ICPC Arrests Deputy Director Over Fraudulent Acquisition Of Properties

The Independent Corrupt practices and other related offences Commission (ICPC), has announced the arrest of a Deputy Director in the Federal Ministry of Trade and Investment, Engineer Victor Nnamdi Igboanugo for alleged illegal acquisition of properties, looting of government funds and bribery.
Mr. Igbuanago allegedly acquired properties in Nigeria and the United States of America in the tune of hundreds of millions of naira. Head of Public Enlightenment department of ICPC, Mike Sowe, said that investigators discovered that Engr. Igboanugo fraudulently enriched himself with tax payers' money by circumventing the procurement due process while serving at the ministry of Niger Delta Affairs and at his current workplace in the ministry of Trade and Investment.
He reportedly awarded contracts to two companies, M/S Echedom Technical and Trading Co. Ltd and Phinavic, where he serves as Director along with his wife and children serving as co-directors. "Records show that in 2008, M/S Echedom Tecnical, a company owned by his cousin was awarded contract for the construction of 3-bedroom semi detached bungalow in Asaba, delta State at the cost of N10.5 million by the Ministry of Environment. The same company also benefited from a contract of N18.3 million while Engr. Victor Igboanugo was Assistant Director with the ministry of Niger Delta Affairs. One of the witnesses interrogated by the Commission provided evidence which indicates that Engr Igboanugo demanded and received the sum of N3 million gratification from him in a contract deal".
"Operatives from the Asset Tracing and recovery unit of the Commission have established that the accused purchased and paid at first instance two properties at Sun City Abuja valued at N15 Million; in addition to two Mikano power generating sets at N3 million naira. Documents recovered from the suspect indicate that he owns a duplex in Atlanta (USA) which he purchased for $140, 000; and operates a foreign account with the Bank of America which has a balance of $7, 860,00. In addition, the suspect’s mansion in his village of Akwuzu, Oyi local Government council  of Anambra state is almost completed", Sowe said. He also informed that one of the five cars purchased by the accused has been confiscated and that many more property may be confiscated before he is charged to court at the end of investigations.