Imo Govt Vows To Recover N12.3bn Missing From ISOPADEC’s Financial Records

by on August 3, 2020

Imo State Government has recently sworn to recover the N12.3bn said to be missing from the financial records of the Imo State Oil Producing Areas Development Commission (ISOPADEC).

This confirmation was made known by the State Commissioner for Information and Strategy, Declan Emelumba, on Sunday, stating that the government would not for once relent in efforts to recover the missing funds.

A forensic audit report conducted, explained that ISOPADEC could not account for N12.3bn, which also was complimented by records that shows that the commission didn’t execute a project worthing N10bn.

The Corporate Development and Assets Management Limited originated by the State Government released the audit report conducted in ISOPADEC, and at the same time, charged the government to take the necessary steps that will help recover the missing N12.272bn.

Analysis of some of the findings by the audit, which started from 2007 and elapsed to May, revealed that the sum of N3.5bn uncategorized fee was used by ISOPADEC to sundry payees from 2007 to January 2020, N647m was spent between the period of 2007 and 2019.

It was also revealed that 44 unidentified transactions were carried out in 12 years, and a total of 88 unlawful deal carried out in less than eight months, from June 2019 to January 2020.

The report issued a breakdown of the missing N12.272bn, consisting of N9.611bn from statutory allocation, miscellaneous N2.203bn, N410.721m for deduction fee and N48.1m used for gifts to staff.

Emelumba further stressed that the individuals responsible for yet to be executed contract, will be held accountable.

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