Sokoto, Oct. 24, 2024 (TheGavel) – The former Managing Director of Sokoto Investment Company, Alhaji Buhari Dasuki, has strongly denied any involvement in illicit financial flows during his tenure, asserting that all transactions involving shares and assets were lawfully executed. Dasuki made this statement on Wednesday while testifying before the Sokoto State Judicial Commission of Inquiry, which was established to investigate certain activities under the previous state administration.

Dasuki, who served as MD of the investment company from September 2017 to April 2023, clarified that the company’s total shareholdings were valued at approximately N2.7 billion. These shares were held in major firms, including United Bank for Africa (UBA), Unity Bank, Cement Company of Northern Nigeria (now BUA Cement), and Niger Delta Holding Company.

Responding to allegations raised during the inquiry, Dasuki, represented by his counsel, Mr. Abubakar Abdurahman-Tsamiya, denied any knowledge of the purported N16 billion worth of shares mentioned in a memorandum submitted to the commission. He emphasized that all share transactions were conducted transparently through reputable stockbrokers, and that every financial movement had the necessary approvals.

“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,” Dasuki stated. He further explained, “The company’s board made decisions, but at times, the state governor exercised prerogative powers to make approvals.”

Dasuki also refuted claims regarding a transfer of N4 billion to various individuals and companies from the company’s Zenith Bank account, stressing that all transactions were transparent and in line with legal guidelines. He revealed that during the COVID-19 pandemic, N2 billion was approved by the then-state governor and transferred to the State Accountant General’s account, derived from the proceeds of traded shares.

In addition to defending the transactions made under his leadership, Dasuki presented a detailed handover note, outlining the company’s assets and financial activities. “All actions taken were done under extant laws with prudence,” he asserted.

Alhaji Tukur Umar-Yabo, the former Chairman of the company’s Board of Directors, also testified before the commission, corroborating Dasuki’s defense. Umar-Yabo, who chaired three board meetings between August 2017 and May 2019, affirmed that the board operated within its advisory role, offering recommendations for investments, but emphasized that the final authority on major decisions rested with the state government.

“I have no knowledge of N4 billion transfers to individuals,” Umar-Yabo said, adding that all dealings were carried out lawfully with the aim of making profitable investments.

Further supporting Dasuki’s testimony, Mr. Abdulaziz Abdulkadir, the former General Manager of Finance and Investment at Sokoto Investment Company, detailed the company’s financial records, confirming the existence of multiple bank accounts and the lawful handling of shares and investments. Abdulkadir, a chartered accountant, verified the purchase of a plaza in Wuye, Abuja, for N750 million, along with a property in Mabushi for N150 million, both from company share proceeds.

Earlier, Mr. Kabiru Madawaki, the Company Secretary, submitted a comprehensive 96-page report detailing the company’s activities, which was reviewed by the commission.

During cross-examination by the commission’s counsel, Mr. Amanzi Amanzi, it was revealed that the inquiry focuses on the sale of government shares during the period between 2018 and 2023. Amanzi noted that in 2018, the Accountant General of the state had transferred all government shares to Sokoto State Investment Limited. However, the subsequent sale of these shares and the unaccounted-for proceeds are the primary subjects of investigation.

“In 2018, the Accountant General of the state transferred all government shares to Sokoto State Investment Limited through an official letter,” Amanzi stated. “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.”

The commission, led by Justice Mu’azu Pindiga, has adjourned the proceedings and directed the secretary to summon additional witnesses for further testimony. The investigation continues as the commission seeks to uncover the truth behind the alleged financial mismanagement during the previous administration.(NAN)

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