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NDDC Boss, Dan Abia In N24Billion Fraud

Dan AbiaChief Dan Abia, Managing Director of Niger-Delta Development Commission is in hot soup. He has been accused of a whopping N24billion fraud and serial financial crimes in the running of NDDC and he has been dragged to the Economic and Financial Crimes Commission (EFCC) by his accusers who said they have solid facts about his alleged financial crimes that could land him in prison faster than he can imagine.
Now, the accuser is a group led by Ngoye Iyalla. Ngoye Iyalla has accused the MD of taking a loan of N24billion from First Bank and NDDC has been servicing the loan with N24million monthly. He revealed that the MD took the loan without the approval of President Goodluck Jonathan contrary to Section 17 of the NDDC Act.
He revealed that the NDDC Board did not approve the loan and the loan has no documentation both at the bank and NDDC records.
Ngoye Iyalla also wonder why the MD should go for a high interest paying overdraft facility instead of a term loan that government and its agencies usually take. He equally revealed that there was no formal application for a loan with the NDDC seal and signed by the chairman and MD before the loan was taken from First Bank Account No. 2013065717, NGN 291.
That’s not all, Ngoye Iyalla equally revealed that Chief Dan Abia has been running an illegal domiciliary account which he used as collateral for the overdraft account. He lamented that the N24million paid monthly to service the loan is enough to provide solar water project or a road for a whole community in the Niger-Delta. To show his seriousness, Ngoye Iyalla has gone to the Federal High Court, Abuja in order to compel the EFCC to investigate the alleged fraud committed by Chief Dan Abia.