Ex-Governor Rochas Okorocha of Imo State is in hot soup.

A panel set up to investigate the finances of Imo State Oil Producing Areas Development Commission (ISOPADEC) has said that over N6 billion that accrued to the commission during his years as ex-governor could not be accounted for.

Dr. Romanus Ezeogu, Chairman of the panel said;

“The panel findings on finance and Monterey Bay transactions in the commission showed that ex-governor Okorocha had administered the accounts of the commission as a slush fund as over N6 ,044,774,341.37 could not be accounted for.”

“The issue here begs for explanation on what happened to the original 40 per cent monthly derivation fund allocated to ISOPADEC.”

“Governor Okorocha should be held responsible for the missing funds. The law establishing ISOPADEC provides its funding from the 13 per cent derivation from federation account.”

“Okorocha took N422 million from the commission’s fund for the purchase pre-inauguration vehicles from Rise and Shine Motors and also diverted N200 million to purchase transformers during the 2019 campaigns.”

“Okorocha spent over N400 million at the abandoned Marine University at Osemoto in Oguta. N1 billion lodged in Ecobank, Obinze branch was withdrawn without bank details or description of any kind.”

“Dr Pascal Obi, former principal secretary to the ex-governor, received N35 million from the commission’s funds and he should be summoned to explain what he did with the money.”