Wednesday 13 August 2014

N14Billion Fraud Rocks James Olotu Led-Niger Delta Power Holding Company …Details of How Top Executives Are Looting The Commission


Just before the Niger Delta power holding company (NDPHC) was offered for sale by the federal government following the shoddy manner the management had handled the Independent Power Projects, across the country, early June 2013, a glimpse into its financial records reveals massive siphon of the company and its financial resources.
In fact, findings have emerged that against the expectations of Nigerians that the power situation in the country may improve soon, the Niger Delta power Holding company management may throw the entire country into a multi- billion mega watts of darkness.
Coming on the heel of the recent N800, 000,000 (Eight Hundred Million naira) frauds involving the top management staff of the company in collaborations with the consultant in the compensations paid to the Mmahu-Egbema community of Ohaji/Egbema Local Government in Imo state.

Investigations revealed that almost all the cheques issued to the victims were not honoured by Zenith Bank.
Allegations have emerged that NDPHC officials had used it as a conduit pipe to siphoned billions of Naira.
It was gathered that NDPHC is using non existence Consultants and Companies to defraud the NIPP of billions of Naira.
The petition highlighted the incidences of brazen pillage, stealing and the alleged recklessness currently going on the Niger Delta Power Holding Company, NDPHC. As at last count, it was alleged that over one hundred and fifty million US Dollars has been paid to EPC contractors as over payment.
An insider of NDPHC who pleaded anonymity alleged that one hundred and fifty US Dollars ($150,000,000) was paid to SEPCO111 Electric power construction Corp of China, the EPC contractors executing the 750MW papalanto combined cycle power plant in Omotsho, while over $120,000,000 was paid to Marubei West Africa (A Japanese Company) The project Consultants (PCs) employed by NDPHC to supervise those projects played an active role in the overpayments.
The source said “This corruption revolves round the General Manager , Contract Management, Ije Onojeme, The Executive Director Engineering Division, Louis Edozien and Anthony Ugonna Muoneke, the Executive Director Finance and Administration”
Sources claimed that in order to perfect the tradition of fraudulent transactions that has become a hallmark in the NIPP projects since Governor Liyel IMoke, then Minister of Power, brought in Muoneke, into the NIPP, Muoneke, the Executive Director of Finance and Administration recruited one Ije Onojeme, and created an opening , appointed her as the general manager , created the Contract Division for her. The appointment of Onojeme has raised the question as to whether as an Executive Director, Mnuoke, can appoint a general manager without board’s approval.
Investigations have revealed that the project Consultant; OSKA-JO &Partners for the 750 MW combine cycle plant who connived with the Directors in endorsing the payment who ought to have been sacked is being rewarded with contract extension for project Consultancy service in the sum of N200,000,000 (Two Hundred Million naira). Also mentioned is the Contract for Insurance Coverage for NIPP plant, in the tune of $19,000,000 (Nineteen Million Dollars)
Like other fraudulent transactions, in clear violation of the provision of the procurement Act 2007, no advertisement was placed in any National Dailies for the engagement of insurance companies, for the service, the management in a move that smack off fraud and circumventions of the Board of NDPHC, Messrs Anthony Muoneke and Louis along with their arrow head in the insurance Azubuike Ameachi, awarded the contract to some foreign insurance companies through the back door.
According to an insider in the contract Division, NDPHC, “It is internally arranged to loot the intervention Funds of NDPHC and over 75percent of the money of the money goes into private pockets of the Top management staff of NDPHC. The arrow head of this fraud is Mr. Ben Iroha, who recently retired from PHCN, currently head of Environment in NDPHC.
The Director of Finance and Administration, Muoneke and Iroha, have again been fingered in the N800, 000,000 (Eight Hundred Million naira) meant for the compensations to Egbema Community, as way leaves.

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