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N6bn ISOPADEC Funds: Former Imo State Governor, Senator Rochas Okorocha Indicted


OWERRI, IMO STATE, NIGERIA - The former governor of Imo State, Senator Rochas Okorocha was today accused of diverting over N6bn that accrued to the Imo State Oil Producing Areas Development Commission when he ruled the state. 

Senator Rochas Okorocha was accused by a panel set up to investigate the finances of the Imo State Oil Producing Areas Development Commission while submitting its reports to the incumbent governor of the state, Emeka Ihedioha.

The panel headed by Romanus Ezeogu said: “The panel findings on finance and Monetary 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 an explanation on what happened to the original 40 percent 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 the federation account. 

'Okorcha took N422m from the commission’s treasury to purchase pre-inauguration vehicles from Rise and Shine Motors and also diverted N200 million to purchase transformers during the 2019 campaigns.

“We discovered that Dr Pascal Obi, former principal secretary to the ex-governor, who is now a member of the House of Representatives received N35m from the commission’s funds and we recommend that he be summoned to explain what he did with the money.

“We also recommend that the commission be restructured  to ensure sustainable development in oil producing areas of Imo State.”

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