ISOPADEC funds audit: Okorocha’s administration cleared

ISOPADEC funds audit: Okorocha’s administration cleared

- Rochas Okorocha's administration has been cleared over ISOPADEC funds

- This was after a forensic audit by Corporate Dev. & Assets Management Ltd

- The forensic audit covered financial transactions in the Commission from 2007 to 2020

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Former governor Rochas Okorocha’s administration has been cleared of any wrongdoing in the management of funds belonging to the Imo State Oil Producing Areas Development Commission (ISOPADEC).

The administration was cleared following the final reports of an independent forensic auditing firm, Corporate Dev. & Assets Management Ltd (CADAM-ANE).

According to The Nation, the forensic audit report showed that the overall expenditure profile of ISOPADEC within the period under review witnessed an unprecedented high between June 2019 and January 2020, within Ihedioha’s tenure, after Okorocha had left office.

Okorocha’s administration cleared over ISOPADEC funds audit
Okorocha's administration has been cleared over ISOPADEC funds
Source: Facebook

Meanwhile, had reported that Emeka Ihedioha and Okorocha have been indicted for allegedly misappropriating of N214 billion of local government funds.

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The probe panel was set up by the Imo state government led by Governor Hope Uzodinma, to investigate the finances of local government councils.

Meanwhile, reported Oluwatosin Ojaomo, one of the legal representatives of Magu has faulted the way trial of the suspended EFCC boss is being handled, wondering why it would be conducted behind the cameras.

Ojaomo expressed his objection on Tuesday, July 28, as the seven-man presidential panel constituted to probe Magu proceed with its investigation.

On Wednesday, July 22, the suspended EFCC boss opened defence against the Malami allegations as he teamed up with his lawyers to fight what he termed as injustice against him.

Ojaomo said the panel’s proceedings should be open to media coverage in order to maintain fairness.

In a related development, Magu has denied media reports that the commission under him misappropriated the sum of N329 billion recovered for the Nigerian National Petroleum Corporation (NNPC).

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The suspended acting chairman of the EFCC consequently labeled the reports as misleading and fallacious.

He disclosed this in a statement by his lawyer, Wahab Shittu, Magu said over N329 billion recovered by EFCC under him was remitted directly into the NNPC dedicated accounts via Remitta under special arraignment endorsed by the Corporation, the anti-graft agency and the affected indebted marketers.

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