Sokoto Investment Company: Dasuki makes his defence over alleged N16 billion fraud
The former managing director of Sokoto Investment Company, Buhari Dasuki, has denied illicit financial flow as all shares and valuables were traded lawfully under his watch.
Mr Dasuki made the clarification on Wednesday in his testimony before the Sokoto State Judicial Commission of Inquiry, which was constituted to investigate some activities of the immediate past administration of the state.
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.
Mr Dasuki, led in evidence by his counsel, Abubakar Abdurahman-Tsamiya, said he chaired the company between September 2017 and April 2023.
However, the finance ministry acknowledged the transfer of shares 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,” Mr Dasuki said.
The former MD denied wrongdoing and did not know the alleged N4 billion transferred to different individuals and companies from the company’s Zenith Bank account.
He added that four reputable engaged stock brokers transacted shares, and there were approvals for all transactions, including purchasing a Plaza in Wuye, Abuja.
He explained that during the COVID-19 pandemic, the then state governor approved releasing N2 billion to the accountant general’s account, which was realised from the company’s traded shares proceeds.
According to him, he left behind a handover note that detailed all the company’s assets along with transactions, stressing that all actions were done under extant laws with prudence.
Tukur Umar-Yabo, the company’s ex-chairman of the board of directors, testified that he presided over three board meetings from August 2017 to May 2019, stating that meetings were only called when the need arose.
Mr Umar-Yabo explained that the board was not the final authority to make decisions as the state government owned the company, “and I have no knowledge of N4 billion transfers to individuals.”
He said the board played its advisory roles in making good investments and profits, stressing that lawful dealings were always ensured.
In evidence, the former general manager of finance and investment, Abdulaziz Abdulkadir, said the company had five accounts domiciled in Zenith, ECO, Fidelity and Taj banks.
Mr Abdulkadir, a chartered accountant, also listed the company’s UBA, Unity Bank, CCNN and Niger Delta Power Holding Company shares and market values as of 2018 corroborating the former Managing Director’s explanations.
The witness acknowledged the purchase of a Plaza in Wuye at N750 million along with a N150 million house at Mabushi in Abuja from the company’s shares transactions.
Mr Abdulkadir confirmed that he was a signatory to the company’s accounts, possessed transaction records, and was ready to provide more inputs on the financial movement.
Earlier, the company’s secretary, Kabiru Madawaki, presented a 96-page report on the activities of the company, which the commission perused after a detailed explanation.
Amanzi Amanzi, counsel to the commission, who cross-examined the witnesses, said the commission was tasked to investigate government share sales 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’s chairman, Justice Mu’azu Pindiga, adjourned the sitting and ordered the secretary to invite more witnesses.
(NAN)
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