By Tgnews
A shocking revelation has sparked urgent demands for Nigeria’s anti-corruption agencies to launch a fresh investigation into Sebore Farms Limited and Sebore Farms Export Process Zone, companies linked to former Adamawa State Governor Murtala Nyako, which operated for over 20 years without legal registration with the Corporate Affairs Commission (CAC).
Rabiu Abubakar Sheriff, Nyako’s former Chief Security Officer, unlawfully converted N80 million worth of properties acquired in the names of these unregistered entities
According to a CAC letter admitted as evidence in a Yola High Court, neither Sebore Farms Limited nor Sebore Farms Export Process Zone was registered under Nigerian law, violating the Companies and Allied Matters Act (CAMA).
The case emerged from allegations that Rabiu Abubakar Sheriff, Nyako’s former Chief Security Officer, unlawfully converted N80 million worth of properties acquired in the names of these unregistered entities.
CAMA mandates that all businesses register with the CAC to operate legally, ensuring transparency and accountability. The unregistered status of Nyako’s companies raises serious questions about the legitimacy of their transactions, contracts, tax compliance, and ability to seek legal redress.
This breach could attract penalties and prosecution, casting a shadow over the firms’ operations.
The controversy deepens concerns about Nyako’s corporate governance record. In 2016, he faced charges of laundering N29 billion through a network of companies, including Sebore Farms & Extension Services Limited.
The latest findings amplify calls for the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Federal Inland Revenue Service (FIRS), and Adamawa State Inland Revenue Service to probe the past and present activities of these entities.
This case must send a clear message: no one, regardless of status, is above the law
Anti-corruption advocates argue that a thorough investigation is critical to uphold corporate accountability and deter others from operating unregistered businesses, which undermines government revenue and public trust. “This case must send a clear message: no one, regardless of status, is above the law,” a legal expert stated. The nation awaits swift action to address this decades-long regulatory breach.
