Kano Anti-graft Agency Arrests Businessman for Alleged N4 bn Fraud

Posted by admin Headlines, Kano, State News Friday, August 4th, 2023

Ahmad Sorondinki in Kano

The Kano State Public Complaints and Anti-Corruption Commission (PCACC) has apprehended a principal suspect, Bala Mohammed, in connection with the alleged fraudulent diversion of over N4 billion belonging to the state government.

He is the founder of the Association of Compassionate Friends and the sole signatory of a business, Limestone Processing Link, allegedly used primarily for the diversion of the fund.

The commission’s Chairman, Muhiyi Magaji Rimin Gado, said in a statement that Mohammed was arrested after breaking into sealed warehouses that were confiscated pursuant to Section 40 of the Kano State Public Complaints and Anti-Corruption Law 2008 (as amended). Gado said: “The seizure was in connection with the alleged criminal misappropriation, diversion, and making a false statement or return of over N4 billion Kano State Government funds remitted to the Kano Agricultural Supply Company (KASCO) as a grant.

“Also in custody, is Bala Inuwa Muhammed (Jr), a co-signatory, who along with his father, allegedly misappropriated and diverted the sum of N3,275,685,742.00 through the bank accounts of the Association of Compassionate Friends.

“The association was registered under Part C of the Companies and Allied Matters Act and whose objective does not include conducting any kind of business. The sum of four hundred and eighty million naira (N480,000,000.00) was diverted through the bank account of a business name ‘Limestone Processing Link’ which is being managed by the founder of the Association of Compassionate Friends.”

“Out of which N400,000,000.00 was allocated as a fixed deposit and some amounts were transferred to bank account bearing the name of Bala Mohammed Inuwa.”

– ThisDaywp_posts