Crisis may be brewing in the Nigerian Association of Small and Medium Enterprises, NASME, as a member, Mr. Mike Alade has sued the president of the association, Dr. Abdulrasid Yarima and the trustees over alleged misappropriation of $40 million.
This was contained in a petition filed by his solicitor, Faidat Balogun (Miss.) of AdedunmadeOnibokun& Co to the Economic and Financial Crimes Commission on behalf of the aggrieved member dated May 15, 2024.
With the title, “RE: PETITION TO INVESTIGATE THE FRAUDULENT MISAPPROPRIATION AND CONVERSION OF THE SUM OF FORTY THOUSAND DOLLARS BELONGING TO THE NIGERIAN ASSOCIATION OF SMALL AND MEDIUM ENTERPRISES(NASME) BY DR. ADBULRASID YARIMA”, the aggrieved member.
According to the petition, Alade had alleged Yarima of “Diversion of Funds, saying that the funds in question, which were initially earmarked for various developmental projects and support initiatives, have been reportedly diverted for personal use by the President of the Association.
He also alleged him of “Lack of Transparency, saying that there has been a blatant lack of transparency and accountability in the financial operations related to these funds, raising significant concerns among the members and relevant stakeholders of NASME.
Alade also accused Yarima of “Lack of Proper Financial Auditing and Documentation, saying that there have been deliberate efforts to withhold or manipulate financial records to conceal the misappropriation of these funds.
The petition reads in part, the above subject matter refers.Please note that we act as Solicitors to Mr. Mike Alade, a member of the Governing Council and the National Publicity Secretary of the Nigerian Association of Small and Medium Scale Enterprises (NASME) (hereinafter referred to as our Client) and on whose instructions we hereby write and address this petition to your good office.
The Nigeria Association of Small and Medium Enterprises (NASME) is the umbrella body for all Micro, Small and Medium Enterprises (MSMEs) in Nigeria and as such plays a crucial role in advocating for the interests of small and medium scale enterprises in Nigeria. The present Governing Council of NASME was elected in 2021. 18b, Esomo Close, Off Toyin Street, Ikeja, Lagos.
Suite 37, God’s Own Plaza, Mitchika Street, Behind Lamonde Hotel, Area 11, Garki, Abuja.
It goes without saying that the Economic and Financial Crimes Commission is the principal body empowered by extant laws to prevent, investigate, prosecute and penalize economic and financial Crimes in Nigeria. It is on the basis of the foregoing that our client formally requests the Commission to investigate the alleged misappropriation of the sum of Forty Thousand Dollars ($40,000) by the President of NASME, Dr. Abdulrasid Yarima.
<It goes without saying that the Economic and Financial Crimes Commission is the principal body empowered by extant laws to prevent, investigate, prosecute and penalize economic and financial Crimes in Nigeria. It is on the basis of the foregoing that our client formally requests the Commission to investigate the alleged misappropriation of the sum of Forty Thousand Dollars ($40,000) by the President of NASME, Dr. Abdulrasid Yarima.
NASME ORIGINATING SUMMONS REVISED
We wish to state that it has come to our client’s attention, along with several concerned members of NASME, that there are serious allegations of financial misconduct involving the President of our esteemed organization. Specifically, allegations that the President has misappropriated the sum of Forty Thousand Dollars ($40,000), said amount being the sum donated by sponsors during our ECOWAS SME Summit conducted on the 30th of October, 2023, and was intended for the development and support of small and medium enterprises across the country as well as its West African delegates.
It is our clients position that these allegations, if proven, represent a severe breach of trust and fiduciary duty by the President, Dr. Abdulrasid Yarima and they undermine the objectives of NASME. The misappropriation of such a significant amount not only adversely impacts the financial standing of the organization but also hinders its ability to support and promote the growth of small and medium enterprises in Nigeria, which is crucial for the country’s economic development.
Our client kindly implores the Commission to utilize its expertise and resources to conduct a thorough and impartial investigation into these matters.
We wish to emphasize that it is imperative that the responsible individuals are held accountable and that appropriate legal actions are taken to restore and ensure the integrity of NASME.
We look forward to a timely and favourable response in this regard.”