How Okorocha Raped Commission; N6b Misappropriated – Panel

By Gideon Njoku

Where is a whopping sum of over Six Billion Naira, funds  of the Imo State Oil Producing Area Development Commission (ISOPADEC)?

How was it plundered during the administration of former Imo State Governor, Rochas Okorocha?

An Investigative Panel set up by the Imo State Government to find out why ISOPADEC is in such a sorry state discovered a pig’s sty. The Panel says it knows how, why, and by whom.

Headed by a retired state Permanent Secretary,  Dr Romanus Ezeogu, the panel says former Governor Okorocha misappropriated a whooping sum of N6,044,774,341.37, of funds belonging to the Commission.

But in a swift response, Okorocha said the IMSG is on a mission to mudsling him, and destroy his legacy.

However, the Panel insists that only one word – Wicked – is fit to describe the way Okorocha allegedly plundered ISOPADEC.

Said the report which was presented to Governor Ihedioha on Wednesday, by Ezeogu and other members of the panel, “The administration of Rochas Okorocha handled the funds of ISOPADEC within his eight years tenure from the pit of wickedness”

According to Ezeogu, Okorocha connived with some Managing Directors and citizens to brazenly misappropriate the Commission’s funds.

Not left out in the bazaar is Okorocha’s Principal Secretary, now, a member of the House of Representatives, Dr Paschal Obi. The Panel alleged, he received N35million from ISOPADEC’s funds just like that.

The Panel’s recommendation: Obi should be summoned to tell the public what he did with the money.

Explaining the rot his Panel discovered, Ezeogu said: “The Panel’s findings in finance and monetary bay transactions in the Commission, showed that ex-governor Okorocha had administered the accounts as a slush fund as over N6,044,774,341.77 could not be accounted for”.

Continuing,  he said,  “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 for the 13 per cent derivation from the Federation Account”.

The Panel also alleged that instead of using the funds for what they were meant for, Okorocha lavished them on frivolities. For example, it said the former Governor lavished the sum of N422million, from the fund,  to buy pre-inauguration vehicles from Rise and Shine Motors, and diverted another N200m to purchase transformers during the 2019 electioneering campaign.

On the N400m Okorocha claimed his government spent on the abandoned Maritime University, Oguta, the panel said it was a story for the Marines.

Another sum of One billion Naira, lodged at the Obinze branch of Ecobank, the Panel discovered, was withdrawn without any bank details.

One of the Panel’s key recommendations is,  a restructuring of the Commission to enable it achieve the reason it was set up – the development of oil producing areas in the State.

Receiving the report, Governor Ihedioha appreciated the Chairman and members for painstakingly carrying out their assignment.

He added, “Going forward, it is important 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 state that this is not a witch-hunt. I assure a sense of justice while implementing these recommendations, after the white paper must have been submitted”.