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Turmoil In APICO AS MD Calls For Restructuring To Cover Alleged Fraudulent Activities

Since his arrival in Akwa Ibom property and investment company limited, Uyo (APICO) on December 11, 2019, the government appointed MD/CEO has been held bent on acquiring unprecedented wealth at the detriment of the company according to reliable sources.


To resist attempt by other management and staff to stop his unethical practices according to our findings, he called for restructuring of the company by the state government, believing that he will be given the free hand to send away his perceived enemies and opponents of his practices.


Our correspondents have also noticed UDONFANG CAMPAIGN NETWORK BUSES back on the roads indicative of activating his political aspiration for Abak Federal Constituency position in 2023. We also gathered that during this period under review, He has acquired land and develop for the numbers self-contained. One bedroom housing units as his personal estate at Obio akpa, Oruk Anam LGA.


Acquiring of four bedroom bungalow off Nkemba Street, Uyo among others.
He is operating a one man management system of administration without observing due process and administrative procedures e.g overriding known conditions of service especially in staff management and human resource control like arbitrary suspension of staff from work without due process and using foul and abusive language on staff.
Abusive withdrawal of funds in the company’s coffers like drawing money for four domestic staff when this has been provided for in his monthly salary as domestic servants.


Re-painting of APICO Investment House external walls at highly inflated cost without due process as at December, 2020.
Changing furniture in MD’s office at 5 million naira when a head of Department did not even have a table to work from.
Engagement and payment of external driver while deploying government employed drivers in APICO to scouting on the estate.
Other fraudulent activities committed by the MD/CEO includes the following:

(A) The MD/CEO of APICO Barr. Patrick Udonfang withdrew the sum of 3 million only, for budget defense at Akwa Ibom State House of Assembly as follows; 16/11/2020 he withdrew 1 million, On 17/11/2020 he withdrew 500,000 and later withdrew the balance of 1.5 million.
On 25/2/2021 , there was a board meeting of the 9th board of APICO and the company secretary process and disbursed the sum of over six hundred thousand which is the statutory amount meant for the meeting accordingly. But, the MD/CEO in his usual unethical and fraudulent manner raised a memo on the same subject matter and withdraw the sum of 1 million naira for himself after receiving his share from the statutory disbursement for the board setting.

(B) The MD/CEO withdrew the sum of 4 million naira for the year 2020 rent allowance for himself despite receiving same in his monthly salary from the state government.

(C) The MD/CEO on the 22/06/2020 withdrew the sum of 5 million from the company’s account for himself s furniture allowance but refused to medical allowances of three tranches to about one hundred and thirty seven (137) staff.
On the 02/09/2020 and 07/10/2020 the MD/CEO withdrew for himself the sum of 695,000 respectively, totaling 390,000 for his trip to Abia State to attend the PDP screening appeal panel which was held on the 22nd to 25th March, 2020. However, we are reliably informed that the said trip was duly funded by the party (PDP).

(D) The MD/CEO withdrew the sum of 1.5 million for himself claiming that it is for the purpose of restructuring.

(E) The MD/CEO withdrew from the Company’s account the sum of 200,000 monthly for his police escorts.

(F) The MD/CEO in his unethical and fraudulent manner awarded a contract for the painting of the external walls of APICO investment house and its fence to the tone of seven million two hundred and twenty five thousand naira only, to his personal company (MFA-PAT) Nig. Company located at No.44 Ekemba Lane, Uyo, Aks.

(G) On 21/09/2020 MD/CEO fraudulently withdrew for himself the sum of 2 million naira only, as honorarium to Government Protocols, Special Aides, Security, Elder statesmen and other anniversary incidentals for the 33rd Akwa Ibom State Anniversary Celebration.
On the 26/10/2020 the MD/CEO fraudulently withdrew from the company’s coffers the sum of 340,000 for an award conferred on him by African Students Union Parliament on the 09/10/2020.



(H) The MD/CEO on 17/12/2020 withdrew the sum of six million five hundred and fifty thousand naira only, as funds for Christmas celebration in which two hundred million two hundred and fifty five thousand naira only, was used for procurement of rice for about 140 staff while 4,250,000 he claimed was used to procure hampers, gift items and honorarium for ;
a. Board Members
b. Government Officials
c. Elder Statesmen
d. Party Stakeholders
e. VIPs

However, his fraudulent and unethical acts has made him unable to remit revenue generated by the Company into Government Internal Generated Revenue (IGR) account.


In view of the above, the State Government and EFCC by way of prompt action should investigate this unethical and fraudulent practices by the MD/CEO of APICO which necessitated his call for the restructuring of APICO to cover up his fraudulent and unethical act in the company while making sure that henceforth revenue generated by APICO is remitted into Government account.

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