Commission Investigates Tambuwal Over N16.1bn Unaccounted Shares
By Wisdom Tide
18/09/2024
The Sokoto State Judicial Commission of Inquiry has begun investigating the alleged mismanagement of N16.1 billion worth of shares by the administration of former Governor, Senator Aminu Waziri Tambuwal. The investigation resumed on Tuesday as part of efforts to trace the unaccounted funds linked to the sale of shares.
Inquiry into Unaccounted Shares
The shares, initially transferred to Sokoto Investment Company Limited, were sold during Tambuwal's administration, but the proceeds from the sale remain unaccounted for. This development has prompted the Judicial Commission to delve deeper into the transactions to determine the whereabouts of the funds.
Testimony from the State Government
At the inquiry’s resumed sitting, Barrister Amanzi Amanzi, the counsel to the commission, briefed journalists on the latest developments. He disclosed that a memorandum was submitted to the commission by Alhaji Abdullahi Yabo, the Permanent Secretary for Political Affairs, under the office of the Secretary to the State Government. The memorandum detailed the circumstances surrounding the sale of the shares.
According to Barrister Amanzi, the former state Accountant General, Umar B. Ahmed Tambuwal, facilitated the transfer of the shares to the Sokoto Investment Company Limited through official correspondence. However, what followed has raised significant concerns: while the shares were sold, there is no documented evidence of the proceeds being accounted for in the state’s financial records.
Missing Funds and Distribution to Private Entities
The counsel further revealed that the proceeds from the share sales appear to have been diverted, with portions allegedly distributed to private and corporate accounts. This revelation has deepened suspicions of financial impropriety during the former governor’s tenure, prompting the commission to intensify its investigation.
Barrister Amanzi expressed the commission's commitment to uncovering the full details of the transactions, noting that they would continue to follow the financial trail to ascertain how the funds were handled and who might have benefited from the unaccounted proceeds.
Ongoing Investigation
The Sokoto State Judicial Commission of Inquiry is expected to continue its investigation in the coming weeks, calling on more witnesses and reviewing additional documents related to the sale of the shares. The inquiry aims to provide clarity on the financial dealings during Tambuwal’s administration and ensure that any misappropriated funds are accounted for.
As the investigation unfolds, all eyes remain on the proceedings, with the commission’s findings likely to have significant implications for those involved in the sale of the state’s shares. The outcome of the investigation will also determine the next steps in holding those responsible accountable for any financial misconduct
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