The Edo State government is in a race against time to recover some $31m which developed wings under the stewardship of a former governor of the state, Lucky Igbinedion. The state’s attorney general has been commissioned with instituting legal proceedings to recover the loot.
Commissioner for Commerce and Industry, Abdul Oroh, said the sum was stolen from the state coffers through a dubious cement company transaction in which the state was supposed to retain 15% of the allotted shares.
“Although Edo State Government was given only 15% share, 100% 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 This money was withdrawn from the account of Edo State Government in defunct Afribank. As the money was withdrawn, construction of the company started and all the major structures were in place, 90% completed. Machines were installed but there was no other contribution from any other source for the construction and procurement of these equipment. So everything invested in that company came from Edo State Government”, said Oroh.
Commissioner for Information, Mr Louis Odion said: “There is the issue of a fraud that was discovered while turning our books. We found that the $31 million was fraudulently taken from state coffers under a past administration in the state. The 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 whopping N7 billion. You can imagine what N7 billion will do in improving the human condition in Edo State.”
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