29.3.2026
The Rivers State Government has given an insight into how former sole administrator Vice Admiral Ibok-Ete Ibas (rtd) spent more than ₦302 billion during his six-month spell in charge.
This disclosure came to light as part of a lawsuit filed by Socio-Economic Rights and Accountability Project (SERAP), at a Port Harcourt High Court seeking full disclosure of financial expenditure during the emergency rule period between March and August 2025.
The case, marked PHC/4153/CS/2025, is being heard by Justice S.H. Aprioku.
In the filed document before the court, the Rivers State Accountant-General and the Ministry of Budget and Economic Planning stated that “the FAAC allocations received by Rivers state between March and August 2025 was over ₦253 billion [₦253,480,052,907.33]”.
The agencies also attached financial records, including bank statements and budget documents, to support their claims.
According to the filings, the state received additional inflows of about ₦44.87 billion within the same period, bringing the total funds available to nearly ₦298.35 billion. However, total spending exceeded this figure, reaching over ₦302.35 billion.
The documents revealed a breakdown of expenditures across several sectors. A significant portion, over ₦112.41 billion, went into salaries, pensions, and general overhead costs.
Another ₦163.44 billion was allocated to ministries, departments, and agencies, with more than ₦106 billion disbursed in August alone, indicating a heavy concentration of spending within that month.
Further analysis showed that over ₦26 billion was used to service existing loans, while bank charges accounted for about ₦491 million. The records also detailed multiple transfers to the Government House, ranging from small payments in millions to large transactions running into billions. One of the highest single transfers recorded stood at ₦4.27 billion in August.
The government, however, clarified that “₦28 billion was approved for the installation of Closed-Circuit Television (CCTV) at the State House but no expenditure was incurred in respect of the project. Therefore, no document evidencing such expenditure can be provided.”
Reacting to the development, SERAP deputy director Kolawole Oluwadare said the organisation is carefully reviewing the documents submitted. “We are studying the large documents on the spending of the over ₦302 billion [₦302,352,458,523.07] of FAAC allocations and other funds by the Rivers State government between March and August 2025,” he said.
The lawsuit is seeking a legal interpretation of whether SERAP is entitled to access the requested financial records under relevant constitutional provisions and the Freedom of Information Act.
The matter has been adjourned to May 19, 2026, for further hearing.