FAVOUR SHUAIB, Abuja
All the management staff of the Abuja Investment Company Limited, AICL, currently under investigation by the Economic and Financial Crimes Commission, EFCC, over alleged corrupt practices have been sacked by the FCT Minister, Malam Muhammad Bello.
Subsequently, a seven-man interim management team headed by Dr. Bashir Isyaku, has been constituted to oversee the affairs of the company pending the outcome of the investigation by the EFCC. The minister used the occasion to announce the suspension of the following management staff: Dr. Musa Ahmed Musa (GMD, whose suspension was announced a month ago); Abdulsalam Salisu, A (Senior Vice President/Ag. GMD); Sani Yakubu (Senior Vice President, Business Development); Showole Wasiu Abiodun (SVP Equity Management); Ibrahim Aliyu (SVP Asset Management); Ibezim Francisca (SVP Legal); Owraigbo Japhat A (SVP F & T); Engr. Abbas Yakubu Muhammed (VP Asset Management) and Waziri Asabe Z (VP HR&A).
The minister, who announced the suspension when he visited the management of AICL and other Chief Executives of subsidiary companies, said as the owners and partners of AICL are concerned, it became imperative for the FCT Administration to take a firm action so as to protect its investment and ensure the company continue in the right direction.
According to him, his administration took the decision to suspend the AICL management staff when the administration was inundated with series of corruption allegations leveled against them, as well as the bad working relationship between the company and heads of subsidiaries.
Bello stated that “over the years, when I reflect on the AICL, I feel elated because of professionals. However, a lot of issues have come to my attention; so many of which you are handling and trying to resolve”.
“By the grace of God, the FCT Administration considers you (the agency) as very important part of the administration with mission and vision that are laudable; and as shareholders, we will continue to jealously guard our investments, just as I will expect you and the management team to jealously guard your investment in the subsidiary, associate and affiliate ccompanies, as well as track every kobo of your portfolio, either in quoted shares or unquoted shares because that is what we expect as shareholders”, he said.
He continued; “In the recent past, a lot of things have happened, which I need to share with you. For the first time since I came in, a report came to me with respect to the investigation being carried out on this company and the key management staff.
“Obviously, as shareholders, we feel very concerned because this is our number one investment in the FCTA, and it is an investment that has been very profitable in the past, even though not so profitable in the immediate past. It is an investment that we guard jealously, and an investment that we expect better returns.
“We had cause also as an administration to do due diligence and investigations, especially on the relationship between AICL and the subsidiaries. Even though there are committee reports, I have decided to come and visit you personally.
“Why are we here? We are the owners of the company and shareholders. All internal investigation done and the EFCC reports have created fundamental corporate governance issues. Issues that we cannot turn a blind eye to and pretend they do not happen, and these are issues that have the potential to impact negatively on our investments. We have come to the conclusion as shareholders that we need to do changes immediately”.
Our correspondent reports that management staff of affiliate companies: Abuja Film Village, Abuja Technology Village, Aso Savings, Abuja Leasing Company, Capital Hotels, American Hospital Ltd, City Centre Development Ltd, Abuja Markets Management Limited and Abuja Property Development Company were present.
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