How APC NWC squandered N1b, moved N671m into private accounts

The party’s financial record was said to have breached all known rules, with personalization of party funds in “the most opaque manner” as the hallmark.

The Nation newspaper is reporting that the N1 billion left behind by the Interim National Executive Committee of the All Progressives Congress, headed by Chief Bisi Akande, has been “hastily decimated without care for transparency” by the party.

The highly revered newspaper is reporting that this is one of the reasons the ranks of the leadership of the party, with Chief John Odigie-Oyegun as National Chairman, broke when President Muhammadu Buhari called for the sack of the NEC.

The party’s financial record was said to have breached all known rules, with personalization of party funds in “the most opaque manner” as the hallmark.
In two instances, funds totalling N167 million were said to have been transferred to the private accounts of members of the party’s NEC.

For instance, in the report sighted by The Nation, two “suspicious” transactions on a single day resulted in the transfer of N143.8m via two letters addressed to the manager of the Maitama, Abuja branch of a leading new generation bank.

The cash moved in two instalments of N100 million and N43,880,000 ended up in the account of another member of the party’s executive committee who hails from the South East.
In another transaction, a letter entitled: “Authority to Transfer the Sum of N50,000,000 from our account number (figure withheld),” was issued with the instruction to transfer the said amount to the same official.
On yet another day, another transfer of N48,470,000 from the party’s account with the Area 3, Abuja branch of a first generation bank was carried out involving the two top executives of the party.

In total, the report indicated that “a whopping N671,640,000 was transferred to the personal account of the party executive alone under such suspicious circumstances”.
The transfers had continued when administrative workers at the national secretariat of the party were complaining of being owed salaries and wages.

One member of the NEC was quoted as having told The Nation: “My brother, someone like me who initially was among those canvassing tenure elongation became dumb when I saw the reckless way party money was being used.
“If you don’t have anything to hide, why put party’s money in personal accounts?

“As if that is not bad enough, once money got released, no one bothered to explain for which purpose and no retirement was made in line with the principles of book-keeping.

“So, the conclusion one could draw is that these people asking us to support the extension of their stay in office by all means are only out to continue this financial recklessness”

Source: Track News

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Financial Misappropriation Rocks APC