Sahel States opposes ECOWAS disengagement schedule

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The Economic Community of West African States (ECOWAS) withdrawal timeline has been rejected by the Alliance of Sahel States (AES), which is made up of Mali, Burkina Faso, and Niger.

The AES claims that the ECOWAS is attempting to destabilise their newly formed organisation.

During a meeting last week in Abuja, Nigeria, the regional organisation announced a six-month withdrawal period to give the three nations time to change their minds after their official departure date at the end of January 2025.

However, this decision is “nothing more than yet another attempt by the French and its auxiliaries to continue planning and carrying out destabilising actions against the AES,” according to the heads of state of the AES.

“This unilateral decision is not binding on the ESA countries,” the statement continues. Before the conference, they stated that their choice to leave the organisation was “irreversible.”

According to the president of the Ecowas Commission, this will be a “transition period” that ends on “July 29, 2025” to “keep the doors of Ecowas open.”

The three nations accused the bloc of neglecting to assist them in resolving their domestic security challenges and of imposing “inhumane and irresponsible” sanctions related to the coup.

The three nations that were involved in the coup have mostly rejected ECOWAS’ attempts to undo their withdrawal. They are creating their alliance and have begun thinking about how to issue travel passports independently of ECOWAS.

It is anticipated that they will finish giving their one-year notice of departure in January.

Visa-free travel to other ECOWAS members is a significant perk of membership, and it is unclear how this would alter after the three nations exit the group.

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