The Special Presidential Investigation Panel for Recovery of Public Property has embarked on the investigation of the Management of Petroleum Equalization Fund.
This decision of the SPIP was sequel to the arrest the Director of Corporate Services, PEF, Goddy Nnadi, over allegations of corrupt enrichment.
Investigation carried out the panel revealed that Nnadi allegedly has over N2 billion in three accounts at Standard Chartered Bank and foreign currencies.
Further investigation by the Panel also discovered 49 companies that pay into his private accounts in Standard Chartered Bank.
The Panel also uncovered Nnadi a owns a multimillion naira hotel in Owerri, Imo State in addition to vast estates in Abuja and other cities.