The Abia State Ministry of Digital Economy and SME, now known as Ministry of Industry and SME, has appeared before the Judicial Panel of Inquiry on the recovery of government properties and funds, alleging that N100 million went missing from the state's Microfinance Bank.

During the panel proceedings, Mrs. Chinyere-Ruth Nwosu, Deputy Director of SME in the Ministry, disclosed that a significant sum was allegedly embezzled under the previous administration. According to her testimony, an official allegedly misappropriated N100 million out of N200 million borrowed by the Abia State SME Microfinance Bank.

Mrs. Nwosu explained that the Microfinance Bank was non-functional until the current administration dissolved the Board and appointed new management headed by Mazi Chimeremeze Okigbo as CEO/MD. She noted that the bank is now domiciled in the Office of the Governor.

The Deputy Director also revealed issues concerning missing assets, stating that of the two vehicles belonging to the Microfinance Bank, while the Toyota Sienna remains parked at the bank, the Toyota Corolla was discovered at the residence of the former Commissioner. She added that efforts by the then Permanent Secretary, Mrs. Justina Eboh, to recover the vehicle were unsuccessful.

Further testimony came from Mr. Kelechi Onyegbule, HOD of Finance in the Ministry, who confirmed that the Abia State House of Assembly had approved the borrowing of N200 million to operate the Microfinance Bank. However, he stated that he could not confirm whether the money had been refunded.

Mr. Onyegbule indicated that the then Deputy Director of Finance in the Ministry, who was a signatory to the account, possesses additional information regarding the alleged missing N100 million.

The Ministry also informed the panel that it collaborates with the Ministry of Health to award health-related contracts and distributes drugs donated by the World Bank and other partners in the state.

The Judicial Panel of Inquiry continues its investigation into the recovery of government properties and funds in Abia State.