-Buys Exotic Cars, Hotels
Exclusive documents obtained by TheNigerian has revealed how former MD/CEO of the Niger Delta Power Holding Company (NDPHC), James Abiodun Olotu mismanaged the company during his time, awarding fictitious contracts to friends and cronies.
Mr Olotu held sway as CEO of the NDPHC between 2004 till the 10th day of June 2016. His tenure was however marred with massive looting and misappropriation of monies belonging to the Company.
Investigations by TheNigerian showed that over N10 billion was siphoned during his time as chairman of the company.
Our investigation also showed that he bribed his way to elongate his time of service by serving as chairman for 10 years, instead of the usual 2 terms of four years.
For instance, document obtained by our reporter showed how Mr Olotu fraudulently awarded several contracts running to the tune of N10 billion to a company he owned.
In furtherance of his dubious activities, Abiodun diverted the funds of NPHDC and he single handedly awarded contracts to Skipper Nigeria Ltd a company he is partnering with to execute business at the state level.
Further investigation reveals that James Abiodun is the owner of 3Js Hotel located at No. 31, P. O. W Mafemi Crescent, Utako, Abuja. The acronym — 3J — was derived from his name and that of his two children.
Between 2014 and 2015 the former CEO using his cronies awarded fictitious contracts to the following companies and the contract never followed due process.
The following companies included, Ladnug Nigeria Limited, UCAK Nigeria Limited, Fomatek Nigeria Limited, World Wide Industrial Ventures Limited, Elsewedy Electric Nigeria Limited and
Murdik Nigeria Limited
TheNigerian gathered that the activities of the former NDPHC boss was investigated by the Bureau of Public Procurement (BPP) and the Auditor General of the Federation who were able to trace massive fraud and irregularities in the account of the Company.
Besides evidence of fraud, he was involved in illegal rectruitment and promotions
During his tenure, in a bid to loot successfully, Olotu approved the accelerated promotion of his partners in crime who joined the NDPHC from PHCN. As at the time of their transfer, they were all Managers.
For instance, one Mohammed .I. Ibrahim (Head of Security Unit of the company). From our investigations, was engaged in 2013 as a contract staff and at the time of employment, he was above 60 years which is above the age requirements for employment in Nigeria.
However, in 2015, the then MD/CEO of the NPDC compeled the management to effect his employment as a permanent staff as a favour for cooperating with Olotu to commit fraud.
Mr Olotu hurriedly appointed five Executive Directors on 17th of April, 2015 and their appointments took effect on the 27th of April, 2015:
The Directors are Sanusi Garba (Executive Director, Generation), Mijinyawa Sani Labran (Executive Director, Corporate Services), and Albert Ogugua Okorogu (Executive Director, Networks)
Others are Cliff Eribo Azibanato Jnr. (Executive Director, Finance and Account) and Abdullahi Salisu (Executive Director Legal / Company Secretary)
The former CEO used his loot to fund his luxurious lifestyle. He acquired exotic cars and power bike motorcycles (Harley Davidson Cosmic Starship) worth 1.5 million dollars.
One of the power bikes led to the demise of his first son who was involved in an accident along the Berger to Area Highway in the FCT in 2017.