A former Commissioner for Finance in Sokoto State, under Aminu Tambuwal’s administration, Abdussamad Dasuki, on Monday, testified before the state Commission of Inquiry and faulted the claim that N16.1 billion from the sale of shares, was diverted by the immediate past administration.
ASHENEWS, on September 17, 2024, had reported the Commission’s counsel, Amanze F. Amanze, as saying that the Commission is currently investigating the alleged diversion of N16.1 billion from the sale of state shares by Sokoto State Investment Limited during the Tambuwal administration.
But appearing before the panel on Monday, Dasuki said. However, the State government shares were transferred to the Sokoto State Investment Company Limited before he was appointed Finance Commissioner, he was informed by the Managing Director of the company that the worth of the shares in question was only a little above N3 billion. “I can say without doubt, that during a meeting we had with the Managing Director of the Sokoto State Investment Company, he told us that the total value of the shares was something above N3 billion. I cannot remember how much fraction was on the N3 billion,” he told the panel.
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Dasuki further told the commission that following the global economic meltdown in 2020 which also affected all tiers of government in Nigeria, the Sokoto government then resorted to looking for other avenues of revenue to fund the legacy projects of the government and other obligations such as salaries and allowances. “We all know that in 2020, the world was in crisis because of COVID-19. In Nigeria, there was a low FAAC (federal allocation) to the states, and the majority of the state governments reduced their salaries, except Sokoto state.
“We approached the Investment Company to raise N2 billion for the state government to augment its lean resources in carrying out the legacy projects and other critical expenditures of the government. However, the Investment Company was only able to raise N1.5 billion, first, N1 billion and N500 million afterwards,” Dasuki said.
Under cross-examination, the Commission’s counsel Amanze asked to who the investment company directly reported and whether he knew that the whole shares had been sold. Dasuki said“The company was directly accountable to the Government House. I don’t know if the whole shares had been sold.”
