The aspirant for a non-existent position in the Governor Godwin Obaseki wobbling Edo state government cabinet, my brother and friend, the disgruntled Edo PDP State Publicity Secretary, Mr Chris Nehikhare does not know anything about the N25 Billion Fixed Rate Senior Guaranteed Series 1 Bond Issuance by River Jamieson SPV Limited (“River Jamieson” or “the Issuer”) under its Bond Issuance Programme in 2020.
Such ignorance was blown open by his lame attempt to respond to a matter he should have closed his ears and eyes to, as he is not in government and may never be, at this pace.
In 2011, a Nigerian newspaper reported that the Edo state government has repaid N7billion of the N25 Billion Bond, approved by the Securities and Exchange Commission (SEC) for it earlier in the year.
The State Governor then, Comrade Adams Oshiomhole disclosed this during an interview by a panel of broadcast journalists aired on the Independent Television (ITV) in Benin City.
My friend, Mr Nehikhare does not and cannot know that the 2020 Bonds were sponsored by the Edo State Government (“the State”) and guaranteed by an Irrevocable Standing Payment Order (“ISPO”) on the State’s revenue issued by the State Ministry of Finance, the proceeds of which financed the 2021 Edo budget.
How will he know that the proceeds from the ISPO was meant to be remitted monthly into a Sinking Fund Account, established, and managed by appointed Bond Trustees duly registered with the Securities and Exchange Commission.
He does not have any idea that this was done for the purpose of meeting all obligations in accordance with the Trust Deed. And if he is so ignorant blinded by his dream cabinet position, he cannot even comprehend that Governor Obaseki said the State’s focus for the bond was on
*strengthening its public institutions,
“facilitating private sector investments,
*improving infrastructure, and *facilitating public education reform which he claimed then, had yield significant benefits.
Yet on these scores, the governor himself has admitted repeatedly that he has failed. Else why will he say he has been laying the foundation for the development of a state for a record 5 years!
I doubt if Mr Nehikhare is aware that Mr Obaseki’s government embarked on the N25billion capital chase to support its hoax,’ infrastructural investments’.
In the light of the above, the only excuse Mr Nehikhare can give for his lame explanation was that: “The N25billion Bond proceeds is in the custody of trustees, in line with regulations”, and that In putting the Bond documentation together (for regulatory approval), benefiting projects and related amounts were identified, all adding up to the N25-billion, and disbursements are made by Trustees directly to relevant entities implementing each project upon certification by independent consultants appointed by the Trustees. This process is not open to influence or manipulation by any individual/entity (let alone EDSG)”. This is bunkum.
He went further to say that, “By the end of (Financial Year) FY2021, N21bn would have been disbursed (by the Trustees) from the N25bn, leaving a balance of N4bn to be disbursed in FY2022”.
Mr Nehikhare from the above confusion, which his party, the PDP thrives in, avers that of the bond, N21billion has been disbursed to the Obaseki-led PDP government. Good. He also said only N4billion is outstanding and will be given to the government in FY2022.
As a party, the APC is asking WHICH are the projects prosecuted with the bond’s proceeds to date. They ought to be in the 2022 budget proposals in a sane clime. This is a valid question.
The APC wants to know the infrastructural investments like roads, hubs, parks etc that are COMPLETED or ONGOING, for which the bond was deployed in 2021. But Nehikhare will not know these.
The APC also wants to know how much has been REPAID of the total N25 billion or the N21 billion allegedly disbursed till date because the bond had a 5-year tenor as Governor Obaseki said himself.
Nehikhare will not know that since the funds from the bond was disbursed as he claims, the government has gone dumb on it. Yet we have precedents.
This is the crux of the matter
