Port Harcourt, Nigeria – In a shocking turn of events, top executives and board members of the Port Harcourt Electricity Distribution Company (PHED) have been implicated in a massive embezzlement scheme, siphoning over N4 billion from the company’s coffers.
According to credible sources within PHED, the Acting Managing Director, Ms Ochuko Amah, conspired with Engr. Matthew Edevbie, a powerful director at PHED and Group Managing Director of Income Electrix Ltd., the Board Chairman, Engr. Olice Kemenenabo alongside the Chief Financial Officer, Efemena Elutabe, to orchestrate the heist. The funds were reportedly divided among the trio, with Engr. Edevbie and Engr. Olice taking the lion’s share of N2.3 billion, Ochuko Amah pocketing N1.5 billion, and Efemena Elutabe receiving N500 million.
The scandal took an unexpected twist on Monday, August 12th, 2024, when Comrade Innocent Lord-Douglas, the Deputy General Secretary of the Senior Staff Association of Electricity and Allied Companies (SSAEAC) for the South-South/South-East Zone, called for a strike. Ostensibly, the strike was to demand better wages for PHED workers, but insiders have revealed that it was a smokescreen to secure a cut of the illicit funds. Comrade Lord-Douglas was allegedly paid N200 million to call off the strike, which he did on Wednesday, August 14th, 2024. The deal was reportedly sealed in Victoria Island, Lagos, at Eshrow Building, Plot 2 Land Bridge Avenue, Oniru. Insider source in the IT department also confirmed that the heist was facilitated through the DL-Enhance collection software which was procured by Engr. Matthew with his Chief Information Officer – Gautham involved in the scam.
Adding another layer of the scandals rumors are also swirling about a love relationship between Engr. Edevbie and Ochuko Amah who was his Account Officer at Ecobank before he brought her to PHED adding another layer of intrigue to the scandal. It has been reported that Amah, who assumed the role of Acting MD in April 2024, secretly stole an additional N1 billion without Edevbie’s knowledge. When Edevbie discovered this betrayal, he had Amah suspended. She is now believed to be on the run and has fled to the United States.
Engr. Matthew Edevbie an ex-convict who was arrested for over six months by EFFC for fraudulent contract https://punchng.com/court-
In a related development, the CFO, Efemena Elutabe, who has a notorious reputation for harassing and intimidating staff and allegedly molesting female employees, is rumored to be using his share of the embezzled funds to marry a second wife. His bride-to-be, Rebecca Akpan, is reportedly a staff member in the Human Capital Development (HCD) department at PHED. The Chief People Officer who is responsible for HR policies is fully complicit in these unprofessional practices by the CFO.
The CFO who was employed without the Board or NERC approval has been involved in series of scandalous transactions including secret deals with banks not to sweep the PCA accounts on due dates. He facilitated the payment of over N500m between June and July to Income Electrix without the Board approval. He paid N23m for a private jet to carry out some nefarious activities in guise of board meetings. Another 2.5bn was also transferred to Income Electrix between June and July.
This unfolding scandal has sent shockwaves through the electricity distribution sector, raising serious concerns about governance and accountability within PHED. The situation remains fluid, with investigations ongoing and the public eagerly awaiting more details as they emerge.
We therefore call on various agencies of government to thoroughly investigate these crimes and bring all parties to justice.
Wow!! Just mindboggling!! I implore the EFCC to quickly look into this matter to restore sanity to the company. I know for a fact that the staff are underpaid and demoralized with all this happening.