…as debt profile hits N850 billion
Barely four months to bow out of office, Delta State under the Dr. Ifeanyi Okowa-led Peoples’ Democratic Party (PDP) may have turned into a commercial borrowing state, The Story, can authoritatively report.
It was gathered that Okowa, wrote to the “Rubber stamp” Speaker of the Delta State House of Assembly (DTHA), Sheriff Oborevwori, to borrow the sum of N120 billion from two commercial banks in the State.
Although, details of the letter transmitted to the House by the governor through the Speaker, who is the PDP governorship candidate in the state in the general election, is still sketchy, it was gathered that a N100 billion would be borrowed from Premium Trust Bank, a financial institution allegedly owned by Okowa.
It was learnt that the remaining N20 billion would be borrowed from Fidelity Bank.
Our House of Assembly source, disclosed that the N120 billion was part of the N150 billion earlier approved, from which N30 billion has been accessed from Zenith bank.
Our source alleged thus, “he wants Premium Trust Bank, his own bank to take care of the remaining N120 billion.
“So, the plan is to access the funds now through Premium Trust Bank”, our added.
Corroborating our findings, Fejiro Oliver, Publisher of SecretReporters, posted on his Facebook page, accusing the governor of looting the State through Premium Trust Bank.
Meanwhile, according to Oliver, the debt profile of the State, has risen to N850 billion under Okowa.
According to him, “Few months to leave Government House and the Southern betrayer has positioned his bank, Premium Trust to be a clog on the wheel of progress.
“He is borrowing N100 billion from Premium Trust Bank and N20 billion from Fidelity Bank.
“Where did Premium Trust, a bank of less than one year get N100 billion to give as loan?
This is the deal.
“Okowa looted so much money and looking for every available means to hide it
“He has now given the stolen money to Premium Trust Bank who will in turn pose it as loan to his rudderless Government and the state pay Okowa in the name of Premium Trust loan.
“Premium Trust is the SPV Okowa is using to loot the state, launder stolen public funds
“Whoever campaigns for anything Okowa will have his destiny mortgaged the way he has mortgaged Delta State”, he alleged.
It has been argued in some quarter of the State that Okowa, may borrow up to a trillion naira before the expiration of his tenure in May this year.
Also, the governorship candidate of the Social Democratic Party (SDP), in the State, Olorogun Barr. Kenneth Gbagi, OON, has come hard on the Dr. Ifeanyi Okowa-led administration for plugging the state into more debt without corresponding industries to repay the borrowed money.
Gbagi, an entrepreneurial expert and an economist, warned the state government which many Deltans have nickname “Borrowing master”, to stop borrowing, as the debt profile of the state has currently skyrocketed to N378, 878, 236, 830. 76 billion with Deltans expressing fear that before the end of Okowa administration, he might borrow more money.
Gbagi, the largest private investor in the state, made the call on Friday November 18th 2022, when he addressed Igbudu market Union leaders and traders in Warri south local government area of the state.
The industrialist has accused Okowa of squandering over N4.2 trillion since the inception of his administration in 2015 till date.
Similarly, the governorship candidate of SDP, has warned commercial banks operating in the state to stop further loaning of more monies to the outgoing PDP, government led by Okowa.
He warned the banks not to connive with Okowa, whose administration ends in 2023, against mortgaging the future of the state by incurring additional loans to the already existing one running into billions of naira.
