The FCT Minister, Malam Muhammad Musa Bello has wielded the big stick sacking the entire management team of Abuja Investment Company Limited.
Following corruption allegations on the management team of the FCTA company and reports of investigations as well as the ongoing EFCC investigation of the management staff of the company, the FCT Minister decided to drop all top staff to allow them face the anti-graft agency.
Already the erstwhile chief executive, Dr. Musa A. Musa, who was quizzed by the EFCC and detained is currently on suspension from office.
Following their suspension, a new management team headed by Dr. Bashir Ishyaku was appointed.
The AUTHORITY blew the whistle in February 14 edition when we published a story under the caption “FCTA, Abuja Investment Coy in looting scandal.”
The AUTHORITY exclusively published how the AICL was enmeshed in suspected corrupt practices of selling properties in Green Acres Estate in highbrow Apo area of Nigeria’s capital, Abuja. The management team was accused of selling choice properties to themselves at ridiculous rebates and other sundry allegations including their inability to meet validity status by the Economic Planning, Research and Statistics Department of the FCTA that alleged that they had not paid dividends as claimed as they was no trace of the N300 million as claimed in their records.
Though in their belated reaction, the organisation through Ibrahim Aliyu, a Senior Vice President and Head, Real Estate and Infrastructure said they were transparent in the sale of the properties and that they had equally paid dividends.
Those suspended indefinitely were Abdulsalam Salisu, a (Senior Vice President/Ag. GMD); Sani Yakubu (Senior Vice President, Business Development); Showole Wasiu Abiodun (SVP, Equity Management); Ibrahim Aliyu (SVP / Head Real Estate and Infrastructure); Ibezim Francisca (SVP Legal); Owraigbo Japhat, (SVP F & T); Engr. Abbas Yakubu Muhammad (VP Asset Management) and Waziri Asabe Z (VP Human Resources & Admin.).
The FCT Minister, Malam Muhammad Musa Bello threw the bomb shell: “ we need to make changes immediately, with effect from today a number of you will go till investigations are completed, I hope that in the end some of you would be found worthy to return”.
In your place an interim management team of seven persons will be put in place to run the affairs of the organisation”.
The minister was clear on why he took the sweeping action, he stated: “reports of the investigation on this company worry me, this is our number one investment, therefore we have cause to worry; we expect this company to give us better results. We’ve done due diligence; we are here because we are the owners of this company. The EFCC investigation and internal investigations have created fundamental corporate governance issues; issues that we cannot turn a blind eye to and pretend that they do not happen, and these are issues that have the potential to impact negatively on our investments. We have come to the conclusion that we need to make changes immediately”.
On the other hand, a new management team headed by Dr. Bashir Isyaku was constituted.
Other members of the new management team are Kene Nwanegbo; Garba Sani; Babangida Bashir; Omobolanle O. W. Olatunde (Mrs.); Maryam Omusaba Gomina (Mrs.) a representative of FCTA Treasury Department and Arc. Ramalan Ahmed Umar, representative of FCTA Department of Economic Planning, Research and Statistics as members.
The new management team will report to the FCT Permanent Secretary who will in return report to the Minister.
The Minister urged them to put in check subsidiary companied and track every investment and shares.
The Minister noted that he was aware of the relationship issues with their subsidiaries: “we will continue to guard our investments, just like I expect of AICL to jealously guard her subsidiaries and associate companies”.
The AICL is the hub of the investment arm of the FCTA, with several subsidiaries, including the Abuja Markets Management Limited (AMML), Abuja Leasing Company, Capital Hotels, American Hospital Ltd, City Centre Development Ltd, and Abuja Property Development Company.