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However further findings have revealed that the previous government did not only market the shares under BIPC custody but also squandered such monies in a hurry under controversial circumstances.

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Investigations by our reporter reveal that within the periods of 12th to 14th January 2105 the Suswam – led administration had spent over 274 million on such frivolous overheads all drawn from the expenditure account whence part of the proceeds from the sale of shares was deposited as directed by the former Commissioner of finance.

According to Per Second News investigation, the breakdown of the frivolous expenditure from the sales which was deposited into the Zenith Bank account number 1013852648 was as follows:
? 17/10/2014 – 60 Million spent on Military Retreat
? 14/11/2014- 200 Million spent on Government House Expenditure
? 20/11/2014- 45 Million spent on Government House Expenditure
? 12/1/2015- 128 Million spent on Government House Expenditure
? 13/1/2015- 100 Million Spent on Government House Expenditure
? 14/1/2015- 17 Million spent on Government House Expenditure
? 16/1/2015- 29 Million paid to UBA Capital

According to information pieced together, all the above payments were made in cash.

It could be recalled that Mrs. Sheidu had revealed that the company had raised nearly 9 billion Naira from the sale of state owned stock at the Benue Cement Company (BCC). She however only one billion out of the total sum was paid into BIPC account while the then Finance Commissioner, Omadachi Oklobia had directed that the money be domiciled into two other accounts : 1013852648 and 1013677218 all operated at Zenith Bank.

However findings have also proven that the 1013677218 account was not government owned.

Source :

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