Governor Agbu Kefas of Taraba State has relieved Mr. Pierre Boukarim of his duties as Managing Director of the Taraba State Crushing and Asphalt Plant Company over the alleged diversion of N670 million.
Findings indicate that the missing funds were part of the company’s revenue remittances, allegedly diverted into a private account linked to the former MD.
Sources revealed that the company’s facilities had deteriorated significantly under Boukarim’s leadership, with little to show in terms of performance despite its revenue-generating potential as a commercial quarry. Insiders described the situation as “systemic financial mismanagement,” which reportedly plunged the company into financial distress.
The irregularities came to light after Governor Kefas raised concerns over the company’s poor output. He was said to be dissatisfied with the management style, noting that the facility was being run like a typical government parastatal instead of a profit-driven enterprise.
In a bid to revive operations, the state government entered into a Memorandum of Understanding (MoU) with an Abuja-based firm. Boukarim, a contractor based in Jalingo, was subsequently appointed Managing Director, with the government committing financial support.
Records show that the state released N41 million monthly between October and December 2025, including arrears, bringing total disbursements to about N246 million.
Despite reports of improved production during the period, revenue remittances allegedly failed to reflect expected earnings. Investigations suggest that payments meant for the company were redirected into a private account, bypassing official procedures.
A senior staff member disclosed that standard protocol requires all payments to go through the company’s accounts department before products are released. However, this process was allegedly ignored, creating what insiders described as a “parallel collection system.”
Further allegations indicate that Boukarim brought his son into the company’s operations without a defined role, with both reportedly influencing customers to pay into private accounts.
The Taraba State Government has since launched a full probe into the financial activities of the former management. Preliminary findings reportedly uncovered large-scale diversion of funds, with some proceeds allegedly converted into foreign currencies and transferred abroad.
Governor Kefas, described as displeased with the level of alleged misconduct, has ordered the immediate recovery of all funds traced to personal accounts and a complete overhaul of the company’s operations.
While efforts are ongoing to recover the diverted funds, officials say the status of about N270 million remains unclear. Attempts to reach Boukarim for comments were unsuccessful, as he reportedly cited health challenges.
