₦airaland Forum

http://www.punchng.com/news/aibom-owes-banks-n64-5bn-commissioner/?switch_display=mobile

A’ibom Owes Banks N64.5bn – Finance Commissioner



The Akwa Ibom State government has admitted owing commercial banks N64.5bn.

The Commissioner of Finance, Mr. Akan Okon, who disclosed this in Uyo, on Tuesday, spoke on the desirability of converting the state’s debt to Federal Government bonds.

The disclosure by the government came on the heels of criticisms by civil rights groups and the All Progressives Congress, which asked Governor Udom Emmanuel to make public the state’s debt profile.

Okon stated that Akwa Ibom was only taking advantage of the window of opportunity the Federal Government has offered to convert the N64.5bn debt owed commercial banks to bonds.

According to Okon, the governor, being a finance expert, has adopted the financial engineering method to “free more funds to finance development and other basic services for the state.”

He said, “Whereas Akwa Ibom State was paying N3.6bn monthly to service her loans – going by the short term instruments of such loans – the Federal Government’s bond with long term financing will reduce the payment to a mere N300m a month.

“This will free about N3bn for developmental projects. We wrote to Akwa Ibom Assembly to seek approval.

“This is one of the requirements from the Debt Management Office for the state to enjoy the approval of benefitting from the FG’s bond facility,” he said.

Okon stated that the repayment of the debt would last 20 years, adding that the debt will not choke the state..

He dismissed the rumours that, Akwa Ibom State government had barred other commercial banks from operating government accounts.

The Commissioner for Information and Communications, Mr. Aniekan Umanah, who also briefed the press, reiterated Emmanuel’s commitment to consolidate the developmental strides in the state by completing ongoing projects.

Copyright PUNCH


http://www.punchng.com/news/aibom-owes-banks-n64-5bn-commissioner/?switch_display=mobile

Some id1ots instead of supporting the President on his fight against the petroleum cabals will still come here to yarn dust.

You guys will earn the failure you are wishing for the current administration. While those wishing the current administration success will reap the fruit thereof.

WailingWailer00:
[s]This one na epistle o, what's wrong with creating employment Buhari na Monkey[/s]

Nothing wrong. But if the employment did not follow due process, a lot will be wrong with it as genuine candidates will be denied employment.

Your highly qualified cousin or relative may even be affected.

Let us all support things been done the right way with openness, fairness and equity.

Due to the botched 1st NIS recruitment, some cabals used the 2nd more quiet recruitment to perpetrate some under dealings.

domack99:
Forwarded the document to you as requested. let know if you receive it

Bros how now? Hope you have not forgotten me as regards this same document. I also urgently need it. Kindly assist.

Gliding:
Interestingly, some of the people that were shortchanged will willingly die for these people.

There is need for research in this area.

Me i'm also seriously confused oh. Me I have already started the research.

And one of my findings is that a lot of people went through serious trauma during the electioneering period. And those on the loosing side even had severe trauma which has resulted in them loosing their sense of reasoning.

Their confident support for GEJ never entertained the thought that he could be defeated, they never considered it possible. His loss gave them a serious trauma.

This trauma has made them to lose responsible sense of reasoning.


Therefore no matter the evidence you bring to show that indeed GEJ looted the country dry and only few benefited from his governance, they will never believe you. Infact they will even abuse you and threaten violence.

It's not their fault, they are still in a trauma, they are in a semi-insane state.

I fully support you sir on this re-building. May God give you strength, wisdom and fortitude.

hinwazaka:
Does that pic look like a pic of Sambo in 2008 or 2010. Also that is the seat of the president in the situation room

Your situation is an hopeless one. So it is now situation room abi? lol Why not show us a picture of Jonathan in this situation room. Or is it only Sambo that used the situation room?

Does that pic look like a pic of Sambo in 2008 or 2010.

I said it can either be when he was a governor or Vice president. Note 'or'

criminalmindz:
Why is that everytime this dullard sacks and appoint the news doesn't contain the name of the predecessor or the sacked person. Northern agenda is for real

Chai, see assertion. So it is Buhari that should teach the newspapers how to write now? it is the duty of the media to inform us appropriately Dcriminalmindz. If they want to do their work well, they are even supposed to give a short brief on when the predecessor came on board and the achievements before giving us the profile of the incoming guy and when he is to resume.

hinwazaka:
You are really funny. Did NOI attend a NEC meeting or not. So perm secs can be at the meeting without the finance minister present. You are an embarrassment.

