Monday, June 20, 2011

Alleged $20m scam: Panic in NDDC over arrest, release of MD

20 June 2011

•He’s on administrative bail, investigation continues — ICPC

Palpable tension and fear have gripped the top echelon of the Niger Delta Development Commission (NDDC) following last Friday’s arrest and interrogation of the Managing Director, Mr Chibuzor Ugwoha, by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Ugwoha’s arrest on Friday  followed allegations that he used a forged resolution of the NDDC’s governing board, dated September 24, 2011, to illegally transfer $20 million from the commission’s offshore account in Union Bank in the United Kingdom to the branch of First Bank at Finsbury Circus in London, in collaboration with the Director of Legal Services, Mr Harrison Onwon and Acting Director, Finance and Supply, Mr Oma Egbejule.

But ICPC’s Media Consultant, Mr Folu Olamiti, who confirmed the arrest, said the NDDC boss was granted administrative bail in order to prepare for a proper defence of the allegations. He said Ugwoha was taken into custody because he had shunned the ICPC’s invitation for over three weeks.

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