Leadership (Abuja)
Baba Yusuf
6 June 2008
Bauchi — Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested six top government functionaries of the Bauchi State government for allegedly selling the state government-owned shares in Ashaka Cement Company valued at N89 million.
A statement signed by the Head, Public Enlightenment Department of the Commission, Mr. Mike Sowe, and made available to
LEADERSHIP indicated that the affected top government functionaries have committed an offence contrary and punishable under sections 19 and 26 of the Corrupt Practices and Other Related Offences Act 2000.
According to him, those being interrogated by the anti-graft agency in connection with the alleged fraud are the Permanent Secretary, Bauchi State Ministry of Finance, Alhaji Ibrahim Muhammed, the Auditor-General of the State, Alhaji Abubakar Isa, and the officer in charge of investment in the Ministry, Alhaji Ibrahim Aliyu. Others arrested by the commission are, Mallam Kabiru Makera, Alhaji A. Y. Suleiman and Alhaji Haruna Alfa Ahmed, all staff of the Ministry of Finance, Bauchi State.
He added that the shareholding certificate with reference number 342230 with over three million units of shares in Ashaka Cement Company belonging to the state government were reportedly missing, following which a petition was sent to the commission to unravel the mystery behind the disappearance of the share certificate.
Sowe said further, that it was discovered that the old Bauchi State had over eight million, four hundred and twenty four thousand (8,424,000) units of shares in Ashaka cement company and after Gombe state was created from the state, an asset sharing ratio of 54/41 per cent was approved, which gave the new Bauchi State a share of N4,970,160 units shares and in 2001, the cement company issued a bonus share of three million units with certificate number 342230.
The ICPC officials also discovered that the shares certificate instead of being kept with the accountant general as the standard practice, was then kept with the permanent secretary in the ministry of finance.
The officer in charge of investment in the state, when questioned by the ICPC officials confessed that the illegal sales of the share in the certificate number 342230 was authorised by the Permanent Secretary, Alhaji Ibrahim Muhammed and the Auditor General of the state, Alhaji Abubakar Isa.
He also confessed that he provided blank ministry letter headed papers to N.M.A. investment security, the agent for the broker to perfect documentation committing the state government without the knowledge of the state commissioner of finance and the accountant general of the state.
The officer in charge of investment further admitted that proceeds from the illegal sale of the shares were shared by some government officials of the state after the money had being paid into the account of one of the suspects.
According to the commission, investigation on the matter had been concluded and the six government officials were being recommended for prosecution.
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