Okorocha, Ohakim' s Men Trade Words on N18 billion Oguta Wonderlake Bond

 In what appears renewed onslaught against one another over monies that accrued to Imo State on the Oguta Wonder lake bond, Governor Rochas Okorocha and his predecessor Friday traded words over how the N18 Billion naira secured as bond for the lake was utilized.

Both men spoke through their aides.  Okorocha’s  Commissioner For Finance, Deacon Chike Okafor told newsmen Friday that what Governor Okorocha saw in the state coffers on assumption of office on May 29, 2011 was N12.5 billion naria from the bond. 

The Finance Commissioner said that, out of the N18B secured by the Ohakim Administration, about N6billion had been spent before Okorocha came on board.

Okafor disclosed that when Okorocha came to power, the administration decided to prioritize its projects, and decided to use the remaining Bond money to pursue various projects in the State.

Okafor said ‘when we came to power, we decided to prioritize our projects. Out of N18 billion that was secured, about N6 billion had been spent and we met N12.5B’

The Commissioner added that the remaining funds from the Bond were channelled towards building of class room blocks, General Hospitals, construction of roads in the local Government etc.

Okafor said before the Bond was spent on these projects, the State consulted the stakeholders and the security and Exchange Commission for approval to diversify the money.

However, the former Imo State Governor , Dr. Ikedi Ohakim, in swift response, said it was wrong for the Okorocha Administration to have spent the funds on other projects than the one it was meant for, as it was stipulated in the agreement before the fund was obtained from the Stock Exchange. He claimed that the Okorocha administration was economical with the truth  as regards  the actual condition of the fund.

Ohakim who spoke through his Media aide, Ethelbert Okere, the former Governor said that he has been vindicated at last, as Okorocha had said he (Ohakim) left no kobo in the coffers of the State.

Ohakim said he did not only leave N13.3 billion in the bond account, but also put it in an account where it would be accruing money to the State.

The former Governor spokesman said he left N3 billion in SUBEB account, N1 billion in ETF Account, N500m in MDG Account and over N5Bin both JAAC and Imo Youth Empowerment Account IYEP and Council of Traditional Rulers Account.

Ohakim maintained that if really Okorocha used the bond money to construct 350 classroom blocks, General Hospitals and roads in LGAs, why then did he tell Imo people that he disposed some of the State’s property and forfeited his security vote to sponsor free education and build roads.

He however made it clear that, SEC cannot approve that a Bond be channelled into another project other than that for which it was meant abinitio, and asked Okorocha  to explain what happened to the N13.3B he left behind to Imo people.