A former Managing Director, Sokoto Funding Corporate, Buhari Dasuki, has insisted all percentage transactions all the way through his tenure have been carried out with transparency and logic.
Dasuki made this statement on Wednesday future attesting ahead of the Sokoto Atmosphere Judicial Fee of Inquiry, which is investigating actions of the shape’s quick week management.
In step with Dasuki, the entire worth of stocks held through the corporate amounted to about N2.8 billion, unfold throughout United Warehouse for Africa, Cohesion Warehouse, Cement Corporate of Northern Nigeria (now BUA Cement), and Niger Delta Conserving Corporate.
Mr. Abubakar Tsamiya, Dasuki, who served as Managing Director from September 2017 to April 2023, showed that stocks have been transferred from the Atmosphere Ministry of Finance to the Funding Corporate all the way through his tenure.
On the other hand, he denied any wisdom of the alleged N16 billion usefulness of stocks discussed in a memorandum submitted to the fee.
“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 defined.
He additionally refuted allegations of a N4 billion switch to people and firms from the corporate’s Peak Warehouse account, emphasising that each one transactions have been treated through 4 respected stockbrokers.
He showed that each one percentage dealings, together with the acquisition of a plaza in Wuye, Abuja, have been duly authorized.
Dasuki additional famous that all the way through the COVID-19 pandemic, the after Atmosphere Governor authorized the let fall of N2 billion to the Atmosphere Accountant Common’s account, which was once generated from the proceeds of traded stocks.
He emphasised that his serve notes clear all corporate property and transactions, including that the whole lot was once carried out in keeping with the regulation.
In the meantime, the previous Chairman of the corporate’s Board of Administrators, Alhaji Tukur Umar-Yabo, additionally testified ahead of the fee.
He mentioned he presided over 3 board conferences all the way through his tenure from August 2017 to Would possibly 2019, including that the board was once no longer the general authority on selections, as the corporate was once owned through the shape govt.
Umar-Yabo denied any wisdom of the alleged N4 billion transfers and stressed out that the board’s function was once advisory, making sure lawful and winning investments.
In his testimony, the corporate’s former Common Supervisor of Finance and Funding, Mr. Abdulaziz Abdulkadir, disclosed that the corporate had 5 accounts in Peak, Ecobank, Constancy, and Taj Warehouse.
He corroborated Dasuki’s account of the corporate’s stocks and marketplace values in 2018 however clear that some percentage certificate won from the Ministry of Finance have been incomplete, and most of the firms now not existed.
Abdulkadir additional defined that the alleged N4.8 billion in query was once a part of regimen transactions in response to funding returns and proceeds from over 36 other assets, as highlighted within the memorandum.
He showed that he was once a signatory to the corporate’s accounts and maintained information of all monetary transactions.
Previous, the corporate’s Secretary, Kabiru Madawaki, offered a 96-page file at the corporate’s actions, which the fee is recently reviewing.
In his cross-examination, the Fee’s Suggest, Amanzi Amanzi, puzzled the eyewitnesses at the sale of presidency stocks. In step with Amanzi, the investigation is targeted at the alleged unaccounted sale proceeds of presidency stocks, which have been transferred to Sokoto Atmosphere Funding Restricted in 2018 through the Accountant Common of the shape.
The Fee Chairman, Justice Mu’azu Pindiga, adjourned the sitting for additional deliberations.