By Ikechukwu Okaforadi
Following allegations of the diversion of N37.4 Billion Promissory Notes being the refund of the rehabilitation of Federal Government roads in Zamfara State by the Abdulazeez Yari led administration, Patriots for the Advancement Of Peace and Social Development (PAPSD) has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute those involved in the alleged fraud.
In a petition to the Chairman of the Commission and signed by the PAPSD Executive Director, Abdulahi Sani Shinkafi, the group stated that inspite of several petitions and the conclusion of investigations by the Sokoto office of the Commission, the former Chairman of the Commission, Ibrahim Magu, had refused to arraign the suspects even when a prima facie case was established against them.
In a petition calling on the EFCC to investigate the misappropriation and diversion Of the N37.400,263,782:33 Billion Promissory Notes belonging to Zamfara State as refund for Federal Roads projects executed by the state government Shinkafi stated “I hereby wish to forward a petition to the Commission for a thorough investigation and possible prosecution of the case of the fraudulent and criminal diversion of the N37,400,263,781 being the promissory notes which were issued by the Federal Government through the Debt Management Office ((DMO).
“The said N37,400,263,781 is a refund of the Federal rehabilitated roads in Zamfara state which was issued on December 28th, 2018 with Face Value #14,960,105,512:93 with a Maturity Date: 28th December, 2020 and the 1st April 2019 with a Face Value of Promissory Note : #22,440,158,269:00 Promissory Note Reference FGN /PN/2019/SG/21 with Maturity Date of 1st April 2022.
Shinkafi pointed out that “the Promissory Notes were however discounted to a commercial bank by former Governor Abdulazeez Yari ahead of the maturity dates without the approval of the State Executive Council or the resolution of the Zamfara State House Of Assembly. The Zamfara State government lost billions of naira after the Promissory Notes were acquired at an undisclosed discounted rates.
“In his desperate bid to cash out the N37.400,263,781 that has not matured, he terminated the deal by signing up undisclosed discounted rate percentage per annum. We call for the investigation and possible prosecution of the following people for their active roles in misappropriation of the Promissory Notes belonging to the good people of Zamafara State.