AKWA IBOM GOVT N150 BILLION BOND: GOP CALLS IT FRAUD, MOVES TO SCUTTLE IT
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AKWA IBOM GOVT N150 BILLION BOND: GOP CALLS IT FRAUD, MOVES TO SCUTTLE IT

Uyo : Nigeria | Jan 22, 2012 at 11:43 PM PST
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His Excellency Dr Godswill Akpabio's Declaration For A 2nd Term In Akwa Ibom State 4

3rd January,2012

The Director-General

Securities and Exchange Commission

Headquarters

SEC TOWERS

Garki,Abuja

Dear Madam,

PROPOSED 150 BILLION BOND ISSUE BY AKWA IBOM STATE GOVERNMENT

We are the alternative government in Akwa Ibom State and we represent

a vast majority of the citizens therefrom.It is on their instructions

and behalf that we lodge this protest.

We are constrained by circumstances enumerated hereunder to bring to

your notice certain material non-disclosure on the part of Akwa Ibom

State Government in the information submitted to you in pursuance of

their unpopular decision to issue subject bond through you.

It is axiomatic to reiterate the obvious truism that every transaction

done in the Capital Market must be clothed by uberrime fidei,that is

good faith.This necessarily includes the duty of frank disclosure of

every factor that may debilitate if not totally destroy the substratum

of the transaction.We make bold to inform you that Akwa Ibom State

Government[hereinafter referred to as AKSG] has wilfully concealed

useful information from you even as they hurry to hoodwink you into

this potentially failed transaction.Particulars of this Material

Concealment are as follows.

1.There is a pending pre-election litigation with a very high

probability of flushing Governor Godswill Akpabio and his government

out of office very soon.This is Suit Number FHC/ABJ/CS/365/2011

pending before Honourable Justice Kafarti sitting in Federal High

Court No 2,Abuja.Part of the numerous critical issues involved in this

matter is the very serious allegation of forgery of result of the

Primary election held on January 15th which purportedly produced

Govenor Akpabio as the candidate of PDP.The uncontroverted fact is

that as at the 15th of January,2011,Dr Nwodo had lost the powers to

act as the Chairman of PDP having been restrained by a court

injunction.That is why he could not preside over the PDP National

convention that took place on 13th and could not have possibly signed

a result for Governor Akpabio on the 15th of January 2011.

This case has reached an advanced stage and will be decided very

soon.Its next adjourned date is 30th January.Please find attached

hereto a copy of the Originating Summons filed against Governor

Akpabio in this case for your independent assessment.

2.There is also an equally very potent post election case instituted

by our great party against Governor Akpabio.On the 14th of November

2011,the Supreme Court ruled in our favour and ordered that this case

should be tried on the merit as contradistinguished from pyhrric

technical victories apparently preferred by Governor

Akpabio.Consequent upon the Supreme Court judgement in our favour,the

acting president of Court of Appeal,set up a totally fresh panel of

Judges to hear this case in uyo.The inaugural sitting has been

scheduled for 10th Tof january 2012.Our likely success in this matter

will also oust Governor Akpabio from office.

3.There is yet another case against Governor Akpabio instituted by the

Governorship candidate of Progressive Action Congress,Mr Steve

Ibanga.This is SC/354/2011.This case was recently re-listed by the

Supreme Court and a hearing date will soon be issued.The logo of this

party was excluded by INEC and the potential effect of their success

in court will be the nullification of Governor Akpabio's election.

4.The last but not the least is also another case recently filed yet

again by the PAC Governorship Candidate this time challenging the

disbursement of funds to the unconstitutional transition committees at

the Local Government level.This is in Suit No FHC/CS/1008/2011.The

Accountant -General of the Federation as well as Revenue Mobilisation

and Fiscal Management Commission are parties and injunction against

the debitting of our FAAC proceeds is in issue here.

With this kind of baggage of potentially dangerous litigations,it is

better for to err on the side of caution before mortgaging the future

of Akwa Ibom people at the behest of an outgoing Governor.The timing

of this transaction is suspect.Why was it not done in his first term

where he had security of tenure?Why now?We need hardly add that no

incoming Governor would want to be saddled by this kind of wanton

financial recklessness especially against the backdrop of our

squandered FAAC proceeds as well as IGR.

Finally,based on the foregoing,we respectfully demand that you stop

this process forthwith as a potentially embarrassing situation is best

avioded.

Thank you.

Dr Amadu Attai

Acting State ACN Chairman

Barrister Andem Ndem

State Legal Adviser

PottersNews is based in Uyo, Akwa Ibom, Nigeria, and is a Reporter on Allvoices.
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