Unanswered Questions: Akwa Ibom Government’s Reply To Agricultural Investment Investigation Sparks Concerns

Unanswered Questions: Akwa Ibom Government’s Reply To Agricultural Investment Investigation Sparks ConcernsThe Akwa Ibom State Government has issued a response to the investigative report by TheMail, which raised concerns about questionable ownership and investments in agricultural projects initiated during the administration of former Governor Udom Emmanuel. The investigation, published last Tuesday and supported by the Centre for Investigative Journalism and Innovation (CJID), detailed how the Emmanuel-led government secured a ₦500 million loan for an agricultural company and invested an additional ₦300 million in share capital over a three-year period.....KINDLY READ THE FULL STORY HERE▶

According to the report, these loans were directed toward an investment that has failed to generate income, with ownership benefiting high-ranking government officials, including Emmanuel’s brother and an individual who is not a native of the state. Despite claims in the government’s audited financial statements that the state holds a 100 percent stake in the investment, the investigation casts doubt on the legitimacy of these claims.

Further, the report highlighted the massive financial commitment made to a coconut plantation and refinery project, which, despite billions of naira invested, has not started operations nearly 29 months after its inauguration.

In its response, the Akwa Ibom State Government issued a statement through the Commissioner for Information, Mr. Ini Ememobong, on Wednesday. The government claimed that the shareholders of Dakkada Global Oil Palm Limited, one of the companies involved, held their shares in trust for the state.

“We assure our citizens that those who held these offices and shares did so in trust, due to their official, not private capacity, at that time. The interest of the state in all the companies was and is still very well protected,” the statement read.

The government further explained that it is standard practice to appoint individuals in strategic public offices as directors or shareholders in State-Owned Enterprises (SOEs). These appointments, it said, were made in their official capacities to meet the operational needs of the enterprises, and upon leaving office, these individuals relinquish both their directorships and shareholding responsibilities.

While the government’s response attempts to clarify its position, it leaves many questions unanswered regarding the transparency and accountability of the investments, particularly regarding the involvement of non-indigenes and the lack of returns on state-funded projects.

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