N12.3b missing in ISOPADEC account – Audit report

A forensic report of the Imo State Oil Producing Areas Commission (ISOPADEC) has discovered N12.3b missing in the interventionist agency.

The audit report carried out by Corporate Dev& Assets Mgt Ltd (CADAM-ANE) was commissioned by Governor Hope Uzodinma three months ago to review activities of the commission from 2007-May 31, 2020.

Out of the N12.3billion missing, the report also stated there was nothing to show for over N10 billion said to have been used for execution of projects.

The report, which also discovered a top ranking official was a single signatory to the 13% oil derivation joint account at the bank, described it as an aberration and recommended the State should take steps for the immediate recovery of the missing N12.272 billion.

The report also showed 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 N3.1billion; N1.7bn in 2009; N1.4 in 2012 and 2013 and N1billion in 2017. 2007 to 2018 were less than a billion naira expenditure.

But between June 2019 and January 2020, less than 8 months, the commission spent N3.3billion.

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