By Archibong Jeremiah
The Cross River State Governor has approved the withdrawal of N250million each from 18 LGA accounts for equity investment in Cali Air.
The HOLGAs signed the release of the money totaling to 4.5 billion naira only from their capital votes.
Transfer is to commence from LGA accounts to begin tomorrow (Friday).
More details later.
See the letter below as obtained by our newsroom.
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3 commentsOn Cali Air: Ayade Approves Withdrawal Of N250million Each From 18 LGA Accounts For Equity Investment
How does this investment benefit the central and northern parts of Cross River state comprising the following LGAs: Bekwarra, Obanliku, Obudu, Ogoja, Yala, Abi, Boki, Etung, Ikom, Obubra, and Yakurr?
Why is it that ONLY Akamkpa and Calabar Municipal LGAs in the southern CRS signed the letter that the northern LGAs are being forced to pay N1,250,000,000 or 27.78% of the cost of the investment and the central is to pay N1,500,000,000 or 33.33%. Collectively, the north and central of CRS are being forced to pay N2,750,000,000 or 61.11% of the cost!
Which LGA “own” the investment? How will employment be carried out? ETC. There are too many unanswered questions regarding this very ill-conceived investment. This is not the right time for this type of investment. You cannot use other people’s money that they can hardly afford to part with for this investment.
Our self-important governor is heading in the wrong direction of governance and development.
Please STOP, GOVERNOR! LISTEN TO THE PEOPLE WHO ELECTED YOU!
This is why there will be no progress in this state. The government (such as Ayade’s) embark on a non viable, unsustainable, utterly nonsense projects that the subsequent administration will abandon leaving investors at a loss.
Why is this government no involving the private sector in the capital projects? The answer is simple: these projects are not viable and unsustainable so the private sector will never invest on them! Most, if not all of the capital projects, have not undergone economic studies; the benefit-cost ratios and payback periods are undetermined; etc.
This is what happens when inexperienced people and non technocrats are entrusted with running an organization like the state.
This is rubbish. Why is the LGAs of Akamkpa and Calabar not the ONLY ones investing in the airline since they are the only benefactors and signatories to the investment?
Cross Riverians must be ASHAMED at this government for running the state into the mud.
Where is the economic study that a prudent investor would conduct for such an investment?
Where are our barristers? Why are you guys not filing suits against this government?
Ayade has FAILED Tinapa and he want to start an airline? He cannot even start the construction of highway from Calabar to Bekwarra that he promised over four years ago and he want to buy airline?
The truth is that Ayade and his crooks are looking for opportunities to steal money as their tenure is nearing an end. He also want to justify the construction of airport at Obudu so that he can fly from Calabar to Obudu since he CANNOT construct highway.
Give the LGAs the option of whether or not they want to invest in the airline.