[size=15pt]Okorocha to terminate N18b Imo bond deal, embarks on reforms[/size]

Wednesday, 06 July 2011 00:00 From Charles Ogugbuaja News - National






CITING heavy interest rate, Governor Rochas Okorocha has disclosed plan by his government to terminate the agreement on an N18 billion bond secured from financial institutions by the immediate past administration of Ikedi Ohakim.

Ohakim secured the bond a few years ago for the construction of Oguta Motel and Conference Centre.

The governor approved implementation of the N18,000 minimum wage for workers in the state, saying that it is still not sufficient given the high cost of living in the country.

Briefing journalists at the Government House Owerri, Okorocha expre-ssed regret that the past administration allegedly subjected the state to the bond, leading to government paying N1.6 billion yearly as interest.    .

According to him, about N13 billion is remaining from the bond whereas not much has taken place on the site.

“We have a problem with that. We asked the bond people to take it. This is to save Imo from paying N1.6 billion yearly”, the governor said.

The 10,000 jobs offered by the immediate past administration, he said, have been suspended and are undergoing review because there were no 10,000 job vacancies in the state, stressing that the last government used it as a political tool. He said that after review, those who merited it would be engaged in proper in areas of need.

Also not satisfied that the state government injected N430 million for renovation of the Imo Concorde Hotel, Owerri and leased it to a Lebanese firm, Rhas Construction Company, about eight years ago, Okorocha announced the sack of the company from handling the leased agreement.

On the industrial layout located on the outskirts of Owerri (Onitsha Road), the governor said he was not satisfied with what some industrialists are doing there and has, therefore, revoked the plots of land in the area.

Also, the governor announced compulsory leave with pay for all the executive secretaries of education in order to make way for reforms in the education sector, including full implementation of the free education programme of his administration.

In carrying all those sweeping decisions, Okorocha said he followed the laid down legal procedures.

According to him, a judicial panel has been set up by his government on all abandoned and on-going projects.

“Judicial panel has been set up for all projects, on-going and abandoned, in Imo. It is not to witch-hunt anybody”, he said.

The governor expressed dissatisfaction with the performance of about 13,000 teachers and 3,000 workers of the State Basic Education Board (SUBEB), which he said, has led to lack of progress and dilapidation of primary and secondary schools’ structures.

According to Okorocha, N100 million would be received by each of the 27 local councils every month for maintenance of the buildings and provision of equipment for the schools.

He said the permanent secretaries, House of Representatives and House of Assembly members and government appointees from the areas would jointly manage the funds.

He said there were problems with four institutions in the state: Imo State Oil Producing Areas Development Commission (ISOPADEC), SUBEB, Imo Transport Company (ITC) and the Imo State Independent Electoral Commission (ISIEC), promising that his government would tackle the challenges.


http://www.guardiannewsngr.com/index.php?option=com_content&view=article&id=53506:okorocha-to-terminate-n18b-imo-bond-deal-embarks-on-reforms&catid=1:national&Itemid=559

Smart business man as well!   

I wonder how much the cancellation fee will be.

Okorocha should be known as the reformer.

I don't have much to say but I pray God guides you.
Every decision has been good.

In 3 months he has achieved what took Fashola 4 years.

Presido in waiting a'nam ekele oh!!!

ZnO:

In 3 months he has achieved what took Fashola 4 years.

Presido in waiting a'nam ekele oh!!!

Let us not start my brother. We do not want the thread derailers on this thread.

It's ery difficult to disagree with a people's-man, but sincerely what is the sense in sacking Rhas construction managing Concord hotel?

For they -Rhas has done extremely well.
They hv establish an enviable track record in that hotel in just over 10 years . From udenwa.

On the industrial estate, so becos u re not satisfied with what "them" Industrialist are doing, you decide to revoke?
No warning?
No ultimatum?
No doubt most applied for plots since the are given out for free and simply fence n shikina colonise the land.
Yet, it could hv been more judicious to give an ultimatum first before revoking.

So governor, what will happen to the ogutta lake n wonder ? He said little has been done indicating something was actual in the works. Sincere everybody agrees that the project is Indeed a laudable one, with ability to pay itself off in a few years,

So rochas nipping it in the bud is that the best possible action?

This guy is sure to out do Fashola even with the meagre resourses going to his state. At this rate, this generation is sure to witness nigeria take its place in the world economy, imagine this guy as president, what will already be happening by now.