Lucky Igbinedion
The Edo State Government has begun moves to recover the sum of $31 million allegedly fraudulently taken from the government’s coffers during the administration of Lucky Igbinedion as Governor.
This was part of the decision reached at the end of the State Executive Council meeting held in the state on Wednesday
Briefing the press at the end of the meeting, the state Commissioner for Information, Louis Odion, said: “There is the issue of a fraud that was discovered while turning our books. We found that the sum of $31 million was fraudulently taken from state coffers under the administration of Chief Lucky Ogbinedion. The Comrade Governor has directed the Attorney-General to commence legal action in that direction.
“So in the coming days, the state government will take legal action to ensure that what was stolen from Edo State Government is recovered. When you convert $31 million to naira, it fetches you a whooping N7 billion. You can imagine what N7 billion will do in improving the human condition in Edo State.”
Odion, who praised some landlords and companies in the state on the level of their compliance with the land use charge, said: “Comrade Oshiomhole has asked me to convey his appreciation and gratitude to the good people of Edo State as well as members of the private sector for their voluntary compliance with the Land Use Charge.
“He has asked me to single out Coca-Cola Bottling Company for voluntary compliance. I think we need to put this in context. Our challenge as a government is mounting. Every day, our citizens want government to intervene, they want schools to be built, they want roads reconstructed but the truth is that our revenue is dwindling and without deepening the tax base, we won’t be able to deliver.
“So when we find corporate body and citizens who voluntarily comply by paying their taxes, we view them as partners in progress.
“We have also been directed to put on notice the CEOs of some companies, notably Banks who have refused to remit what is due to the government. I am speaking specifically with regards to some banks that have failed to remit withholding tax to the state government.”
Throwing light on the $31 million fraud, the Commissioner for Commerce and Industry, Hon. Abdul Oroh, said: “The $31 million, which was stolen from the people of Edo State for the transaction, which was designed clearly for criminal purposes. This project was called Avrant Cement Company situated at Ekpe, near Ikpeshi in Akoko Edo Local Government.
“The company was supposed to produce cement to take advantage of the large scale deposit of limestone in that part of the state. The company was registered as Abat Cement Company Limited and this company had three shareholders. The Abat Cement Company had 75 per cent shares, Edo State Government had 15 per cent shares and 10 per cent shares were reserved for ‘other Nigerians’.
“Although Edo State Government was given only 15 per cent share, 100 per cent of the revenue invested in the company, $31 million, was taken from the account of Edo State Government. This money was withdrawn from the account of Edo State Government under Afribank. As the money was withdrawn, construction of the company started and all the major structures were in place, 90 per cent completed, machines were installed but there was no other contribution from any other source for the construction and procurement of these equipments. So everything invested in that company came from Edo State Government.
“It is on record, according to the shareholders agreement, those who claim to be first share holders, Abat Holdings were given 75 million shares representing 75 per cent, the second share holders were given 10 per cent and the third share holder, the Edo State Government, was given 15 million shares representing 15 per cent. The agreement was signed by Fashunu and Governor Igbinedion, who signed on behalf of the shareholders.
“The fruit juice processing company in Ehor was established in 2001 by the Lucky Igbinedion’s administration. The cost of establishing that company was N368,458,195 (Three hundred and Sixty Eight million, four hundred and fifty eight thousand, one hundred and Ninety Five naira) was invested in this company by the Edo State Government. The company was owned 100 per cent by the Edo State Government. The materials for the company were imported from England from a company at a sum of £310,000.
“The company was now sold, including the land and the three hectares pineapple farm, which was also developed by the Ministry of Agriculture for N283.8 million. The company was completed and there was a test run. There was no reason to privatise it and it was sold out at a give-away price, which only could have been influenced by criminal intentions.
“There is also the one at Ikpeshi, the Solid Mineral Processing Industry. This company which was also owned 100 per cent by Edo State Government was established in 2003 at the sum of N85 million. This company was sold to a company called Copex Solid Mineral Processing Company owned by Chief Mike Ogiadomhe, the then Deputy Governor, for N56 million.
“There were other criminal transactions. If you look at the fertilizer company in Auchi, most of the equipment installed at the point of commissioning were all fraudulent because they were outdated and not useful and fertilizers were procured from somewhere and released as being products of the company.
“At Okpella Cement Company, they manipulated the transactions to the detriment of the people of Edo State and to the adversity of the state economy. When the Comrade Governor came in, in 2009, the Governor had to re negotiate the whole process of the Okpella Cement. As we speak, the company that is running the Cement Company now has invested about $500 million and very soon, they will be producing cement in the new plant and in the old plant that has been re activated.”
On his part, the Chairman of the Edo Internal Revenue Service, Chief Oseni Elamah, said: “We have some organisations who have decided to play the role of not being responsible corporate citizens notable among these are those that have held back withholding taxes, specifically the banks, withholding taxes on interest due on fixed accounts of individuals that reside in Edo State.
“The sad aspect is that we have to go through the route of going through detailed tax audit to be able to discover their non-compliance and having established what they are owing, we made demands on them, but some of them have gone to the extent of even refusing to pay and resorting to all kinds of litigations against the state.
“I need to point out that there are two aspects to this issue of non-compliance. First is that it is a criminal offence for you not to remit taxes to states. It amounts to tax evasion and then, the amount involved must be recovered by the state. We have recovered some of these amounts from some of the banks, there are quite a few that have decided not to respond.
“The state government has authorized us to proceed with the criminal aspect and in the next few days, we are going to arraign the Chief Executives of these institutions in the law court for possible liabilities on tax invasion which is a criminal offence. It doesn’t matter whether they have remitted the amount which was discovered to be outstanding even they are still withholding such money.”