This guy stop embarrassing yourself and showing your ignorance on public fora. If you dont know or you made a mistake its no big deal. But trying to play smart with your ignorance smacks of nothing but stupidity.

Here is your earlier post insinuating that a NEC meeting without the Minister for finance amounts to nothing.

hinwazaka:
A NEC meeting without a finance minister or a petroleum minister in attendance. This guys love to play to the gallery

When I countered you that the Minister of Finance/Petroleum is not even a member of NEC, you were now forming smart and asking if she has never attended the meeting or not, as if that was the premise our discussion was earlier based on. Before I engaged you, I thought I was even engaging an intelligent and reasonable person.

hinwazaka:
So, according to you NOI never attended a NEC meeting. You are ignorant

Now imagine the latest trash you are talking about Permanent Secretaries. Does it relate to your initial post I quoted above?? Are you sure you are in a right frame of mind?? You better cool down, and not allow hatred of PMB turn you into a schizophrenic, that is if you are not even one already.

hinwazaka:
Is that the seat of the president or not. Why are you dilly dallying with your answer. Of all the APC commentators you are the dumbest. You think you know, but you know absolutely nothing. "Is that the seat of the Kaduna govenor": is that supposed to be a rhetorical question or what. Please use your brain

you are definitely a person with low IQ. How is the seat shown of Sambo same with that of the President. Chai this guy, use the brain God has given you! Check the pictures of Ex President Jonathan's seat that I just uploaded.

Osezua:
There you have it.

You must be a big fraudster!!! Why are you comparing the Seat you claimed was used by Sambo with the present seat of Buhari (Because it looks similar from a distance?? And you brain did not even tell you that its possible the seat has been replaced when PMB came on board). You are supposed to compare it with Jonathan's seat. If you do that, you'll realize that the shade is different!

from the pictures I attach, I hope you can clearly see the difference btw GEJ's seat and that one Sambo was sitting on.

Sambo as the governor of Kaduna state can also sit on a chair emblazoned by the Nigeria coat of arms. And equally as a Vice President he can also sit on a seat emblazoned by the Coat of arms, but it will bear: "Vice President". That can be the case in the picture you posted, but luckily for your clever self, his body blocked that part on the chair.


I hope you can also see clearly that something was written around the coat of arms on the Chair Sambo was sitting on, whereas, all the pictures showing the chair Ex President Jonathan was sitting on had nothing written on it except that the coat of Arms was surrounded by stars.

Please stop forming smart, you have been busted.

Osezua:
How about this?

That can be the seat of either the Kaduna state Governor or the Vice President.

Both can also use the coat of arms.

Moreover, why are u comparing the seat Sambo is sitting on and that of Buhari?

You are supposed to compare it with that of Jonathan.

If you compare the seat of Ex president Jonathan with this one Sambo is siting on, you'll see that the shade is different. The one Sambo is siting on is darker.

hinwazaka:
So, according to you NOI never attended a NEC meeting. You are ignorant

Are u this dull?? I said they are not members! I didn't say they have never attended any of their meetings. Is that so hard for u to comprehend and differentiate?

They can be summoned by the Council to give account of one issue or the other.

hinwazaka:
Actually in the stead of the president when absent, the VP acts as the president. The office of the president is what matters, not the man occupying the office. So, you are wrong. If the president is not in attendance, then the VP should occupy the seat. But from the pic, I believe, the pic shows them all standing as a mark of respect, as the president makes his entrance.

Why do you guys behave like illiterates? According to the constitution the VP Chairs the NEC and not the president. So for your information, it is not because the president is not around that is making the VP to chair the meeting. That is his constitutional role.

Similarly the President Chairs the National Defence and Security council and the Council of state.

Even if the president is not around, the VP cannot use the seat of the president until pronounced Acting President.

