Sunday, September 4, 2011

NDDC crisis: How AGF approved transfer of $20m

The Nation
4 September 2011

NDDC crisis: How AGF approved transfer of $20m

Fresh facts emerged yesterday that the Office of the Accountant-General of the Federation approved the transfer of $20million belonging to the Niger Delta Development Commission(NDDC) from the Union Bank in the United Kingdom to the First Bank(UK) Plc to save the commission from  losing its funds to distress in Nigerian banks.

It was also learnt that the Managing Director of the NDDC, Mr. Ugwoah Chibuzor, did not divert the said controversial $20million.

The MD of the NDDC had been under investigation by a panel headed by a former Head of the Civil Service of the Federation, Mr. Steve Oronsaye over the alleged unilateral transfer  and diversion of the said $20m.

But a document obtained by our correspondent showed that the NDDC Managing Director actually sought the approval  of the Office of the Accountant –General of the Federation before  transferring the money.

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