Oil palm corruption allegations rock Akwa Ibom state, as the governor is listed as a co-owner of an enterprises funded 100 percent by government.
Governor Umo Eno of Akwa Ibom State has denied any involvement in an oil palm corruption scandal. The Mail newspaper investigation links him to Dakadda Global Oil Palm Ltd., a company the government claims is 100% state-owned. However, the investigation reveals that the company is actually controlled by top state politicians and business figures, not the government.
The governor is accused of owning 20 million equity shares in the oil palm plantation. The report suggests that of the entire equity shares, none belongs to the state.
The other percentages are allegedly shared among former government officials and relatives of government functionaries. For instance, former Governor Udom Emmanuel’s brother, Nkanang, reportedly holds 20million shares. So does former secretary to state government, Dr Emmanuel Ekuwem, among others.
Official documents from the Corporate Affairs Commission (CAC) also list Umo Eno as a shareholder, even after he became Governor in 2023.
Eno denies oil palm corruption allegations
Reacting to the allegations, Ini Emeobong, the state’s Commissioner for Information, defended the governor. He told Medialord.ng that Eno resigned from all state-owned enterprises before he became governor.
“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,” said Emeobong. “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.”
He however did not respond to follow up questions. Medialord.ng had asked whether it was normal practice for individuals to hold shares in trust for government. He also did not state if government anticipated any immediate action address the anomaly.
Rather, he said: ” 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.”
Ownership and financial discrepancies
The Mail report revealed that the state government invested millions of naira in Dakadda. However, the money seems to have benefited private individuals rather than the people of Akwa Ibom. The company’s financial statements report no income from the palm oil business, despite palm fruit being regularly harvested and sold.
The state’s financial records show discrepancies. Between 2021 and 2023, the state government invested N300 million in Dakadda Global Oil Palm Ltd. However, these funds were not accounted for as part of the state’s income from the investment. Instead, the money appears to have been used to enrich individuals tied to the government.
In addition to the N300 million, the government took a N500 million loan in 2021 for the project. This loan, however, was allegedly used for private interests. Observers say the retention of Gov Eno as a shareholder, even after he became Governor in 2023, is curious. His inclusion as a shareholder contradicts the state’s claim of full ownership.
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