Corruption or Cover-Up? N400bn Missing Under Rivers Sole Administrator

The murky waters of Rivers State politics have once again been stirred into a frothing tempest of scandal, suspicion, and possible sabotage, as over N400 billion in public funds vanishes into a fog of fiscal secrecy.

At the heart of the storm is Vice Admiral Ibok-Ete Ibas (rtd.), the controversial sole administrator of Rivers State, handpicked by President Bola Tinubu in a dramatic suspension of democratic order barely two months ago. With Governor Siminalayi Fubara ousted under emergency rule, Ibas was ushered in with sweeping powers—but with great power, it seems, came very little transparency.

Since assuming control, Ibas has presided over what critics now describe as the most opaque administration in the state’s modern history. In a damning development, Rivers State has failed to release its quarterly budget performance report for January–March 2025—the first time this vital document has gone missing in nearly two years.

This lapse in fiscal accountability, which occurred mere weeks after the federal government installed emergency rule, has triggered alarm bells at the national level. The quarterly report, a constitutional obligation and hallmark of transparent governance, traditionally reveals in clear figures how public funds are allocated, spent, and saved. Its absence has ignited speculation that the state’s financial architecture is either crumbling—or being deliberately dismantled.

Sources within the Federal Ministry of Finance suggest that Rivers State has received a staggering N279.5 billion from the Federation Accounts Allocation Committee (FAAC) so far in 2025. Alongside this, the state is believed to have generated an additional N132 billion internally, bringing total public funds under Ibas’ control to over N411 billion since January.

And yet, the public knows almost nothing about how this money has been spent.

Independent checks by Time Africa confirm that from the fourth quarter of 2023 through to the end of 2024, Rivers consistently published its budget performance reports within the constitutionally mandated timeframe. That transparency came to an abrupt halt once Ibas took the helm.

On Tuesday, the Senate—long accused of playing footsie with the executive—finally roared to life. Senate President Godswill Akpabio inaugurated an 18-member special committee to investigate the financial activities of the Rivers administrator, declaring the mission “critical to safeguarding democracy.”

“The Nigerian people demand answers,” Akpabio said from the red chamber. “We cannot allow a state of such economic significance to operate in the shadows. This panel must begin work immediately.”

The committee, comprised of legislators from across the political spectrum, has been given sweeping oversight powers and is expected to summon Ibas to appear before them within the week.

Meanwhile, former Rivers governor and influential political figure Rotimi Amaechi has thrown a verbal grenade into the already volatile situation. In a blistering interview, Amaechi claimed that the chaos engulfing Rivers politics is nothing more than a money fight between powerful interests.

“The fight between the current governor of Rivers State and the FCT minister is about sharing money,” Amaechi said, leaving little doubt that the tug-of-war over the state’s riches goes far beyond governance—it is about raw control.

Amaechi’s remarks have fuelled speculation that Ibas may be caught between competing power blocs in Abuja and Port Harcourt, with Rivers’ treasury the ultimate prize.

Back in Rivers, residents are growing restless. Civic groups, opposition lawmakers, and trade unions have begun demanding answers—and warning of mass protests if transparency is not restored.

“This is no longer just about politics,” said Amaka Worlu, a spokesperson for the Rivers Budget Transparency Initiative. “This is about the lives of ordinary people who depend on these funds for healthcare, education, and infrastructure. We demand to know where the money is.”

With the Senate investigation now underway and public pressure mounting, all eyes are on Vice Admiral Ibas. Will he produce the missing reports and account for the billions entrusted to him, or will the probe reveal a deeper rot beneath the surface?

One thing is certain: the days of silence in Rivers are numbered. The floodgates of scrutiny have opened—and the tide may soon turn.