The Sokoto State government has announced a significant probe into the alleged mismanagement of N16.1 billion from state share sales conducted during the tenure of former governor Aminu Tambuwal. The investigation, led by the Sokoto State Commission of Inquiry, seeks to uncover the fate of the funds and ensure transparency.

According to reports, Sokoto State Investment Limited was responsible for handling the state’s shares sold between 2018 and 2023. However, there are growing concerns over how the proceeds from these sales were managed. The commission has been tasked with determining whether the funds were appropriately accounted for and used.

On September 17, lawyer Amanzi Amanzi revealed crucial details about the investigation. He stated that the commission was called to look into unaccounted funds from the share sales. Specifically, Amanzi alleged that out of the N16.1 billion raised, N4 billion was transferred to private and corporate accounts without proper justification or documentation.

The commission’s investigation aims to address several key issues:

The primary focus is on tracking the missing N16.1 billion. The investigation will attempt to determine where the funds went and why they are unaccounted for.

A significant portion of the funds—N4 billion—was reportedly moved to private and corporate accounts. The investigation will scrutinize these transfers to determine their legitimacy and purpose.

Besides the missing funds, the commission has also received numerous complaints regarding land disputes and encroachments. These issues will be investigated alongside the financial probe.

Amanzi Amanzi provided further context, saying:

“In 2018, the accountant-general of the state officially transferred all government shares to Sokoto State Investment Limited. Over the next five years, these shares were sold, but the proceeds have not been properly accounted for. The commission’s role is to investigate the sales, trace the missing funds, and ensure proper financial management.”

The investigation by the Sokoto State Commission of Inquiry is a crucial step toward resolving concerns about the management of state funds during the previous administration. By uncovering the fate of the N16.1 billion and addressing additional complaints, the commission aims to restore public trust and ensure accountability in the handling of state resources.