Wednesday 16th August, 2017
Translate Language:::
Share

Corruption: Bello wields the big stick, sacks management team of AICL

Corruption: Bello wields the big stick, sacks management team of AICL

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. 

SHARE ON: