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Alleged Missing N12.2B ISOPADEC Fund:

 Audit Report Indicts Ohakim, Okorocha, Ihedioha

… Uzodinma Vows TO Recover Loot

The least is yet to be heard in Imo following forensic report which revealed that N12.3 Billion belonging to ISOPADEC was embezzled between 2007-2019.

In a release signed by Information Commissioner, Declan Emelumba, and made available to Lead, the said money, as contained in the report, got missing from 2007 to January 2019.

A forensic audit report has revealed that  N12.3B cannot be accounted for in the financial records of the Imo State Oil Producing Areas Development Commission (ISOPADEC) just as it shows there are no projects to show for over N10B said to have been used for the execution of projects.

The  interim forensic audit report which our correspondent obtained, was carried out by Corporate Dev.& Assets Mgt Ltd (CADAM-ANE), and was commissioned by the Imo state government.

The report also recommended that the state government should take steps for the immediate recovery of the missing N12.272B.

Imo state commissioner for information and Strategy, Declan Emelumba,  confirmed that the government will leave no stone unturned in its efforts to recover the money. He also said all those behind the unexecuted contracts will be held accountable.

A breakdown of some of the findings of the audit report which covers the period 2007 to May 2020, shows that out of a total sum of N3.5 B of unexplained expenditure or online transfers of ISOPADEC funds to sundry PAYEES from inception in 2007   to January 2020, N647M was spent between 2007 and may 2019, while the balance of almost N3B was spent between June 2019 and January 2020

Further shocking details are that while only 44  transactions under the subhead of unexplained expenditure and online transfers were carried out in 12 years (2007 to 2018) 88  of such illegal transactions were carried out in less than 8 months ( June 2019 to January 2020).

The report also showed that the overall expenditure profile of ISOPADEC within the period under review witnessed an unprecedented high in seven months than in any single year in 12 years. In 2008  the commission spent N3.1B, N1.7 in 2009, N1.4 in both 2012 and 2013, and N1B in 2017. The rest years from 2007 to 2018 were less than a billion Naira. But between June 2019 to January 2020 alone, less than 8 months, the commission spent N3.3B.

The report also showed that: huge sums of money paid to contractors without following due process in direct violation of extant laws, huge serial online transfers were also made to either unknown or unidentified recipients.

It further shows that payments to contractors were made without any guaranteed APG or certificates earned and that there was no project history, tender records, or evidence of approvals from the board as well as lack of adherence to existing protocols on the award of contract above N1M.

The report gave a breakdown of the unaccounted N12.272B as comprising of N9.611B from the statutory allocation, Miscellaneous inflows of N2.203B, N410.721M deductions and N48.1 M gifts to staff.

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