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MR LOANS: Udom requests another N15billion loan, gets approval from AKHA

udom2The Akwa Ibom State House of Assembly today approved the requests by the state executive to guarantee a contractor’s finance scheme for the dualization of Etinan-Ndon Eyo road as well as secure a facility in the sum of N5billion to enable the government complete ongoing road projects in the state.

In the first of two separate letters addressed to the Speaker of the state assembly, Rt Hon. Barr. Onofiok Luke, and read on the floor of the House by the Clerk of the House, Mrs Mandu Umoren, Governor Udom Emmanuel urged members of the House to “give approval for Akwa Ibom State Government to guarantee a term loan facility of N10Billion to enable the state finance 29km dualization project of Etinan-Ndon Eyo road awarded to Wizchino Engineering Limited.” The governor noted that the “United Bank for Africa (UBA) has agreed to offer the facility to the contractor – Wizchino Engineering Limited at an interest rate of 14.5% p.a within 36 months tenor.”

According to the governor, the dualization of Etinan-Ndon Eyo road is with two bridges and spur from Mbioto Ekpene Ituen to Ikot Akpan Ishiet junction.
The letter stated further that “the facility will offer the State Government the opportunity to make payment in trenches of N344,209,774.43 at most per month to the contracting firm, Wizchino Engineering Limited, instead of making lump sum payment thereby ensuring that the project is completed on time and also freeing funds for other uses on monthly basis.”

The governor invited the lawmakers to consider his request noting that “it will allow the contractors to sustain the current momentum of work and meet critical timelines before the rains set-in heavily.”

The letter also read that the state will benefit immensely if the road is completed on schedule as it will stimulate greater economic activity through speedy movement of goods and services and create new jobs through better access to the farming communities in the state.

Members of the House all spoke in favour of the request by the governor. The Leader of the House and member representing Oruk Anam state constituency in the House, Rt. Hon. Udo Kieran Akpan noted that the requested approval for contractor’s finance scheme is not an outright loan facility. He said:
“This is an arrangement between Akwa Ibom state government and the contractors. What this means is that Akwa Ibom state government has entered into a contractual agreement with the contractor to fast-track the progress of work in Ndon Eyo Etinan road. I have observed that if Akwa Ibom state is to depend on IGR and allocation from federal government to finance this kind of scheme, it means that this job cannot be completed with speed. So what the governor seeks to do is to say let these contractors go to the bank, get this money to do the job and we pay back in installments.”

Also speaking in approval of the request by the governor were Hon Mark Esset of Nsit Atai who said there was no need to deliberate on the issue but to give approval; Hon. David Lawrence of Eket; Hon. Nse Essien of ONNA; Rt. Hon. Friday Iwok of Abak, who pleaded with his colleagues to see reasons to grant the governor’s request, among others.

Both requests by the state chief executive were granted after the Speaker opened the floor for contrary opinions on the request but none spoke.
The Speaker, Rt. Hon. (Barr) Onofiok Luke, commended Governor Udom Emmanuel for always involving the state legislature in contractual matters. He urged respective committees saddled with oversight responsibilities to ensure they are not found wanting with regards to following up on various projects by the state government. He also appealed to contractors handling road projects in the state to be committed to the timely delivery of the projects.

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  1. A crucial meeting of major stakeholders of PDP in Urueoffong/Oruko LGA was held on 31st March,2016 in Oron to discuss the forth coming congresses in the State and other related matters affecting the polity.
            In the attendance were the Chapter Chairman of the party Hon. Okon Asuquo Uya and his entie executives including all the ward chairman,some selected ward executives members.Others were the Political leader of the Local Government Area Rt. Hon.Dr.Esio Oquong Udoh,The Hon.Commissioner for Economic Development – Dr. Emmanuel Ating Onwoiodiokit,the Council Secretary Hon.Elder Bassey Esin Bassey,SAs to the Governor on Project Monitoring,Chief Antigha Isong and Mr.James Abang,Fomer AKHA member -Hon.Okon Bassey,former Chairman of the Council,Hon.Okpoyo Etifit,the PDP woman leader Mrs.Mary Abia Okon,other political stalwarts are Prof.Nkereuwem,Chief Effiong Otu,Mr.Edem Otoro,Mr.Etim Okodi Ukoh,Mrs. Mary Kelvin Otu,and over two hundred others from the ten wards of the L.G.A.
         The following were the resolutions:-
    The Stakeholders in Urueoffong\Oruko L.GA. Key deeply into the Industrilization policy of His Excellency,Deacon Udom Emmanuel Adminstration for AKS particular in the revitalizatiom of Peacock Paints,Qua Steel,Plasto Crown,Quality Ceramics etc.
    The development of Ibaka Deep Sea Port is particular dear to our hearts.we salute our Governor on his plans for Automobile Manufacturing Plant,Metering Campany,Quantum Petrochemical LTD,Fertilizer Plant,Coconut Refinery and Hartchery in Akwa Ibom State.
         A unanimous vote of confidence was passed by all the stakeholders on our political Leader The Rt.Hon.Chief Dr. Esio Oquong Udoh for his Consumate leadership style,his diligence,steadfastness to the course of PDP in AKS, and his general information to the affairs of great party PDP.
    That tradncers/blackmailers who are still in the party but sing the tone of APC when it soots them and are involved in the antiparty activities have been seriously advised to desist from their negatve activities.We know them and the stakejolders would not hesitate to recommend them for sanctions by the Disiplinary committee of the partyin due course if their ways are not retraced for good of our party.
        That the congress committe set up and sworn in should expidite actions in carrying out its assignment with regards to the forth coming comgresses in the L.G.Area.
    – Long live PDP in Urueoffiong/Oruko L.G.Area.
    – Long live Akwa Ibom State PDP
    – Long live thevFederal Republic of Nigeria.
    Sign:

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