Date Published: 03/20/10

Punchgate: Board suspends Ed Publications, Azu Ishiekwene

...May be asked to refund N17 million

The board of of the puch newspapers has suspended the embattled executive director publications, Azu ishiekwene, while investigations into his alleged role in a multi million naira scandal continues.

Sacked daily editor, Steve Ayorinde had few weeeks ago blown the whistle on Ishiekwene, deatailing his strings of alleged backroom deals with politicians and corporate organizations.

Pointblanknews.com sources at the punch, said today " he has been asked to proceed on leave indefinitely  while the investigation continues."

An online medium, I-Report hinted that Ishiekwene has already been found wanting in the area of corporate revenue that allegedly went into his pocket.

He is alleged to have pocketed over N17 million company revenue

It said the ED publication was in the habit of using commercial materials as news, while he pocketed the payment.

Pointblanknews.com also learnt that in line with its tradition, if Ishiekwene is found to have pocketed company money, he would be asked to refund and may get a soft landing. This has hitherto been applied in the cases of some thieving advert executives in Lagos and Abuja.

If the staff corporates, he is spared prosecution but gets a disclaimer on the cover of the paper.

But since Ishiekwene's case allegedly invloves characters outside the punch it is doubful if the EFCC would not be invited.

According to our source, some members of the board are pushing  for outright prosecution if he is found to have stolen from the punch