Buhari Dasuki, the former managing director of Sokoto Investment Company, has denied any illegal financial flow, claiming that all shares and valuables were traded legally during his tenure.
Mr. Dasuki clarified the matter Wednesday during his appearance before the Sokoto State Judicial Commission of Inquiry, which was established to look into certain actions taken by the state’s most recent administration.
He explained that the decisions made during his tenure were in line with government policies and aimed at promoting development in the state. Mr. Dasuki also provided evidence to support his claims and expressed willingness to cooperate fully with the commission’s investigation.
He stated that the company’s total share value at United Bank for Africa (UBA), Unity Bank, Cement Company of Northern Nigeria (CCNN), which is currently known as BUA Cement and Niger Delta Holding Company, was approximately N2.7 billion.
He chaired the corporation from September 2017 to April 2023, according to Mr. Dasuki, who was led in testimony by his attorney, Abubakar Abdurahman-Tsamiya.
The transfer of shares to the investment company was acknowledged by the finance ministry, nevertheless.
As mentioned in the memo sent to the commission, “I am not aware of any N16 billion worth of company shares prior to my departure from office.”
Decisions were taken by the company’s board. But occasionally delegate its authority to the state governor using their prerogative to grant permits,” Mr. Dasuki stated.
The former MD denied any wrongdoing and said he was unaware of the purported N4 billion that was moved from the company’s Zenith Bank account to other people and businesses.
He went on to say that all transactions, including the purchase of a Plaza in Wuye, Abuja, were approved and that shares were exchanged by four respectable, active stock brokers.
He explained that N2 billion, which came from the company’s traded share earnings, was released to the accountant general’s account during the COVID-19 outbreak with permission from the state governor at the time.
He claims to have left a handover statement outlining all of the company’s assets and transactions, emphasizing that everything was done prudently and in accordance with the law as it stands.
The company’s former board of directors chairman, Tukur Umar-Yabo, testified that he chaired three board meetings between August 2017 and May 2019, claiming that meetings were only called when necessary.
Since the state government controlled the business, Mr. Umar-Yabo clarified that the board did not have the last say in decisions, adding, “I have no knowledge of N4 billion transfers to individuals.”
He emphasized that legal transactions were always guaranteed and stated that the board fulfilled its advising responsibilities in generating profitable investments.
The corporation has five accounts with Zenith, ECO, Fidelity, and Taj banks, according to documentation provided by Abdulaziz Abdulkadir, the former general manager of finance and investment.
In support of the previous Managing Director’s justifications, Mr. Abdulkadir, a chartered accountant, also provided the market values and shares of the company’s UBA, Unity Bank, CCNN, and Niger Delta Power Holding Company as of 2018.
The witness confirmed that N750 million was spent on a Plaza in Wuye and N150 million was spent on a home in Mabushi, Abuja, from the company’s share transactions.
As a signatory to the company’s accounts, Mr. Abdulkadir attested to having transaction records and being prepared to contribute further to the financial flow.
A 96-page report on the company’s operations was previously submitted by Kabiru Madawaki, the secretary of the organization, and after a thorough explanation, the commission reviewed it.
According to commission attorney Amanzi Amanzi, who cross-examined the witnesses, the panel was charged with looking into government share sales over a given time frame.
In 2018, the state’s accountant general transferred all of the government’s shares to Sokoto State Investment Limited through a formal document. These shares were sold between 2018 and 2023, but it is believed that the proceeds were not reported.
“To do this, the commission has been asked to look into the sales and find out where the money went,” he stated.
Justice Mu’azu Pindiga, the commission’s chairman, adjourned the meeting and gave the secretary instructions to call additional witnesses.
