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Wednesday, 5 August 2015

AKSG Owes Diamond Bank N5.8 Billion … Ibom Power Plant As Collateral

Akwa Ibom State Government tops list of debtors at Diamond Bank PLC. The State Government is one of the 173 bad debtors owing the bank over N 1trillion.

AKSG Owes Diamond Bank N5.8 Billion … Ibom Power Plant As Collateral
Akwa Ibom State Government is owing the bank N5,816,628, 605.08 (Five billion, Eight Hundred and Sixteen Million, Six Hundred and Twenty-Eight Thousand, Six Hundred and Five Naira, Eight Kobo).

According to the report from the bank made available to THE SERMON, the loan was obtained by the Godswill Akpabio administration through the Akwa Ibom Government Investment and Industrial Promotion Council, using the Account Name “Ibom Power Company Limited”.

The loan which was a short term loan was due for repayment on May 1, 2010.
Inside source confirmed to our reporter that the loan was obtained on March 1, 2009.

It can be recalled that the State Government has since changed the name of the agency it used to obtain the loan. The agency is currently known as Akwa Ibom Investment Corporation, AKICORP, headed by Chief Senas Ukpanah.
Our reporter gathered that the loan was obtained under Eno Umoren as the Director of the investment council.

Our investigation revealed that the Akpabio’s administration has several times used Eno Umoren to facilitate different facilities from banks.

However a management staff at the Ibom Power Plant has denied an earlier claim made by the Akpabio’s administration that the facility was used for equipment upgrade at the plant.

A member of the fourth Assembly who spoke to THE SERMON said he was not aware that the former State Executive Council had informed the House of Assembly about its plan to obtain such loan.
Diamond bank on Tuesday August 4, 2015 published a list “naming and shaming” Akwa Ibom State and other debtors.

Culled from Sermon Newspaper