Ongoing probe of the administration of former Rivers State Governor, Rotimi Amaechi by the State Judicial Commission of Inquiry has revealed how the sum of N53.930 billion was withdrawn out of the total N55 billion saved in the state reserved fund, originally meant to serve as a bail-out for the state in the case of emergency.

A Third Witness in the matter and representative of the First Bank of Nigeria, FBN Limited, which happens to be the trustees of the funds, Mr. Olufemi Okin, yesterday in Port Harcourt, gave evidence regarding the FBN Trustees relationship to the reserved funds.

Testifying before the Justice Omereji G.O. Omereji-led Judicial Commission of Inquiry at the Chief Justice Ceremonial Court, Rivers State High Court, Port Harcourt, the FBN Trustees’ representative stated that his organisation was appointed by the state government, under the former governor Chibuike Rotimi Amaechi administration to oversee the management of the funds, besides coordinating other activities of the professional parties appointed on the funds.

He listed those regarded as professional parties to include Skye Financial Services, as custodian of the Rivers State Reserved Funds, keeping custody of the assets of the funds, Stambic IBTC Assets Management Limited, acting as funds manager in charge of investment activities.

Also, the witness listed Assets and Resource Management Limited, as another funds manager.

On the benefits which accrued from investment of the funds from its inception till 6 July, 2015, the FBN Trustees’ representative said that the reserve rose from the initial total contribution of N38.5billion to N55 billion.

Concerning withdrawals said to have been made by the former governor, Olufemi, who works as a trust officer in the organisation, acknowledged the withdrawals and put the cumulative withdrawal from the funds from February 2014 to January 2015 at N53,930.000.000, explaining: “What is currently left in the Rivers State Reserved Funds is roughly about N1.24 billion.’’

Not satisfied with the word ‘roughly’, counsel to the Commission, Dr. Zacchaeus Adango, demanded to know the accurate figure to which the witness responded: “The reserved funds is continuing because the interest continues to rise. The counsel, who cross-examined the witness, also sought to know if the witness was aware that the funds could only be accessed in situation of emergency, the witness responded that it was the situation before the reserved fund amendment law was made.

The witness told the Commission about four different resolutions of the State Assembly, which culminated in the withdrawals made.

According to him, the first resolution was made in 13 February, 2014, followed by the second and third resolutions which took place on 25 February, 2014 and 20 October, 2014 while the fourth and last resolution was made on18 May, 2015 prior to the handover of the former governor.

Based on the resolutions passed, the witness stated that Amaechi withdrew N30 billion, N19 billion, and N5 billion, apart from the fourth request of N1billion, which he recollected though was granted, but could not be withdrawn by the governor based on the protest by the funds trustees

via the e-mail that, no list of expenditure was attached, to know what the projects would be executed for.

He said the e-mail was copied to the then state commissioner for finance, Chamberlain Peterside and the chairman, Rivers State Investment Committee, Abinye Amachree, whom he noted replied to the organization in writing.

At this point, the Commission demanded the submission of the e-mail message that indicated a protest by the trustees as to why it would not disburse the N1 billion requested by Amaechi.

The FBN representative later agreed to send the copy of the protest e-mail vial the commission e-mail by Wednesday to authenticate the claims made by the trustees.

The counsel to the Commission had earlier alleged that no items were attached to the expenditure as to justify the actual projects funds collected would be used for. In reaction to this, the witness stated that, part of the reasons given by government included the need to be able to complete ongoing projects then.

But the witness caused a stir in the court room where the Commission sat, when he stated that, part of the money requested by the governor was to enable the former governor address the security issue in the office of the Secretary to the State Government, SSG, with N4 billion, apart from N2billion said to have gone into the settlement of scholarship and pending arrears.

Others included payment of N488 million to contractors in January, 2014, another N488 million in February 2014, while N24 million was said to have been paid to the state environmental sanitation authority and another N1 billion for the dualisation of the Airport /Elele road, among others.

