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, October 23, 2024, in his testimony before the Sokoto State Judicial Commission of Inquiry 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, who was led in evidence by his counsel, Abubakar Abdurahman-Tsamiya, said he chaired the company between September 2017 and April 2023.
He, however, acknowledged the transfer of shares from the state Ministry of Finance to the investment company.
”I am not aware of any N16 billion worth of shares 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 lent its responsibility to the State Governor based on prerogative powers to make approvals,” Mr Dasuki said.
The former MD also denied any wrongdoing and had no knowledge of the alleged N4 billion transferred 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 the COVID-19 pandemic, the then state governor approved the release of N2 billion to the State Accountant General’s account which was realised from the 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.
Tukur Umar-Yabo, the ex-chairman of the Board of Directors of the company, testified that he presided over three board meetings during his tenure from August 2017 to May 2019, stating that meetings were only called when needs arose.
Mr 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 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 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 records of transactions 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 was perused by the commission after a detailed explanation.
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’s chairman, Justice Mu’azu Pindiga, adjourned the sitting and ordered the secretary to invite more witnesses.