Throughout the time Yar'dua was away, Jona could not use his seat. it was only when he was declared the Acting President by the National Assembly that he went to the seat to sit. Going to sit on the seat of the president without being pronounced as Acting President can earn you a bullet.

hinwazaka:
A NEC meeting without a finance minister or a petroleum minister in attendance. This guys love to play to the gallery

The Petroleum minister and the Finance minister according to the constituion are not members of the National Economic Council.

OZAOEKPE:
PMB, why the discrimination, look at the second pic, why is that main seat empty, during jonathan era, sambo was allowed to sit there when his "oga" was not around. But our houseboy VP is being denied that right.

you can lie oh, which day you see Sambo on the seat of the President? Show us some pix pls.

kenny987:
I SEEK CLARITY, FROM ALL PATRIOTIC NIGERIANS PLEASE:

And oh, if the only response you can think of is 'Leave d president alone to do his work', this post is NOT meant for you.

"Have u read read the AMCON Act of 2010? To what extent did the appointment of new AMCON MD & EDs yesterday fulfil the requirements of the law? S.10(1) of the Act provides for a chairman who shall be appointed on recommendation of the Federal Ministry of Finance in consultation with the Minister. There is no Minister yet so...

The law says the Managing Director shall be "nominated" by the Central Bank of Nigeria. S. 10(1). 3 Executive Directors to be "nominated by the CBN on consultation with the Minister". Again there is no Minister, so how could this have been fulfilled? 5 other non-executive Directors - 2 nominated by the Ministry of Finance; 2 by the CBN and 1 by NDIC. Did anyone bother to look at the law? Was there any recommendation, nomination or consultation?"

A friend raised this query on Facebook and I believe forumites will be interested.

Was the new MD named in Acting capacity or as a substantive MD?

opeaceo:
Haaan, the problem started when it was sold to transcorp, that company grounded Nitel, and that period, most of their workers were laid off, something went wrong, and it would be proper if he starts the probe from the beginning.

At the time Nitel was sold to natcom, the buildings and equipments were deteriorated, hence the low price at which it was sold.

Sincerely, sentiments asides probing it's sale to Transcorp doesn't make sense and won't achieve anything. The previous govt before taking over Nitel again should have done that. It will amount to a gross abuse of process for this current govt to start probing Transcorp for d purchase of a company that has already been taken back from them years back. Your suggestions is just trying to put unnecessary yoke of the past administration borne out of inefficiency on the current one.

If there is a reason to believe the company was purposely undervalued in order to sell it to the cronies of GEJ last year, then there should be a probe and if the case is established, the company should be made to pay more or the sale revoked if they refuse to pay more.

I'll support tht the company should be made to pay more as I know they have already employed a good number of Nigerians and won't want them to be out of jobs so soon.

It's no big deal. Late Yar'dua also probed the sale of refineries to Dangote, his kinsman by Obasanjo and revoked the sale when it was established that the sale did not follow due process.

Let's not be sentimental with everything.

opeaceo:
Nitel was sold 3 times to 3 different companies, twice under Obasanjo's regime and the last one under GEJ's. The corruption started under Obj when he privatised it.

If it was sold under Obj, and it was sold again under GEJ what does tht imply?? Does it not mean the its sales under Obj was revoked?? Or can the FG resell a property that is not their own again?

So if the sale under Obj has earlier been revoked, so what is there to probe there again??

What they should probe is its last sale under GEJ as it was highly undervalued. And moreso since the sale under Obj has already been revoked.

I'm disappointed. Some people come to nairaland everyday and are still not conversant with happenings.

It was GEJ that sold Nitel to Tunde Ayeni. The same man that donated 2billion naira towards GEJ'S reelection. This same man that also bought Ibadan electricity distribution company.

The man is also the chairman of Skye bank.

The name of the consortium which he is a major shareholder is NATCOM. They are presently recruiting, so i'll advise some Nairaland peeps looking for work to browse their contact and send in their applications.

PhockPhockMan:
No vex, I'm only celebrating APC's stupidity.

They are not stupid. They just tried to play smart and the judge was alert enough to restrict them.

In confrontations, you that call the party stup1d will always end up as the stup1d one.

There is nothing here na. Phockphockman why u dey celebrate nothing? Why are u been manipulative with the headline to fool some semi-illiterate here who does not read full reports?

