The Sukuk Sogepa scandal, a 2022 bond issuance under former President Macky Sall, has resurfaced amid fresh revelations, intensifying scrutiny over Senegal’s financial management.
According to a referral from the Court of Auditors to Justice Minister Ousmane Diagne, several transactions linked to the Sukuk remain unexplained, with 114 billion CFA francs missing from public coffers. A judicial investigation has been launched to examine these opaque financial practices.
The Court of Auditors’ report, covering 2019 to 2024, identified the Sukuk Sogepa as one of five major concerns.
The bond, valued at 330 billion CFA francs, was designed to monetise state-owned real estate by temporarily transferring ten public buildings to the Société de Gestion du Patrimoine Bâti (Sogepa).
The state would pay rent on these properties, ensuring investor repayment.
However, auditors found that only 133 billion CFA francs were deposited into the Treasury, leaving 114.4 billion unaccounted for. Evidence suggests these funds were diverted through parallel channels outside standard budgetary procedures.
The absence of supporting documentation has raised suspicions of misappropriation.
Further details reported by Libération indicate that the controversy predates the Sukuk. In 2016, an account labeled “Etat du Sénégal/CMD” at Bank of Africa (BOA) facilitated a 9.3 billion CFA franc loan to Envol Immobilier.
Another 14.8 billion CFA francs was used to acquire the Cheikh Seck building, home to the High Council of Territorial Communities. The investigation also flagged commissions of 5.6 billion CFA francs paid to intermediaries after the Sukuk issuance.
Analysts argue that the affair reflects broader weaknesses in Senegal’s financial oversight, exacerbated by an ongoing hidden debt crisis estimated at $7 billion.
Originally, the Sukuk was intended to attract Islamic financing while leveraging state land assets, but the unexplained balance now underscores vulnerabilities in public sector accountability.
With the government seeking to restore confidence among investors and citizens, the handling of the 114 billion CFA francs has become a litmus test for transparency.
Judicial hearings with banks, intermediaries, and public officials are expected to continue in the coming weeks, as authorities aim to clarify the fate of these contested funds and reinforce institutional credibility.
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