Edo State Government says it has uncovered $31 million allegedly siphoned from the coffers of the state during the administration of a former governor of the state. At the end of the State’s Executive Council, SEC, yesterday, 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 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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Odion said the $31 million which was stolen from the people of Edo State for the transaction was designed clearly for criminal purposes.
“This project was called Avrant Cement Company situated at Ekpe, near Ikpeshi in Akoko Edo Local Government Area.
“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 Ltd and this company had three shareholders. The Abat Cement Company had 75% shares, Edo State Government had 15% shares and 10% shares were reserved for ‘other Nigerians’.
“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 This money was withdrawn from the account of Edo State Government in defunct Afribank.
“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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Odion said the $31 million which was stolen from the people of Edo State for the transaction was designed clearly for criminal purposes.
“This project was called Avrant Cement Company situated at Ekpe, near Ikpeshi in Akoko Edo Local Government Area.
“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 Ltd and this company had three shareholders. The Abat Cement Company had 75% shares, Edo State Government had 15% shares and 10% shares were reserved for ‘other Nigerians’.
“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.
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