The panel set up to investigate the finances of the Imo State Oil Producing Areas Development Commission ISOPADEC has indicted former governor Rochas Okorocha of diverting over N6 billion that accrued to the commission during his administration.
This is contained in the report of the panel, submitted on Thursday to the Governor Emeka Ihedioha.
The panel, headed by Romanus Ezeogu, accused Okorocha of administering the accounts of the commission as a slush fund, as over N6,044,774,341.37 could not be accounted for.
Ezeogu said, “The panel findings on finance and Monterey Bay transactions in the commission showed that ex-governor Okorocha 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 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 its funding from the 13 per cent derivation from the Federation Account.”
Mr. Ezeogu further alleged that the former governor took N422m from the commission’s treasury to purchase pre-Inauguration vehicles and also allegedly diverted N200m to purchase transformers during the 2019 campaigns.
He said there was proof that Okorocha’s government spent over N400m on the abandoned Marine University at Osemoto in the Oguta Local Government Area of the state.
The panel also said it that discovered N1billion lodged in Ecobank, Obinze branch was withdrawn without bank details or description of any kind.
But Okorocha has denied any wrongdoing, dismissing the allegations.
Okrocha’s media aide, Sam Onwuemeodo accused governor Ihedioha of being only on a vendetta mission.
Mr. Onwuemeodo claimed that his boss enhanced the lives of the oil-producing communities in the state during his administration.
On top of it, Okorocha built a befitting secretariat for ISOPADEC, he added.
cpcnews.org 