Date Published: 06/21/11

Fresh Controversy trails NNDC's $40 million (N5.6bn) Wire Transfer

Chibuzor Ugwuoha

Power Aginighan

More controversial findings continue to trail the 2009 transfer of ($40m),N5.6Billion, from an offshore account of the Niger Delta Development Commission, (NDDC) in the United Kingdom, to two local branches in Nigeria.

Sources privy to the transaction faulted claims by a group, Society for Good Governance (SGG), that the Executive Director, Finance and Administration, Power Z. Aginighan ,had an alterior motive when he approved the transfer as Acting Managing Director.

And that even though he approved the transfer on August 5, the funds became active in the commissions account On August 10, 2009, when a new Board was already in place and Chibuzor Ugwoha, made chief executive.

Sources close to the NDDC told pointblanknews.com that the request to the London branch of Union Bank on August 5, 2009 to transfer the $40 Million was done by Aginighan in two tranches, of $20m each.

The move by Aginighan, it was gathered, was to ensure the NDDC had enough funds to pay contractors, since there was no Board in place at that time.

Pointblanknews.com source hinted that on August 5, 2009, Aginighan made the request to the Union Bank, London to debit $20 Million in each of the NDDC accounts in Nigeria in both UBA and Union Bank to enable the incoming board pay contractors owed by the agency through local banks.

According to the source, “this is a normal transaction that is usually done by the agency because contractors are not paid in dollars and before the inauguration of the board, there was no enough funds to meet up payment of contractors.”

Aginighan was appointed Ag. Executive Director, Finance and Administration, NDDC on the 28th of May 2007 and was later later made Ag. Managing Director/CEO in April 2009. He filled the vacuum created by the exit of former MD, Timi Alaibe.

Findings showed that while Aginighan made the request on August 5, 2009, on August 6 2009 at about 2:00pm, the new board of the NDDC was inaugurated with Ugwoha as the Managing Director .

According to fresh findings, the account of the agency’s in Union Bank and UBA was credited on August 10, 2009 with $20 Million each. An usual transfer of huge sums take a while to reflect. This was four clear days after Ugwoha took charge of all executive duties.

Pointblank news.com also learnt that few weeks after taking charge, Ugwoha directed the transfer of $20m from an ailing Union Bank to First Bank both in Nigeria.

The source added that “at this time, PZ Aginighan was no longer the Acting MD/CEO, the expenditure of the $40 Million in the two accounts of NDDC was no longer under his authority but that of the new board.”

According to the source who does not want his name in print since he was not authorized to speak on the issue, “for anyone to suggest or accuse anyone that the money is stolen, is a falsehood of the worst kind because the records are there.”