The Financial Advisory Committee set up by the immediate past Governor of Imo State, Rt Hon Emeka Ihedioha has exhibited patriotism by alerting the incumbent Governor of Imo State, Senator Hope Uzodinma on their findings.
Topping the list of findings is the humungous amount of money owed Imo State Government by various Banks.
In a letter addressed to Governor Hope Uzodinma, dated January February 6, 2020 and signed by the Secretary and Chairman of the Financial Advisory Committee respectively, the Committee said that though it was the regime of former Governor Emeka Ihedioha to set it up, but since the committee had concluded its assignment and unveiled serious issues that can benefit Imo State, it was right for the Committee to inform Uzodinma as the sitting Governor to pursue the matter to a conclusive end.
According to the letter, Banks are owing Imo State a whooping One Hundreds and twelve billion, Eight hundred and twenty four million, three hundred and thirty three thousand three hundred and sixty seventy naira, forty two kobo (N112,824,333,367.42).
The letter said this is the amount owed Imo State through “infractions, and attendant penalties” committed by Banks against the State.
The Committee wrote that its assignment include “To ascertain and document the locations and balances on all Bank accounts operated by Imo State Government, its Ministries, Departments and Agencies as at May 29, 2019.
It went on. “To review all financial transactions and where necessarily a forensic audit, with a view to ascertaining sources of funds and application.
“To review such disbursements/ applications of State resources to ascertain the propriety of charges, level on accounts, interest payment on loans and deposits where applicable.
The committee was charged also “To review the operations of the Imo State Board of Internal Revenue (BIR) with a view to recommending strategies to reposition the Agency for better performance and sustained growth”.
In the letter to Governor Uzodinma, the Committee said that in the course of their assignment it was discovered that if Imo State could extract the funds owed it by Banks, the State could offset a lot of financial burdens on Government that will be of benefit to the State.
The committee maintained that it was unfortunate that it could not tidy up its assignment before the former Governor was removed from office, and therefore emplored Governor Uzodinma to look into the findings of the Committee for the greater need of the State.
The Committee report stated that one bank alone is owing Imo State N73B from infractions and attendant penalties.
“Notably, a particular Bank is liable to refund about N73,281,899,66. (Seventy Three Billion, Two Hundred and Eight-One Million, Eight Hundred and Ninety-Nine Thousand, Eight Hundred and Twenty Eight Naira, and Sixty Six kobo).
The Committee in display of altruistic behavior to Imo people asked the Governor to jettison partisan politics but pursue this recovery assignment for posterity to remember him for doing that for Imo State.
“Finally, it would be a grave and historical insult, assault and rape of the people of Imo State if the recovery of these claims from the affected Banks is not vigorously pursued under whatever excuse.
In this matter, history beckons on you to defend the interest of Imo State and we are convinced that you can pursue this goal with utmost good faith for the sake of posterity”.
