We did not divert finances to other businesses – Galaxy boss

…Says, natural disaster reason for non settlement of returns on investment

The management of Galaxy Transportation and Constructions Services Limited has said that natural disaster arising from flood at the mining site in Jere and earth tremors in Abuja was responsible for its failure to settle return of investment which accumulated for a period of five months.

The company’s communication officer, Abdulhamid Ibrahim said in a statement that the suspension of its quarry activities by the federal government was also a setback hence all ongoing work at the site was put on hold following the suspension of its activities.

Ibrahim who was responding to inquiries over allegations leveled against its chief executive officer, Babagana Abba Dalori, currently in the custody of the Economic and Financial Crimes Commission (EFCC) said that his continued detention has frustrated the effort of the company

Dalori has been accused of running a fraudulent business by some of his clients and partners after he failed to settle their return of investment for five months, from October 2018 to March 2019, which he attributed to natural disasters arising from flood and mining site.

While admitting that the company has other subsidiary businesses, the statement added that the subsidiary businesses were all established from the profits generated.

“Yes, we have registered Galaxy Farms, Galaxy Oil and Gas, G-Nature, Galaxy Blocks, Galaxy Shops and Galaxy Movies,’ it admitted in the statement.

“Even though the payments started from August, like I have repeatedly said, Babagana’s detention from March up to this point, has further compounded the situation and frustrated several of our efforts.

“When we acquired license from the ministry of solid minerals to mine sand at Jere, Kaduna state, we eventually had to acquire some of the adjoining lands and compensate the people who use it as farmlands.

“But we realized that the land was so big and that compensating the people was not enough, so we converted the remaining land to a maize and soya bean farm and employed the people to work for us.

” So it is from the proceeds of the farm that we started the fish pond, we used some of the maize and soya beans we harvest to produce the fish feed,” the statement said.

The statement further explained that the nonpayment of their clients from October to March has nothing to do with the setting up or running of other businesses.

“We also set up the Galaxy Security because we realized we are spending so much to get security men from other outfits to guard our equipment, sites and offices.

“So we get people who do not have jobs from the communities where we operate, to, by way of giving back, train them and recruit them as guardsmen.

“I have attached to this the receipts of the buses we had purchased from Innosons, and to say that we collect people’s money and refuse to buy the buses is the highest form of uncharitable misinformation”, it added.