Stanley Uzoaru, Owerri



The immediate past administration of Rochas Okorocha in Imo State, might have used nine commercial banks to defraud the state of a whooping sum of N112.8b. That is the finding of the committee investigating the finances of the administration’s eight years.

Although the committee headed by Abraham Nwankwo is yet to submit its report to the state government, our reporter was able to obtain some information on its findings from an insider.

It was gathered that the committee found out that the money owed by the banks were claims from various infractions, including unexplained debits and penalties arising from them, in their dealings with the Okorocha government.

According to the findings, some of the questionable debits from the state’s account were excess penal claim, excess COT charges, excess interest on authorised overdraft, excess interest collection on loans, wrong debit recovery, double reversals, inappropriate facility fees, excess advisory and processing fees, excess management fees collections on disbursement and net loss on investment of short term facility

It was gathered that the committee recommended that the banks are to refund to the state N74.6b as principal amount from alleged infractions and penalties; they are to pay another N38.b as principal sum and penalties.

Part of the N38.2b arose from various debits from the state accounts without proper narrations, the committee findings further revealed.

The committee is expected to submit its report to Governor Hope Uzodinma soon.

When contacted, Special Adviser on Media to Okorocha, Mr Sam Onwuemeodo, said he could not comment on what he described as rumour by detractors of the former governor.

Although the committee headed by Abraham Nwankwo is yet to submit its report to the state government, our reporter was able to obtain some information on its findings from an insider.