How Imo, Benue diverted Bailout Funds- ICPC

How Imo, Benue diverted Bailout Funds- ICPC

News Update No Comments

In line with its resolve to monitor the ways bail -out funds were been used in different states across the Federation, the Independent Corrupt Practices Commission yesterday released its report which shows that funds were allegedly diverted in some states.

For instance, the report showed that, out of the N26, 806, 430, 000. 00 received by Imo state, the state government transferred N2billion into the government house’s account, N2 billion into the state project account, another N2billion into a micro finance bank and a management fee of N21, 017, 810. 00 paid into an unspecified account.

The report also alleged that in Benue State, the sum of N37, 760, 000. 00 was double paid to the office of the deputy governor and no explanation has been given to justify the payment.

According to the report sent to LEADERSHIP Weekend late yesterday by the ICPC, Benue state received N12, 503, 439, 787, 48 and disbursed N10, 852, 536, 702, 96; including the double payment of N37, 760, 000. 00 to the office of the deputy governor, without explanations.

Meanwhile, Sokoto state received N10, 093, 370, 000.00 and yet to use it as at October, 2015.

However, the report also showed that Zamfara state received N10, 020, 952, 964, 51 and claimed not to owe any state and used the salary bail-out fund for other projects.

It would recall that the ICPC boss, Ekpo Nta, had disclosed that the commission was investigating a state governor for alleged diversion of bailout funds meant for the payment of workers’ salaries.

He spoke when he hosted students of the National Institute for Policy and Strategic Studies, NIPSS in Abuja.

Nta said, “Last year, 27 states got bailout funds from the Central Bank of Nigeria, CBN. We decided to go into collaboration with the Nigerian Labour Congress, NLC, to monitor the movement of the funds from the Central Bank of Nigeria to the final destination.

“One state, where bailout funds were moved to three different accounts, is being investigated and we will soon publish the outcome of our investigations.”

He explained that the commission relied on petitions from members of the public to investigate allegations of corruption, because it did not have access to early financial intelligence, as by the law, only the Economic and Financial Crimes Commission, EFCC, had such access.

The ICPC boss, however, called for sharing of intelligence among all security agencies.

Leave a comment

All Right Reserved.
Designed by

Back to Top