When asked if familiar with the overriding objective of the reserved funds, Olufemi, who serves as analyst and trust officer under the FBN trustees, explained that, “it is to accrue funds in the reserved account opened by the custodians on behalf of the state for the purposes stated in state reserved funds law.’’

(via Scan News)

http://www.thetrentonline.com/amaechi-stole-n53-930bn-from-reserve-fund-rivers-probe-commission/

Hmmmmmm

Amaechi Mata go kill some ppl. If he stole such amount, how much do u think patient Jonathan stole not to talk of THE CHAIRMAN

What!

HenryThegreat1:
Amaechi Mata go kill some ppl. If he stole such amount, how much do u think patient Jonathan stole not to talk of THE CHAIRMAN

Our focus is on Amaechi

Gone too soon!

The problem I have with these APC e-rodents is the way they deviate from issues that concerns their very own
And they are quick to judge the other party
Double Standards

Amaechi is a confirmed thief .


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.

Oshiomole will not see that one.

I bet with all these allegations Amechi will still make ministerial list, APC dare not rist not compensating this man Or else this will be the beginning of an end to their party.

While the APC paid LIARS association are busy earning their daily bread in the tribunals, the PDP and Wike are busy burying the APC in the minds of the people of rivers state. Good luck participating in a reelection, which everybody wants to see you fail.

Amaechi is a grand bandito. The loot is why he is fighting so hard to install the stooge Peterback to cover his offences. Meanwhile, Buhari and EFCC continues to look away.

I am all for Buahari and you can see that in all my previous political posts. i believe in Buhari 100%.

But Ameachi really withdrew all those money, and obviously, there is nothing tangible to show for it, then Rivers States needs to do all that is within it's power to get the money back. This is not witch hunting. That amount is colossal. I find it difficult that employees of Financial institutions will never fabricating lies against an ex governor.

@demdem


I understand you a staunch Buhari/Apc supporter. The fact that the fund could havbe been Ameachi's brainchild (if it indeed is) does not give him the right to loot it like there is no tomorrow. Or is the money inside the fund also the brainchild of his pocket or sweat? Anybody can organize a Fund or special account; na the money inside be the koko; and that money is the collective heritage of the whole of Rivers state citizenry.

If Ameachi actually looted that much funds, let's call a spade a spade. he is wicked and deserves to be in jail. I'm sure Buhari never needed that much money for anything, so he can't claim he was looting it because of Buhari. I'm sure a lot of APC chieftains will be shocked with this news if it's true, and somehow it IA looking like truth.

[quote author=Demdem post=37879346][/quote]


I am all for Buahari and you can see that in all my previous political posts. i believe in Buhari 100%.

But Ameachi really withdrew all those money, and obviously, there is nothing tangible to show for it, then Rivers States needs to do all that is within it's power to get the money back. This is not witch hunting. That amount is colossal. I find it difficult that employees of Financial institutions will never fabricating lies against an ex governor.

@demdem


I understand you a staunch Buhari/Apc supporter. The fact that the fund could havbe been Ameachi's brainchild (if it indeed is) does not give him the right to loot it like there is no tomorrow. Or is the money inside the fund also the brainchild of his pocket or sweat? Anybody can organize a Fund or special account; na the money inside be the koko; and that money is the collective heritage of the whole of Rivers state citizenry.

If Ameachi actually looted that much funds, let's call a spade a spade. he is wicked and deserves to be in jail. I'm sure Buhari never needed that much money for anything, so he can't claim he was looting it because of Buhari. I'm sure a lot of APC chieftains will be shocked with this news if it's true, and somehow it IA looking like truth.

Hmmmmmmm.......may God help this country.




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I've not seen this story carried by credible news media or medium. So it is after all one of those baseless propagandas

double0seven:
I am all for Buahari and you can see that in all my previous political posts. i believe in Buhari 100%.

