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A former Managing Director, Sokoto Investment Company, Buhari Dasuki, has insisted all share transactions during his tenure were conducted with transparency and prudence.
Dasuki made this assertion on Wednesday while testifying before the Sokoto State Judicial Commission of Inquiry, which is investigating activities of the state’s immediate past administration.
According to Dasuki, the total value of shares held by the company amounted to about N2.8 billion, spread across United Bank for Africa, Unity Bank, Cement Company of Northern Nigeria (now BUA Cement), and Niger Delta Holding Company.
Mr. Abubakar Tsamiya, Dasuki, who served as Managing Director from September 2017 to April 2023, confirmed that shares were transferred from the State Ministry of Finance to the Investment Company during his tenure.
However, he denied any knowledge of the alleged N16 billion worth of shares mentioned in a memorandum submitted to the commission.
“The company’s board made decisions on transactions, but on some occasions, waived its responsibilities to the State Governor based on prerogative powers to approve,” Dasuki explained.
He also refuted allegations of a N4 billion transfer to individuals and companies from the company’s Zenith Bank account, emphasising that all transactions were handled by four reputable stockbrokers.
He confirmed that all share dealings, including the purchase of a plaza in Wuye, Abuja, were duly approved.
Dasuki further noted 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 generated from the proceeds of traded shares.
He emphasized that his handover notes detailed all company assets and transactions, adding that everything was done in accordance with the law.
Meanwhile, the former Chairman of the company’s Board of Directors, Alhaji Tukur Umar-Yabo, also testified before the commission.
He said he presided over three board meetings during his tenure from August 2017 to May 2019, adding that the board was not the final authority on decisions, as the company was owned by the state government.
Umar-Yabo denied any knowledge of the alleged N4 billion transfers and stressed that the board’s role was advisory, ensuring lawful and profitable investments.
In his testimony, the company’s former General Manager of Finance and Investment, Mr. Abdulaziz Abdulkadir, disclosed that the company had five accounts in Zenith, Ecobank, Fidelity, and Taj Bank.
He corroborated Dasuki’s account of the company’s shares and market values in 2018 but revealed that some share certificates received from the Ministry of Finance were incomplete, and many of the companies no longer existed.
Abdulkadir further explained that the alleged N4.8 billion in question was part of routine transactions based on investment returns and proceeds from over 36 different sources, as highlighted in the memorandum.
He confirmed that he was a signatory to the company’s accounts and maintained records of all financial transactions.
Earlier, the company’s Secretary, Kabiru Madawaki, presented a 96-page report on the company’s activities, which the commission is currently reviewing.
In his cross-examination, the Commission’s Counsel, Amanzi Amanzi, questioned the witnesses on the sale of government shares. According to Amanzi, the investigation is focused on the alleged unaccounted sale proceeds of government shares, which were transferred to Sokoto State Investment Limited in 2018 by the Accountant General of the state.
The Commission Chairman, Justice Mu’azu Pindiga, adjourned the sitting for further deliberations.
