N6bn missing from Oil Producing Commission under Okorocha – Panel

A panel set up by Governor Emeka Ihedioha’s administration to look into the finances of Imo State Oil Producing Areas Development Commission (ISOPADEC) between 2011 and 2019 has revealed that former Governor of the state, Senator Rochas Okorocha, could not account for over N6 billion that accured to the commission from the Federation Account.

The investigative panel also said that the sum of N36 billion was advanced to the former Principal Secretary to former Governor Rochas Okorocha, Chief Pascal Obi, now a member representing Ideato North and Ideato South federal constituency at House of Representatives.

Presenting the report to Governor Emeka Ihedioha at Government House, Owerri, the Chairman of the panel, Chief Romanus Ezeogu, said Dr. Obi should explain what he did with the money advanced him.

He stated that a whooping sum of N422 million was hurriedly released to Rise and Shine Motors for the supply of pre-inauguration vehicles as well as N200 million released for the purchase of electric transformers during political campaign period.

The panel said it discovered that the failed Marine University at Ossomoto in Oguta LGA gulped over N402 million which was a mirage. 

The panel further said the sum of N1 billion was lodged in Eco Bank, Obinze branch and the same amount was withdrawn without bank details even as some past Managing directors of the Commission advanced themselves security votes which they are not entitled to earn.

“The Panel findings on finance and mometary transactions in the Commission are heart throbbing. The administration of Rochas Okorocha used the funds of ISOPADEC within his eight years tenure from the pit of wickedness”.

The panel also submitted that some Managing directors and citizens from the oil producing areas colluded with the immediate past governor, Rochas Okorocha, to misappropriate funds of the Commission with impunity.

“For verification of records of the commission that transcated business with the Commission, some of these contractors are not registered with the ISOPADEC yet contracts were awarded to them. No due process were observed as demanded by extant laws and regulations.”

According to the panel,” reccuritments were made with regard to the Board for approvals, graduate officers were placed on junior ranks, no reports and minutes of personnel management Board were submitted to the panel.”