But Ameachi really withdrew all those money, and obviously, there is nothing tangible to show for it, then Rivers States needs to do all that is within it's power to get the money back. This is not witch hunting. That amount is colossal. I find it difficult that employees of Financial institutions will never fabricating lies against an ex governor.

@demdem


I understand you a staunch Buhari/Apc supporter. The fact that the fund could havbe been Ameachi's brainchild (if it indeed is) does not give him the right to loot it like there is no tomorrow. Or is the money inside the fund also the brainchild of his pocket or sweat? Anybody can organize a Fund or special account; na the money inside be the koko; and that money is the collective heritage of the whole of Rivers state citizenry.

If Ameachi actually looted that much funds, let's call a spade a spade. he is wicked and deserves to be in jail. I'm sure Buhari never needed that much money for anything, so he can't claim he was looting it because of Buhari. I'm sure a lot of APC chieftains will be shocked with this news if it's true, and somehow it IA looking like truth.

[b]Guy, u need to understand the dynamics of what is going on in PH and the end game of these biased panel. I have repeatedly asked that Amaechi be probed and if found wanting should face the music but believe u me, this issue will not in any way make him see that jail.
First and foremost, Amaechi didnt singlehandedly withdrew the money. Him with the approval of the HOA which the bank itself recognizes withdrew the money. There was a need due to the sharp shortfall in income due to oil price fall as against what the budget proposed. Income was dwindling but recurrent expenditure and capital expenditure was rising. Instead of borrowing, the entire state apparatus thought it wise to go into their savings and use. Please what exactly is wrong with that?

I disagree with u when u said nothing tangible to show for it. Are u in the state? If tangible part of the sum was used to pay salaries, what are u expecting to see physically. Withdrawal started early 2014, was he owning salaries then. Besides, he remain the best Governor of Rivers in recent past in terms of infrastructural development, a feat which even his greatest enemy will still attest to. Will a man who has nothing to show for it have such crown on his head? Dont let wike and his thugs deceive u with their propaganda and eediocy. Amaechi isnt a saint but in terms of serving his people, he was top notch.

Again, i never said he didnt withdraw, it was in his power to withdraw and he did and approved by the HOA and he used the funds to administer the state. It was never a secret that he was withdrawing. Infact, it was debated on the floor of the house so i wonder why u are painting such picture. Nowhere in the opening article was it stated that he stole. Is like u asking that each governor should give account of each kobo they spend. records are there in various ministries for those interested, they should check the record.[/b]

without a doubt, the panel is unashamedly bised. was reffering to testimonies by bank officials. Anyway, since they will want to keep on being on charge of the State accounts, guess their testimony could be skewed to be in disfavor of Amaechi.

But they are basically reporting is facts. But then like you said, the idictement will on the infrastructural worth of what that money was used to achieve .

Demdem... stop defending a thief!!!

This amechi of a man is a born criminal..

People who known me will tell you that I don't like money - Amechi

Funny criminal thou

Demdem:


So far, what has been revealed by the bank officials is moneys were withdrawn from reserves. But this was never a secret, it was well publicised. It's left for officials to now check their records to determine what and what those monies were used for. Bank officials can never know that and govt officials have refused to do that instead they choose to play on people's emotions that so so billions of naira was withdrawn by Amaechi. He was a Governor and had every right to do so.

but seriously, if the amount quoted was actually withdrawn, infrastructure or no infrastructure, it too too damn too much;over 53 billion withdrawal from a state's reserve within just a year Se na hin Government must do all the infrastructure Rivers state will use for the next 20 years? if that figure is correct, without a doubt, a lot of embezzlement has tAken place.

it's valleys reserve account for a reason; it's meant to be an economic financial backbone , a safety haven for the state.

Demdem:
Goon, start putting ur brain to work.

Demdem u cant vouch dat any politician hasnt stolen a dime....