Cross River N40Billion Bond: Obla Heads For Court

In Breaking News, National News, Reports

by crossriverwatch admin

Barrister Obono Obla
Barrister Obono Obla

There are indications that Cross River human rights lawyer and politician, Barrister Obono Obla will soon head to Court to challenge the decision of the Cross River State government to raise a 40Billion Naira Bond to recapitalize its debts.

The Cross River State Bonds Development Law 2014 has generated a deluge of brouhaha since the governor requested the House of Assembly to approve a resolution authorizing the Executive to go ahead and raise the Bond.

The House members themselves under a group called the G17 have asked the Speaker of the State House of Assembly, Mr. Larry Odey and the entire leadership of the House to resign over the matter.

The members accused the House leadership of ‘ambushing’ them, in order words, going ahead to endorse the resolution without informing those members who are not part of the leadership.

The opposition APC has also kicked against the Bond asking the state government to desist from creating problems for the next administration.

But Obla, a human rights activist and lawyer who is also a chieftain of the APC has said that he will challenge the law in Court immediately Courts in Calabar resume from vacation on the 15th of September, 2014.

According to a statement from Barrister Obla, “Certainly the Bonds Development Law of Cross River State, 2014 is inconsistent with the provisions of Section 122 subsections 1,2,3 & 4 of the Constitution of the Federal Republic of Nigeria.

“A legal action shall be instituted as soon as the High Court resume from its annual vacation on Monday, 15th September 2015. The people of the State must vehemently and stoutly resist the attempt by the Government to turn the State into a perpetual debtor on account of reckless borrowing from Banks at astronomical interest rate. Join the campaign to stop Governor Liyel Imoke from borrowing N40 billion from the capital market at the twilight of his tenure.”

According to Obla, “It is feared that the N40 billion would likely be stolen by the corrupt bureaucrats in the public service to finance the forthcoming 2015 general election. Governor Imoke should leave the completion of uncompleted projects to the next administration.

He also warned financial institutions to desist from advancing loans to the state to avoid future litigations.

“Banks and financial institutions are invited to take note and indeed are warned not to grant loans any more to the Government of Cross River State under the guise of the implementation of the Bonds Development otherwise they will be imperiled by unpleasant legal suits.”

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