N12.3bn missing in Imo commission –Report

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The Imo State Government has vowed to recover N12.3bn said to be unaccounted for in the financial records of the Imo State Oil Producing Areas Development Commission, simply known as ISOPADEC.

The state Commissioner for Information and Strategy, Declan Emelumba, on Sunday, said the government would leave no stone unturned in its efforts to recover the money.

The interim forensic audit report was released by the Corporate Development and Assets Management Limited, which was inaugurated by the state government. A breakdown of some of the findings of the audit, which covered 2007 to May 2020, showed that out of a total sum of N3.5bn 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 N3bn was spent between June 2019 and January 2020.

In 2008, the commission spent N3.1bn; N1.7bn in 2009; N1.4bn in both 2012 and 2013; and N1bn in 2017.

 

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