Dakadda Oil Palm scandal has triggered public debate on the transparency of Akwa Ibom state government. Consequently, some citizens disagree with government’s position on shareholding in SOEs, among others.
Following an alleged corruption involving Gov Umo Eno in the Dakadda Global Oil Palm, an activist has called for his probe.
Eno, according to The Mail newspaper, holds 20 million shares in Dakadda Global Oil Palm Ltd, a state-owned enterprise. That revelation has attracted different reactions from the public, particularly perplexed Akwa Ibom citizens.
Manfred Ekpe Jnr, a renowned activist, in a statement on Wednesday, called on the Akwa Ibom State House of Assembly to immediately investigate the allegations.
“I hereby call on the Akwa Ibom State House of Assembly (AKHA) to commence investigation into the circumstances that led to the governor and other politically exposed persons to purport to hold shares in Dakkada Global Oil in trust for the State Government against the law,” Ekpe Jnr said.
The activist, who has a background in Law, said going by recent events, “the government of Umo Eno is fast sliding into humorous dishonour.”
Activist disagrees with government on Dakadda Oil Palm scandal
He disagrees with the government that individuals can hold shares in trust for the state.
The Commissioner for Information, Barr Ini Ememobong, told Medialord that Eno held the shares in trust for the state. He argued that the governor resigned from Dakadda Global Oil Palm Ltd in 2022.
He said: “The Governor had resigned from all the State Owned Enterprises wherein he held shares in trust for the state government by virtue of his office at that time. The only obligation he owes is to resign from the company, while it is the duty of the company to file and remove his name from the Corporate Affairs Commission.
“So, I can confirm to you that Pastor Umo Eno has no personal interest in any State Owned Enterprise and his inclusion at that time was because of the offices he held. Having left government in 2022, he had resigned from them.”
Medialord also asked whether it was normal practice for individuals to hold shares on trust fur the state. Ememobong answered in affirmative.
“It’s a normal practice to have people hold shares for the state. What this administration has done is to pull all investments under AKICORP, for effective management,” he said.
No legal authority
However, Manfred Ekpe disagrees. He faulted the commissioner for not citing any legal authority to back his assertion.
He said “the Honorable Commissioner fails to tell Akwa Ibomites which law allows individuals like Pastor Umo Eno to use public funds to acquire company shares and hold the same in trust for the government.
“For the avoidance of doubt, let me explain that it is the law that only Government agencies established by law that have the capacity to hold company shares in trust for the government and such governmental agency must be so empowered by the law establishing it.
“In Akwa Ibom State it is the AKWA IBOM STATE INVESTMENT CORPORATION (AKICORP) that is saddled with the function and duty to hold company shares in trust for the Government.
Manfred mentioned one of the statutory functions for the AKICORP under the Law. “…To carry on the business of an investment trust and holding company and control all the investment and securities of the State Government in various companies, Parastatals and other bodies.”
Perhaps as a face-saving measure, the governor has reportedly ordered the relevant authorities to drop names. Specifically, Ememobong mentioned all individuals who held shares in trust for state while in office, since they are no longer in government.
Ememobong told Medialord that Eno has “directed the AG and AKICORP to effect the change in all SOEs. This change affects all those who held shares in trust by reason of office, who have left those offices.”
Manfred wondered who will pay the millions of naira loan obtained by “Udom Emmanuel to fraudulently invest in the said shares for certain politically exposed persons (PEPs) including Umo Bassey Eno who served in that administration.”
IPC and Dakadda Oil Palm Scandal
“To make matter worse, less than half of the loan is reported to have been employed toward buying the shares for these PEPs. What happens to the rest of the loan? Who is to pay this loan?”
Accordig to Ekpe, “In the past few weeks Umo Eno’s Government has been exposed to be corrupt and lacks direction.”
According to Ekpe, Etukudo’s “only sin is that he exposed the missing $80 Million grant to the IPC by the FG. He also exposed the alleged sabotage of electric power supply in the state by Savannah Energy— a company for which politically exposed persons (PEPs) are stakeholders.
“Engr Meyen had also exposed that since 2016 the AKSG have not paid any subvention to IPC despite budgetary allocations,” he recalled. Ekpe said the government was gradually losing its “dignifying grandeur.”
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