The court had earlier granted APC permission to examine the materials. They just tried to push their luck further by requesting that all the materials used for the election should be transferred to Abuja.

This seems unreasonable to me anyways. Why should all the materials used for election be transferred all the way to Abuja?? A lot can happen to the materials in transit.

What they the APC need, is to emphasise that the judgement granting them permission to examine the materials be enforced to the letter. Since they are the party at the centre, it will be easy for them to get enough security to go to Rivers with their forensic experts to examine these materials. Eventhough I support APC on this case, this request to me is frivolous.

seXytOhbAd:
This is the issue I have with Nigeria. The NDLEA is responsible for Just drugs. Just Drugs, yet they are going after a BDC staff for simply having 48mill cash on him. Is it any of their business? Once he identified himself as a BDC agent. He should have been reported to the EFCC and let go, but not detained. Thats how cases pile up #fuckthendlea

Did u read the news at all?? That is exactly what they said they'll do. They said they'll hand over the case to the EFCC. The only difference in what u said is that they can't just release him like that until he has been fully investigated by the EFCC. There is no modern country in the world where transit of such huge cash will not attract the interest of law enforcement agencies.

Infact Drug law enforcement agencies the world over are particularly interested in the movement of large sums of money in cash as most of them are somehow interrelated to the drug trade. Most drug dealers avoid d banks in their transactions.

For your information, there is what is called inter-agency cooperation. Nothing stops customs from arresting criminals transporting narcotics and handing them over to NDLEA. Nothing stops customs from arresting car snatchers if they are within the area and handing them over to the police. Nothing stops police from arresting makers of unlicensed drugs and handing them over to NAFDAC for persecution.

The benefits of the cashless policy and the BVN scheme is just starting to yield it's benefits as many criminals will be caught with large cash. Interesting times are sure ahead.

Sunnycliff:
Must this refineries be smashed ? Why not empower them for local production for domestic use while the big refineries should be for exports!!! This is how to encourage indigenous technology

Who told u these guys are ready to pay for crude? Are ready to register company and pay tax, are ready to abide by environmental laws, are ready to employ and abide by labour laws, are ready to compensate appropriately those injured or killed in their operations, are ready play by the rules which govern a civil society!


They are not ready to do business the right way. Simple. And they therefore cannot be allowed to pose a threat to other worthy investors that employs a lot of people, and cannot be allowed to destroy the environment because they are the ones that will come around later to cry foul, and they definitely cannot be allowed to risk the lives of people by their crude and illegal operations.

But asides all these, the federal govt needs to urgently do a lot to mop up all the idle hands that will be created by this their crackdown, otherwise there will be a serious surge in Armed robbery and brigandage.

Total don enter am.

Lalasticlala come and see breaking news.

Coldfeet:
5months exclusive and then I introduce formula.

you tried, nice. Although I'm encouraging some ladies around me to try and do 6 months as they are thinking of introducing formula after 4 months.

Coldfeet:
Not applicable to all women! I was very big before marriage a size 18! But came down to a size 12 after 4 years and 2 more kids!


I am one of those unlucky women who get serious morning sickness during pregnancy and lose weight due to lack of appetite and constant vomiting, i also do exclusive bwest feeding which contributed to more weight lose

and the s£x! Was another factor, constant bedmatics contributes to weight lose! That's the only form of exercise i engage in and i love it.

Pls for how many months were u able to do exclusive?

CreampieAngela:

Is that u on your profile?

owobokiri:
How about if the person wakes up say 4 hours later? You know that is possible. . We have read stories of supposedly 'dead' people waking up hours after being deposited at the mogue. .

Well their graves are shallow and not deep, God who allowed the person to come back will give the strength to dig out.

knostbrown01:
Buhari is a scam...Femi Aribisala told me , i never hear

Femi Aribisala it's been long I heard from that man. Thank God PMB won. The man was utterly shamed and has remained low since.

PMB'S victory humbling people since...

bright007:
Buhari's plan is to northernize all major public offices in Nigeria and ultimately islamize Nigeria.




Hope the Duara paparrazi cattle rearer has his ministerial list ready because September is around the corner

Keep quiet jor. Was it not GEJ that appointed that Lamido guy about few weeks to the end of his administration? Or was GEJ also on the mission to Northernize Nigeria?