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Debt Management Agency under Dr Nwakwo,a cesspit of corruption and mismanagement

dr nwakwo

The Debt Management Office (DMO) is a Government Agency saddled with the responsibility of managing the debt portfolio of the Federal Government both foreign and domestic,in addittion to this are functions which include maintaining,tracking and basically handling everything that has to do with the Nation's debt Profile,however news reaching us suggests the Dr Abraham Nwankwo led DMO,seems to have deviated from his primary responsibilities,instead is converting some of the bonds misappropriated to personal cash and diverting into private pockets.

Investigations carried out revealed that Nwankwo lives a very discreet life,as a cover for his real motives and actions in the agency. The agency who has the Vice President Namadi Sambo as its Board Chairman in one of its most audacious incidents of corruption had raised a bond of $2 billion but ironically spent over $200 million or 10% of total amount to pay faceless consultants,who have no presence or records in the said agency or involvement in the processes to raise the bond.In addittion information revealed that whenever they go to the International Capital Market (ICM) to raise bond, they pay a lawyer outside the agency a whooping sum of $700,000 as consultant fees for issuance. This funds according to our sources within DMO actually goes to the DG’s purse. Ironically, the Coordinating Minister of the Economy, Ngozi Okonjo Iweala who supervises the agency approves money for the ICM without checking to see if the money approved is actually used for its purposes, such as the inflation of legal and consultancy fees.

The Director General's life of debauchery

Dr Nwankwo is not just simply a corrupt Government official, but also a philanderer who sleeps with the staff and rewards them appropriately, all from the proceeds of clandestine deals indulged in under cover of official expenses. The man who was appointed the DMO DG in 2007 currently dates a certain Patience Uboma from Cross River State, a Level 10 officer in the agency. As part of the rewards she garnered in the relationship, she was posted to the department of Sovereign Debt Unit (SBU)a department handling the fuel subsidy fund.

The lady who had been known to be very poor and even ‘begs’ for lunch from her colleagues has suddenly made it big all courtesy of the DG'S largesse. She currently drives a top of the range brand new leaf green Rav 4 Jeep worth about N4 million last year.

The DG who lives at Maitama we also reliably found out donates millions in church also owns a transport company using a proxy to operate. The burial of his Father In-Law became a conduit to siphon money as a budget of N18 million was approved for adverts alone with AIT and a number of newspapers and tabloids announcing the burial programme and schedule. The burial which came up on the 16th of April has been made mandatory for all staff with dire conscequences awaiting any staff who is not present according to the whistle blower.

Sources within the agency revealed that Dr Nwankwo's official salary is within the N600,000 range monthly as a DG while a Directos earn N450,000, however he owns choice properties worth several hundreds of millions . One of such properties is a mansion built in his Obowo village of Imo State, which allegedly cost over N70 million, with a brand new Lincoln Navigator Jeep worth over N10 million.

Against FG policy, he also has various official cars like Pajero Crusier, two extra jeep and the number series of the Peugeot brand all fueled by government. All his 3 children, 2 girls and a boy school in ivy leage institutions in the US.

In one of a series of absurd use of agency funds a staff, Mantakari Loveth made redundant by the DG and was sacked dragged the agency to the Industrial High Court, and the DMO paid a lawyer outside the agency an eye popping sum of N6 million to handle the case which is yet to begin.The strangest thing is that the said staff Mantakari loveth lives in the USA.

The whistle blower concluded the incredible allegations against the DG confirming the abscence of a staff union in the agency,as the DG has forbidden it.According to the staff the incoming Government especially the Vice President elect who is most likely to over see the agency by virtue of extant Govt tradition will find it difficult if not impossible to unravel the level of rot and corruption in the agency due to the nebulous and amorphous manner it has been crafted.



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