Inquiry: Dasuki denies illicit financial flow in Sokoto investment company
Oct. 24, 2024
The former Managing Director of Sokoto Investment Company, Alhaji Buhari Dasuki, has denied illicit financial flow as all shares and valuables were traded lawfully under his watch.
He said about N2.7 billion was the total value of shares possessed by the company at United Bank for Africa (UBA), Unity Bank, Cement Company of Northern Nigeria (CCNN) now BUA Cement and Niger Delta Holding Company.
Dasuki, who was led in evidence by his Counsel, Mr Abubakar Abdurahman-Tsamiya, said he chaired the company between Sept. 2017 and April 2023, however, acknowledged the transfer of shares from state Ministry of Finance to the investment company.
”I am not aware of any N16 billion worth of shares value belonging to the company before leaving office as stated in the memorandum deposited at the commission.
”The company’s board made decisions, however, at some points lend its responsibility to the State Governor based on prerogative powers to make approvals,’ Dasuki said.
The former MD also denied any wrongdoing and had no knowledge of alleged N4 billion transfered to different individuals and companies from the company’s Zenith Bank account.
He added that shares were transacted by four reputable engaged stock brokers, adding that there were approvals for all transactions, including the purchase of a Plaza in Wuye, Abuja alongside others.
He explained that during COVID-19 pandemic, the then state governor approved the release of N2 billion to State Accountant General’s account which were realised from company’s traded shares proceeds.
According to him, he left behind a handing over note that detailed all the company’s assets along with transactions, stressing that all actions were done under extant laws with prudence.
Alhaji Tukur Umar-Yabo, the ex-Chairman, Board of Directors of the company, testified that he presided three board meetings during his tenure from Aug. 2017 to May 2019, staying that meetings were only called when needs arise.
Umar-Yabo explained that the board was not the final authority to make decisions as the company was owned by the state government, “and I have no knowledge of N4 billion transfers to individuals.”
He said the board played its advisory roles on ways to make good investments and make profits, stressing that lawful dealings were always ensured.
In evidence, the former General Manager, Finance and Investment, Mr Abdulaziz Abdulkadir, said the company had five accounts domiciled in Zenith, ECO, Fidelity and Taj banks.
Abdulkadir, a Chartered Accountant also listed the company’s UBA, Unity Bank, CCNN and Niger Delta Power Holding Company shares and market values as at 2018 corroborating the former Managing Director’s explanations.
The witnessed acknowledged the purchase of a Plaza in Wuye at N750 million along with N150 million house at Mabushi in Abuja from company’s shares transactions.
Abdulkadir confirmed that he was a signatory to company’s accounts and possessed records of transactions and ready to provide more inputs on the financial movement.
Earlier, the Company’s Secretary, Mr Kabiru Madawaki, presented a 96-page report on activities of the company, which were perused by the commission after detail explanation.
Mr Amanzi Amanzi, Counsel to the commission, who cross examined the witnesses, said the commission was tasked to investigate the sales of government shares during a specified period
“In 2018, the Accountant General of the state transferred all government shares to Sokoto State Investment Limited through an official letter.
“Between 2018 and 2023, these shares were sold, but the proceeds were allegedly unaccounted for.
“For this, the commission has been called upon to investigate the sales and trace the whereabouts of the funds,” he said.
The Commission Chairman, Justice Mu’azu Pindiga, adjourned the sitting and ordered the secretary to invite more witnesses. (NAN)