A document obtained by SaharaReporters on Tuesday shows suspicious transactions from OSOPADEC’s capital account, Number 0066933017, domiciled at Sterling Bank Limited.
Fresh controversy has rocked the Ondo State Oil Producing Areas Development Commission (OSOPADEC) following the emergence of leaked documents allegedly linking senior officials to the diversion of more than N463 million from the commission’s project funds into private bank accounts, including that of the commission secretary’s father.
A document obtained by SaharaReporters on Tuesday shows suspicious transactions from OSOPADEC’s capital account, Number 0066933017, domiciled at Sterling Bank Limited.
The bank statement, issued and signed by the Head of Branch at Sterling Bank, Marina, Lagos, in August 2025, details large cash inflows and outflows from funds earmarked for capital projects.
Central to the allegations is a formal query issued by the OSOPADEC Chairman, Prince Olabiyi Olaleye Poroye, to the Commission’s Secretary, Mrs. Abike Bayo-Ilawole.
In the query, Poroye accused the secretary of authorising payments from the commission’s capital account into personal accounts without due process.
"You would recall that on the 9th of July, 2025, a memo issued from my office required that your office should give explanations on why funds from the Commission's capital account in Sterling Bank meant for the execution of specific projects should be paid into individual/ private accounts :-some amongst them officers of the Commission, who are supposed to supervise such projects,” the query stated.
The chairman further faulted claims that the payments were “direct labour transactions,” describing such justification as insufficient and raising suspicions of fraudulent dealings.
"However, up till now, you did not deem it fit to formally explain why such financial irregularities, that can occasion suspicion of fraudulent dealings, happened under your watch,” the letter said.
“Rather, it was gathered from the blues that the concerned officers and your goodself claimed that those were direct labour transactions. As if that had explained away or justified the payment of funds meant for project execution into private accounts without due process."
According to the query, the payments in question comprise N311,270,527.00 to Engr. Bunmi Filani; N141,288,541.43 to Engr. Dare Oretan; and N10,504,539.87 to Mr. Andrew Kolawole Ikuesan, bringing the total allegedly diverted amount to N463,063,539.82.
Investigations revealed that Mr. Andrew Kolawole Ikuesan is the father of Mrs. Bayo-Ilawole. He is also identified as His Royal Majesty, Oba Andrew Kolawole Ikuesan, the traditional ruler of Obe-Nla Kingdom in Ilaje Local Government Area of Ondo State.
The scandal has been further complicated by claims of internal power struggles within OSOPADEC.
An anonymous director at the commission alleged that the controversy is being driven by individuals opposed to Prince Poroye’s appointment as chairman by Governor Lucky Aiyedatiwa in June 2025.
According to the director, a “powerful individual” within the commission allegedly attempted to mislead the public through another media platform in order to shield entrenched interests and downplay what he described as “the rot” that predated Poroye’s assumption of office.
Reacting to claims that the chairman authorised a suspicious N90 million payment to an unknown beneficiary shortly after a change in signatories, the director dismissed the allegation as false.
“At no point was any payment concealed, masked, or executed outside approved financial protocols. Any suggestion to the contrary is reckless and demonstrably false,” the source said.
The director explained that the board adopted a new operational organogram and restructured the signatory framework to enhance efficiency and accountability.
He insisted that the names listed in the payment schedule were officially submitted to the chairman by the commission’s secretary as part of transition documents inherited by the new board.
“Every action taken by the chairman was a direct implementation of collective board resolutions, not personal discretion,” the source added.
The director further claimed that the chairman merely reversed a “sole signatory template fraudulently created” before his appointment, arguing that the previous arrangement had stalled operations and delayed staff salaries.
“Since taking office, the new board has prioritised staff welfare, restored confidence in institutional processes, and accelerated approvals for developmental interventions,” the director said, maintaining that there was no breach of law or hidden agenda.
On Monday, SaharaReporters reported that OSOPADEC, led by Poroye, was facing allegations of corruption, financial mismanagement, and internal discord.
Investigations revealed a board resolution dated January 27, 2026, regarding the retirement of the former Director of Accounts and the reorganisation of signatories to the Commission’s bank accounts.
The resolution designated the Secretary/Director of Accounts and Director of Administration & Supplies/Deputy Director of Accounts as authorised signatories, and a letter from the Chairman to Memphis Bank Plc listed himself, the Director, and the Deputy Director instead.
However, within 48 hours of the change, N90 million was authorised for disbursement to unknown beneficiaries, raising concerns over transparency, due process, and accountability.