BREAKING NEWS: Massive Misappropriation Under Suspended Governor Fubara – Ibas

BREAKING NEWS: Massive Misappropriation Under Suspended Governor Fubara – Ibas 

Alleges Officials Withheld Financial Records

Rivers State Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), has alleged that the level of financial mismanagement under the suspended administration of Governor Siminalayi Fubara was so severe that key officials deliberately denied access to crucial financial records.

Speaking on Wednesday during a session with the House of Representatives Ad-Hoc Committee on Rivers State Oversight, Ibas revealed that the refusal of top officials to cooperate significantly hindered the planning and preparation of a transparent budget for the 2025 fiscal year.

While defending the proposed N1.48 trillion budget, Ibas expressed concern that the previous administration had grossly understated its expenditures. He stated that the lack of transparency made it difficult to properly account for funds spent during the first quarter of 2025, leading up to the declaration of a state of emergency in the state by President Bola Tinubu.

Despite these challenges, Ibas noted that the budget proposal submitted to the National Assembly had been revised to incorporate the available financial data. This, he said, was done to lawfully regularize the spending from the first quarter and ensure the budget remains credible and transparent.