Okorocha diverted N6bn ISOPADEC fund –Panel

A panel set up to investigate the finances of Imo State Oil Producing Areas  Development Commission (ISOPADEC) has said that over N6 billion that accrued to the commission during the years of ex-governor, Rochas Okorocha, could not be accounted for.

Chairman of the panel,  Dr. Romanus  Ezeogu,stated this, yesterday, during the submission of the report to Governor Emeka Ihedioha.

“The panel findings on finance and Monterey Bay transactions in the commission showed that ex-governor Okorocha had administered the accounts of the commission as a slush fund as over N6 ,044,774,341.37 could not be accounted for.

“The issue here begs for explanation on what happened to the original 40 per cent monthly derivation fund allocated to ISOPADEC. Governor Okorocha should be held responsible for the missing funds . The law establishing ISOPADEC provides its funding from the 13 per cent derivation from federation account,” Ezeogu said.

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The panel also alleged that Okorcha took N422 million from the commission’s fund for the purchase pre- inauguration vehicles from Rise and Shine Motors and also diverted N200 million to purchase  transformers during the 2019 campaigns.

The panel also faulted claims that Okorocha spent over N400 million at the abandoned  Marine University at Osemoto in Oguta.

The panel alleged it discovered N1 billion lodged in Ecobank, Obinze branch which was withdrawn without bank details or description of any kind.

Ezeogu also disclosed that Dr Pascal Obi, former principal secretary to the ex-governor, received N35 million from the commission’s funds and recommended that he be summoned to explain what he did with the money .

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The panel recommended the restructuring of the commission to ensure sustainable development in oil producing areas.

Governor Ihedioha appreciated the painstaking efforts of the panel and promised to look into the report with a view to passing a white paper.

“Going forward,  it is import we get through what happened in the past if we must reposition the commission for a more efficient delivery towards realising its mandate.

It is important to note that this is not a witch-hunt. I assure a sense of justice while implementing this recommendations after the white paper must have been submitted,” Ihedioha said.

In a swift reaction, Okorocha described the Ihedioha’s administration as most vindictive and deceitful, saying nothing good would come out of it.

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Okorocha who spoke through his Media Aide, Sam Onwuemeodo, said everything about Ihedioha’s administration was fraudulent, fake and deceitful.

“He has no programme for the people and that is why he is footdragging and chasing shadows because he lacks the capacity to govern a state like Imo. He should have gone back to the House of Representatives.

“For 12 years  of PDP government in lmo, ISOPADEC operated from a rented apartment but Okorocha built a magnificent edifice as ISOPADEC headquarters, stopped militancy  in  the  oil producing areas of ohaji, Egbema and Oguta and rehabilitated the militants, built hospitals and schools for them, empowered their youths,  gave them light, started the  marine university in Oguta. etc.”

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