ISOPADEC: Imo Govt. Vows To Recover Missing N12.3bn
The Imo State Government has vowed to recover N12.3bn said to be unaccounted for in the financial report of the Imo State Oil Producing Areas Development Commission (ISOPADEC).
This 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 was also complimented by records that shows that the commission did not execute projects worth N10bn.
The Corporate Development and Assets Management Limited originated by the state government released the audit report conducted on ISOPADEC, and at the same time, charge the government to take the necessary steps that will help recover the missing N12.3bn.
Analysis of some of the findings by the audit, which started from 2007 and elapsed to May, showed that the sum of N3.5bn of unexplained expenditure and online transfers of ISOPADEC funds to sundry payee from 2007 to January 2020, N647m was spent between the period of 2007 to 2009.
It was also revealed that 44 unidentified transactions were carried out in 12years, 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 N12.3bn, consisting N9.61bn from statutory allocations, miscellaneous N2.203bn, N410.72m for deduction fee and N48.1m used for gifts to staff.
Emelumba said those behind the unexecuted contracts would be held accountable.
