ISOPADEC Spends N80m On Scholarship, Electricity Bills

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The Imo State Oil
Producing Areas Development Commission (ISOPADEC) has spent over N40 million on scholarship awards to Imo students from 2011to date.
The ISOPADEC Managing Director, Chief Henry Okafor, who made this known when he briefed newsmen in Owerri recently, said the beneficiaries were from Oguta and Ohaji/Egbema Areas.
Okafor said the scholarship, which was under ISOPADEC Youth Development Policy was aimed at encouraging youths from the two local governments to be resourceful.
He said that another N40 million was spent on settlement of electricity bills for the oil bearing communities in Ohaji/Egbema and Oguta.
“The payment of the bills was to boost the operations of SMEs in the communities.
“ISOPADEC constructed a four story office complex and embarked on the construction of the International Maritime University at Osemotor in Oguta.
“The university expected to gulp more than N1.7 billion will address the dearth of manpower on oil-related field among people of the oil bearing communities,’’ he said.
He said that he inherited N19 million from his predecessor in 2011, but that efforts were on to rewrite the history of the commission through the prudent management of its funds.
“Within seven months on assumption of office, the commission saved two billion naira from the monthly 13 per cent oil derivation fund,’’ he said.
Okafor said it was part of the money that used for both development and other welfare needs of the oil-producing communities.