http://theeagleonline.com.ng/oshiomhole-orders-probe-of-igbinedion-over-stolen-31m/

God help us recover permanently from the misrule of PDP soon.

I want Igbinedion arraigned and tried successfully but this smacks of political desperation on the part of Oshiomhole. Why did Oshiomhole wait 7yrs before realising Lucky embezzled our money?

Edo state is broke, our bailout was spent on the international asha..wo also known as Iara.

Noted!

What was he thinking about for the last 7years? Has he just woke up from a state of coma or somebody had just told him what he had needed to do in his 1st year in office?

Osho, there is something more to this move than meet the eye.

Na the end of Oshiomhole tenure him come discover this fraud. No be today we know say Lucky chop edo state sha.

Anyways better late than never.

Oshiomhole should be careful ooo make Lara no go lost like biro.

Na today yarnsh dey back, these people never ceases to amuse me

Probing after how many years, or maybe na because him Baba don dey presidency shaa

Minister of attack. For a while now we didn't hear him dish out figures because he may have misplaced his four-figure-table.

What is oshio thinking self? Has he been dreaming all these years?

Yepa...

psucc:
What was he thinking about for the lady 7years? Has he just woke up from a state of coma or somebody had just told him what he had needed to do in his 1st year in office?

Osho, there is something more to this move than meet the eye.

Oshimole is a big clown

Day just break ba.

This guy talking holiday is over, so he can start spewing rubbish

Oshiobaba, don't fall my hand o! What were you doing for the past 7 years?

Mogidi:
I want Igbinedion arraigned and tried successfully but this smacks of political desperation on the part of Oshiomhole. Why did Oshiomhole wait 7yrs before realising Lucky embezzled our money?
Edo state is broke, our bailout was spent on the international asha..wo also known as Iara.

psucc:
What was he thinking about for the lady 7years? Has he just woke up from a state of coma or somebody had just told him what he had needed to do in his 1st year in office?
Osho, there is something more to this move than meet the eye.

We have a new federal govt that is serious about fighting corruption and that does not transform criminals into superstars, celebrities and VIPs overnight for selfish ambitions. This is the golden opportunity for every anti-corruption crusader.

GEJ would've given Igbinedion a congratulatory pat on the back (he is notorious for doing that) if this issue was raised under his recklessly lootocratic tenure.

The rationale for the delay is not to execute a probe that will end with a ridicule of the whole process by further exonerating & empowering reprobates a'la plea bargain and "America will know".

HerexG:
Na today yarnsh dey back, these people never ceases to amuse me

Probing after how many years, or maybe na because him Baba don dey presidency shaa

He didn't have the power of prosecution then under Jonathan but now under buhari the efcc will definitely want what he has against igbinedion.

Mogidi:
I want Igbinedion arraigned and tried successfully but this smacks of political desperation on the part of Oshiomhole. Why did Oshiomhole wait 7yrs before realising Lucky embezzled our money?

Edo state is broke, our bailout was spent on the international asha..wo also known as Iara.

Get help on your thinking my man.

Oshomhole is as usual high on weed. He is trying to divert the attention of Edo people who are grumbling over his latest land tax. Else how do you explain the contradiction in his allegation. I am not holding fort for Igbinedion. But from what Oshomhole is saying about how the so called $31m was spent, it is crystal clear no money was stolen. Example, the cement factory was almost 90% completed with infrastructure in place. Which money was used to build it up to the 90%? The stolen $31m? The fruit juice factory was built for about N380m but was sold for N280m. Was it the balance of N100m that was stolen or what?
If Oshomhole had told us that this huge sum of money was borrowed by Igbinedion for those purposes but nothing was done, then one can begin to applaud him for trying to recover Edo's money. Even though we know some of the money Igbinedion stole was used to finance Oshomhole's election in 2007. Are you probing him now because he had fallen out with you?
Oshomhole what have you done with the billion you borrowed?

Part of the moves GEJ stopped

Your probe of Igbinedion will not clean Apc mess in Edo state.

This Edo state Gov moves is to hoodwink the Igbinidion family to support APC in next year governership election if with the explanation it show he is as confuse as his boss. God help Nigeria(Amen)

God orders probe of Oshomhole... Yoruba white garment prophets!!! come on do your thing!

Lara is making Osho talk nonsense

Why now? Oshiomole waited too long!