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Published On: Wed, Nov 19th, 2014

Fintiri embezzled N 5.5bn state funds in 86 days, Adamawa govt alleges

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Ahmadu Umaru Fintiri

Ahmadu Umaru Fintiri

From Umar Dankano, Yola.

The Adamawa state government has accused the administration of former Acting Governor Ahmadu Umaru Fintiri of embezzlement of state’s funds, a situation it described as a majors set back to the state.

The Director of Public Affairs to the state government, Mr. P. P Elisha made the development known in a press release issued to newsmen in Yola yesterday, stressing that, the administration surreptitiously borrowed about N5.5 billion, which it lumped on the loans it inherited from Nyako’s regime.

The statement said, after diligent review of the financial transactions run by Fintiri, it was verified that the debt portfolio left behind by Nyako’s regime was about N7bn not N12bn, as stipulated by Fintiri.

“The sum of N5.5bn was tactically borrowed by the administration of the former acting governor and included it in the total debt portfolio of N12, 803,763,500 owed by Nyako’s administration.

“Although, we are not holding brief for the bank, the claim of over N11bn bank interest and other charges with a loss of N7bn on bank charges alone made by the acting governor is frivolous, unrealistic and cannot be ascertained. This is because he neither stated the total amount borrowed, nor for how long the funds were utilized,” the statement noted.

The state government noted that the former administration has equally defaulted on its monthly debt service obligations for the months of June, July, August and September 2014 respectively, which amounted to over N1.5 billion.

“Furthermore, the claim that his administration saved N2bn on reviewed interest rate from 22 percent to 16 percent on the figure of N12.8bn and N400m interest-free moratorium, was misguided information by consultants appointed by his administration to justify the colossal fee of N262m paid to the consultants,” it noted.

The statement also accused Fintiri of hiring incompetent consultants who exhibited high tendencies of fraud, by forwarding a claim of over N262 million, which it claimed to represent 2 percent of N9.003bn financial benefit brought to the state by restructuring the debt portfolio of N12.8b which cannot be justified but was approved and paid upfront by the Acting Governor.

“Although the Acting Governor stated, in his World Press Conference, that the total income received during his tenure was N21, 406,340,767.20 however, to put record straight, the actual income received during the period was N19, 449,294,816.38 while total expenditure with a deficit balance of N3, 205,836,274.88 which can be attributed to the technical borrowing made through reversals of the interest and other loans obligation paid in June, 2014,” the statement added.

No official could be reached for comments as at the time of filing this report.

 

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