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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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Farmers/Herders clash: “pass anti-grazing bill”, SDP advises state government.



The Social Democratic Party (SDP) has advised State governments to pass the Anti-Grazing Bill into Law to tackle the constant farmers/herders conflicts across Nigeria.

The Party’s National Publicity Secretary, Mr Alfa Mohammed, gave the advice in a statement in Abuja on Tuesday.

Also he urged the state governors to set up Ministries of Internal Security and Conflict Resolution to deal with the activities of aliens in states.

In his words, “It is high time the [governors] start taking bold steps toward securing the lives of their citizens who are being kidnapped, raped, maimed or killed on a daily basis by marauding Fulani herdsmen who are mostly foreigners.

“The governors must remind themselves that the 1999 Constitution makes security and welfare of the people the primary purpose of their governments and confers upon them Chief security officers of their various states.

“This makes them accountable for security lapses suffered by their subjects in their various states.”

Also Read:Fulani Herdsmen Ultimatum: Sunday Ighoho responds to his arrest order by Presidency

Mohammed also added, “The Governors’ Forum should set up an investigative panel to investigate, among other things those who are responsible for the unrestrained influx of foreign bandits and herdsmen into Nigeria in the last 6 years.

“So that any ethnic leader who’s found to be aiding criminality among his people can be replaced and prosecuted.”

Mohammed also lauded state governments who have taken bold steps to establish their local security outfits and pass the Anti-Open Grazing Bill.

Recall that some states, for instance Oyo and Benue, have passed the Bill into law already.

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CBN lending rate still at 11.5%



The Governor of the Central Bank of Nigeria, Godwin Emefiele has disclosed that CBN will retain her Monetary Policy Rate at 11.5 per cent.

This was disclosed in Abuja, after a two-day meeting held by the Monetary Policy Committee on Tuesday.

It also retained the Cash Reserve Ratio – CRR and Liquidity Ratio – LR at 27.5 percent and 30 percent respectively.

These rates are the rates the Monetary Policy Committee (MPC) maintained at its last meeting in November, 2020

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Police Brutality Returns To Imo As Passer By Loses Life TO Officers At Njaba

Okigwe Bye-Election: Who Finally Carries The Trophy Morrow?

Okigwe Senate: Chikwem Onuoha Again assures Effective Representation, Consults With IMC, Councilors


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Buhari appoints new Service Chief – Femi Adesina



Following the clamour to replace the Service chiefs that had been appointed by the president since 2015, The President of the Federal Republic of Nigeria, Major General Muhammadu Buhari (retd.) has responded by accepting the resignation of the service chiefs.

Read Also: Buhari Approves Acting DG for NDE Against Senate’s Position

This was disclosed in a statement titled, ‘President Buhari appoints new service chiefs, read by the Special adviser to the President on Media and Publicity, Femi Adesina.

It read, “President Muhammadu Buhari has accepted the immediate resignation of the Service Chiefs, and their retirement from service“.

Those involved are:

  1. Chief of Defence  –  Staff, General Abayomi Olonisakin
  2. Chief of Army Staff – Lt-Gen. Tukur Buratai
  3. Chief of Naval Staff – Vice Admiral Ibok Ekwe Ibas
  4. Chief of Air Staff, Air Marshal Sadique Abubakar.

Read Also:  Stop Buhari from selling national assets, National Assembly urged

The new Service chiefs are:

  1. Major-General Leo Irabor –  Chief of Defence Staff
  2. Major-General I. Attahiru – Chief of Army Staff
  3. Rear Admiral A.Z Gambo – Chief of Naval Staff
  4. Air-Vice Marshal I.O Amao –  Chief of Air Staff.

“President Buhari thanks the outgoing Service Chiefs for what he calls their ‘overwhelming achievements in our efforts at bringing enduring peace to our dear country,’ wishing them well in their future endeavours

“The President congratulates the new Service Chiefs, and urges them to be loyal and dedicated in the discharge of their responsibilities.”

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