The judicial commission of inquiry set up by Rivers State Governor, Nyesom Wike, to probe the sale of valued assets of the state and select projects under former Governor Chibuike Amaechi, yesterday commenced public sitting in Port Harcourt with a revelation that the last administration diverted about N3 billion Central Bank of Nigeria (CBN) agriculture loan to fund elections.

The Chairman of the commission, Justice George Omereji, at the inaugural sitting, said the commission would be fair to all and allayed fears that it was on a witch-hunt.

He also said the commission would stick to its terms of reference.

While interrogating officials of the ministries of agriculture, and commerce and industry based on the memos they submitted to the commission, the counsel to the commission, Dr. Zaccheus Adangor, said the N4billion CBN loan meant to help develop agriculture in the state was shared among 380 mother cooperatives.

The cooperatives had chairmen of the various local government councils as their presidents.

Adangor said Amaechi on January 25, 2015, approved that N3 billion of the CBN loans be converted to grants and disbursed based on a memorandum mounted to the governor by then Commissioner for Agriculture, Emma Chinda.

He disclosed that though 38 of the cooperatives did not have official documentation with the state ministry of commerce and industry, they benefitted from the loans which was converted to grants and disbursed without supervision.

According to him, the grants were disbursed to the local government council chairmen to prosecute the 2015 presidential election and not for the development of agriculture as stipulated by the CBN.

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http://monitor9ja.com/2015/08/commission-of-inquiry-amaechi-diverted-n3bn-agric-loan/

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