Governor Kefas Sacks MD, Asphalt Plant Management Over Missing Funds

Governor Agbu Kefas of Taraba State has relieved Mr Pierre Boukarim of his appointment as the managing director, Taraba State Crushing and Asphalt Plant Company over missing N670 million.

The misappropriated fund, according to findings, was part of the company’s revenue remittances, which was allegedly diverted into a private account.

LEADERSHIP gathered that facilities at the company were deteriorating, with little or no result to show by the Boukarim- led management team within the period under review.

Findings also indicated that the crisis, which has thrown the company into financial distress, stemmed from what insiders described as “systemic financial mismanagement” under the immediate past management.

The irregularities allegedly  came to light when Governor Kefas raised concerns over the company’s poor performance, despite its revenue-generating potential as a commercial quarry.

The governor was said to have been, particularly dissatisfied with the manner the facility was being run “like a typical government parastatal,” rather than a profit-oriented enterprise, which influenced his decision to explore private-sector partnership to revive operations.

An Abuja-based firm (name withheld) was subsequently engaged under a Memorandum of Understanding (MoU) to reposition the company, with the state government committing to providing working capital.

As part of the arrangement, Boukarim, a Jalingo-based contractor then, was appointed managing director, while the state reportedly released the sum of N41 million monthly between October and December 2025, including three months’ arrears, bringing a total disbursements to about N246 million.

However, documents obtained as well as insider accounts suggest that while production at the quarry improved during the period, revenue remittances did not follow expected patterns.

Sources alleged that, contrary to standard procedure requiring customers to pay into the company’s account before product release, payments were instead redirected into a personal account linked to the sacked MD.

“This was completely outside the company’s operational framework. Payments are supposed to go through the accounts department, with proper documentation before supply,” a senior staff member, who pleaded for anonymity, said.

Mr. Boukarim was said to have allegedly engaged his son into the company operations without a defined role or duties, “with both reportedly playing key roles in directing customers to make payments into private accounts.”

The situation did not only affect the company’s operation negatively, it neglected and sidelined official revenue channels, and created what an impeccable source described as a “parallel collection system” for the company.

The state government, however launched a probe of the financial transactions of Mr. Boukarim led management team, and during the period under review, according to sources, preliminary findings pointed to large-scale diversion of funds from sales of quarry products, with some proceeds allegedly converted into foreign currencies and transferred abroad.

Governor Kefas, who directed a thorough probe of the former management team and the total overhaul of the company, was dismayed by the level of financial recklessness and abuse of office.

“Following a detailed briefing on the findings, the governor ordered Boukarim’s immediate removal and directed the recovery of all funds traced to personal accounts.”

While the exact amount recovered remains unclear, officials could not confirm the status of about N270 million reportedly unaccounted for, as efforts to get the response from the former Managing Director stalled, citing health challenge.