Missing N4bn : Kano antigraft agency arrests ex-KASCO MD, son
Kano State Public Complaints and Anti-Corruption Commission (PCACC) has arrested former Managing Director, Kano State Agricultural Company (KASCO) , Bala Muhammad Inuwa , a principal suspect in an ongoing investigation into fraudulent diversion of over N4bn belonging to Kano State government.
It could be recalled that Kano State Pubic Complain and Anti- Corruption Commission had said it commenced investigation of missing government funds from Kano Agricultural Supply Company (KASCO) amounting to over four Billion Naira and confiscation of some cars, heavy duty vehicles and tractors.
The investigation team led by the commission Chairman , Barrister Muhuyi Magaji Rimin Gado stormed a warehouses where cars, heavy duty vehicles and tractors alleged to have been bought with the siphoned money were kept, in Kumbotso local government area of the state.
SOLACEBASE reports that , Inuwa, who is also the founder of Association of Compassionate Friends and the sole signatory of a business entity, Limestone Processing Link, used primarily for the diversion of the fund, was arrested after he broke into sealed warehouse that were confiscated pursuant to section 40 of the Kano State Public Complaints and Anti-Corruption Law 2008(as amended) , an action which is also sanctioned by the order of the court.
This was contained in a statement issued by Special Adviser Media and Publicity of the antigraft commission, Kabir Abba Kabir, on Thursday, in Kano.
According to the statement , the seizure was in connection with the alleged criminal misappropriation, diversion, and making false statement or or return of over N4bn Kano State Government funds remitted to Kano Agricultural Supply Company (KASCO) as grant.
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The statement said also in custody is Bala Inuwa Muhammad (Jr) , a co-signatory who along his father misappropriate and diverted the sum of N3, 275,685,742.00 through the bank accounts of the Association of Compassionate Friends; an association which was registered under Part C of the Companies and Allied Matters Act and whose objective does not include conducting any kind of business.
‘’Also, the sum of N480m was diverted through the bank account of a business name , ‘’Limestone Processing Link’’ which is being manage by the founder of Association of Compassionate Friends out of which N400m was allocated as a fixed deposit and some amounts were transferred to the bank account bearing the name of Bala Muhammad Inuwa.
The statement added that the suspects would soon be arraigned in court.