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When a governor decides to use expected dividend earnings of his State as collateral security for borrowing as in the case of the N9b Zenith Bank loan secured with Rivers State Government expected dividend from Indorama Petrochemical Company, then you can imagine that the people and their offsprings are all in a ONE CHANCE KEKE. More seriously, it should be a warning sign that nothing is left of the people’s inheritance and investment/hope for the future. Eternal BONDAGE has become the people’s ultimate destination.
Why not the usual N10b or N20b? Well, Zenith Bank must have insisted on a 3-year repayment plan being what is remaining of Wike’s term in office calculated at an expected annual dividend of N3b x 3yrs = N9b.
What does this mean? It means that having previously mortgaged federal allocations, RIRS revenues, IGR and now Dividends on investments, all up to 2019, there is nothing more left to mortgage as security for his borrowing madness.
Let me advise Gov. Wike to urgently evaluate and offer the multi-storey Point Block Building built by the governor of Old Rivers State, A. P. Diete-Spiff, Risonpalm Plantation, Government House Port Harcourt, the RSHA Complex [both built by former governor Peter Odili], Obi Wali International Conference Centre built by Rt. Hon. Chibuike Rotimi Amaechi, etc. as collateral for future loans he has planned to obtain. And if he needs more loans, then he can use the entire population of Rivers people as collateral security so that our misery will be complete.
By Chris Finebone
