OSOPADEC Chairman Faces Questions After ₦90M Transfer to Unidentified Recipient

The Chairman of the Ondo State Oil Producing Areas Development Commission (OSOPADEC), Prince Otabiyi Olaleye Poroye, is under scrutiny following the authorisation of a ₦90 million payment to an unnamed account just 48 hours after changes were made to the commission’s bank signatories.

The new signatory arrangement was introduced through a board resolution that reorganised who could approve transactions, aimed at strengthening financial oversight. Despite this, a payment instruction signed by the chairman and other officials directed the transfer of ₦90 million from the commission’s account without providing information on the beneficiary or the purpose of the disbursement.

Critics say the unexplained rapid authorisation raises questions about transparency and adherence to proper financial procedures. Observers note that this has intensified concerns over financial management at OSOPADEC, particularly as communities await delayed relief funds intended for oil-producing areas.

Attempts to contact the chairman for comment have so far been unsuccessful, leaving the situation unresolved and prompting calls for greater accountability in the handling of public funds.