The Chairman of the commission, Justice George Omereji, at the inaugural sitting, said the commission would be fair to all and allayed fears that it was on a witch-hunt.
He also said the commission would stick to its terms of reference.
While interrogating officials of the ministries of agriculture, and commerce and industry based on the memos they submitted to the commission, the counsel to the commission, Dr. Zaccheus Adangor, said the N4billion CBN loan meant to help develop agriculture in the state was shared among 380 mother cooperatives.
The cooperatives had chairmen of the various local government councils as their presidents.
Adangor said Amaechi on January 25, 2015, approved that N3 billion of the CBN loans be converted to grants and disbursed based on a memorandum mounted to the governor by then Commissioner for Agriculture, Emma Chinda.
He disclosed that though 38 of the cooperatives did not have official documentation with the state ministry of commerce and industry, they benefitted from the loans which was converted to grants and disbursed without supervision.
According to him, the grants were disbursed to the local government council chairmen to prosecute the 2015 presidential election and not for the development of agriculture as stipulated by the CBN.
Adangor stated that the memo submitted to the commission by the permanent secretaries revealed that Asari Toru cooperative society which has former Asari Toru council chairman, Mr. Flag Ojukaye Amachree, as its president was given N54.85 million as grant, while the Chairman of Ogba/Egbema/Ndoni council, Augustine Ahiamadu, on behalf of Ogba/Egbema/Ndoni cooperatives received N64.3 million.
Others, according to him, include the Port Harcourt cooperative society which had the former Port Harcourt city local government chairman, Nnamdi Uche, as its president, received N134.625 million and Omuda Integrated fishing cooperatives, whose president was identified as the then chairman of Ogu/Bolo, Mr. Mina Tende, received N32.175 million.
Former Khana Chairman, Mr. Derick Mene, on behalf of Meni cooperative society, received N70.373 million, while Ahoada cooperative society, with former Ahoada East Local Government Council Chairman, Mr. Cassidy Ikegbidi, as its president, received N39.325 million.
Addressing the commission, the permanent secretary in the ministry of agriculture, Mrs. Tari Okoye, said she did not visit any of the beneficiaries to ascertain if the funds were deployed for the purpose and intent of the scheme because the commissioner had authorised a committee presided over by a director in the ministry, Mr. Grant Amadi, to oversee the disbursement.
Testifying before the Commission, the Director of Planning, Research and Statistics in the Ministry of Agriculture, Mr. Grant Amadi, who served as the chairman of the Agriculture Credit Committee, said the committee had no terms of reference and all decisions of those who benefitted from the disbursement were taken by the former state Commissioner for Agriculture, Mr. Emma Chinda.
Amadi said Chinda merely sent him the list of beneficiaries with the specific directive to instruct the banks to pay expeditiously to the benefiting cooperative societies.
By Ernest Chinwo in Port Harcourt