NASME boss faces trial for alleged $40,000 embezzlement

Abdulrasid Yarima, the national chairman of the Nigerian Association of Small and Medium Enterprises (NASME), is facing legal charges as members of the association's board petitioned the Economic and Financial Crimes Commission over the misappropriation of $40,000 belonging to the association, allegedly converted by Yarima.

At the Federal High Court sitting in Abuja, the board members also charged the directors of the association in suit No. FHC/ABJ/CV/2024.

The trial is led by Mike Alade, board member and national advertising secretary of the association bringing together all the country's micro, small and medium-sized businesses.

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On behalf of Alade and members of the council, in a petition signed and issued by Miss Faidat Balogun of Adedunmade Onibokun & Co to the EFCC on May 15, 2024, implored the anti-graft agency to investigate the misappropriation alleged funds from Yarima.

A copy of the petition seen by our correspondent lists Alade's concerns, including “the misappropriation of funds initially intended for various development projects and support initiatives, which were allegedly diverted for personal purposes by the president of the association.” .

He added that there was a clear lack of transparency and accountability in the financial transactions related to these funds, raising significant concerns among NASME members and relevant stakeholders as well as deliberate efforts to withhold or manipulate financial records to conceal the misappropriation of these funds.

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The attorney, on behalf of his client in the petition, noted that “We wish to state that it has come to the attention of our client, as well as several concerned members of NASME, that there are serious allegations of financial misconduct involving the President of our esteemed organization.

“Specifically, the allegations that the President embezzled the sum of $40,000, the said sum being the sum donated by the sponsors during our ECOWAS SME Summit organized on October 30, 2023, and was intended for development and supporting small and medium-sized businesses across the country as well as its West African delegates. »

“Deliberate efforts were made to withhold or manipulate financial records in order to conceal the misappropriation of these funds. Our clients’ position is that these allegations, if proven, represent a serious breach of trust and fiduciary duty by the Chairman, Dr. Abdulrasid Yarima, and undermine the objectives of NASME.

“The misappropriation of such a large sum not only has a negative impact on the financial position of the organization, but also hampers its ability to support and promote the growth of small and medium enterprises in Nigeria, which is crucial for the economic development of the country,” the petition states. .

He further said that the misappropriation of such a huge amount not only negatively impacts the financial position of the organisation but also hampers its ability to support and promote the growth of small and medium enterprises in Nigeria, which is crucial to the economic development of the country.

“Our client implores the Commission to use its expertise and resources to conduct a thorough and impartial investigation into these matters.

“We wish to emphasize that it is imperative that those responsible be held accountable and that appropriate legal action be taken to restore and ensure the integrity of NASME,” a copy of the complaint adds.

Meanwhile, efforts to speak to Yarima proved futile as he could not answer calls or messages sent to his phone for response, at the time of writing.