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The Panel Set up by the present Governor of Imo State, Emeka Ihedioha, to investigates activities of the Imo State Oil Producing Areas Development Commission (ISOPADEC), from May 2011 to May 2019 has indicted the former Governor of Imo state, Rochas Olorocha, for misappropriating over N6b funds allocated to the state interventionist agency.
The Panel disclosed this while presenting its report to Governor of the state, Emeka Ihedioha.
The Panel Chairman, Romanus Ezeogu while presenting the report, said, “It is painful to note that citizens and some Managing Directors colluded with Okorocha to misappropriate ISOPADEC’s funds with impunity.
“Okorocha’s administration handled the funds during his eight years tenure with recklessness. The shortfall in revenue that accrued from the Federation Account uncounted for stood at N6, 044, 774, 341. 37.”
The panel also alleged that Okorocha arbitrarily released part of ISOPADEC funds to purchase vehicles and transformers for campaigns and diverted over N311b that accrued to the commission from bailout fund, Paris Club refund, local governments joint labour salary/pension, and Secondary Education Management Board Account, among others.
It said in spite of the huge funds that accrued to the commission, “its wage bill stood at N93.6m as at May 2019.
“The issue here begs for explanation on what happened to the original 40 per cent monthly derivation fund allocated to ISOPADEC and Okorocha should be held responsible for the missing funds.”
The committee also indicted Chike Okafor and Paschal Obi, who represent Okigwe South and Ideato South at the House of Representatives for their involvement in the misappropriation of ISOPADEC funds.
Before they were elected into the House of Representatives, they were Commissioner for Finance and Principal Secretary to the governor respectively.
Ezeogu said, “At various times, Okafor hijacked the financial autonomy of the commission as Finance Commissioner. Besides, Obi, should explain what he did with the N35m advanced to him as seen in the vouchers submitted to the panel.”
Speaking, Ihedioha appreciated the panel for its effort and promised to look into the report with a view to passing a white paper on it, just as he restated his administration’s commitment to due process, accountability and transparency.
But in a swift response to the development, Okorocha dismissed the allegations, saying they did not make any sense to him.
