Imo govt vows to recover missing N12.3b in state commission for oil producing areas | Ripples Nigeria
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Imo govt vows to recover missing N12.3b in state commission for oil producing areas

The Governor Hope Uzodinma-led government of Imo State has vowed to ensure that N12.3 billion not accounted for in the financial records of the Imo State Oil Producing Areas Development Commission (ISOPADEC) was recovered.

The government made the vow after a forensic audit report showed that N12.3 billion could not be accounted for in ISOPADEC.

The report further revealed that over N10 billion the commission claimed was used for projects could not be traced to any particular project in the state.

The Corporate Development and Assets Management Limited, which was set up by the state government released the interim forensic audit report.

The report urged the state government to take steps to recover the missing billions of Naira in the commission.

READ ALSO: N214BN LGA FUND: Beheading the hydra-headed monster in Imo

The report, which covered 2007 to May 2020 financial records of ISOPADEC showed:

that a total sum of N3.5 billion of unexplained expenditure or online transfers of ISOPADEC funds to sundry payees from inception in 2007 to January 2020.

that N647 million was spent between 2007 and May 2019, while the balance of almost N3 billion was spent between June 2019 and January 2020.

Giving more details, the report said that only 44 transactions under the subhead of Unexplained Expenditure and Online Transfers were carried out in 12 years (2007 to 2018). It added that 88 of such illegal transactions were executed in less than eight months (June 2019 to January 2020).

It said that N3.1 billion was spent by the commission in 2008; N1.7 billion in 2009; N1.4 billion in both 2012 and 2013; and N1 billion in 2017.

Noting that from 2007 to 2018 that less than a billion naira was spent, the report said that between June 2019 to January 2020 alone ISOPADEC spent N3.3 billion.

A breakdown of the unaccounted N12.272bn said comprised N9.611 billion from statutory allocation; miscellaneous inflows of N2.203 billion; N410.721 million deductions and N48.1 million gifts to staff.

In his reaction to the report on Sunday, the state Commissioner for Information and Strategy, Declan Emelumba, vowed that the current administration under Uzodinma would do everything lawful to recover the missing money and that all those behind the unexecuted contracts would be held accountable.

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