On October 31, 2015, governorship candidate of the All Progressives Congress (APC) in Rivers State, Mr. Dakuku Peterside raised the alarm that Governor Ezebunwo Nyesom Wike had gone on a borrowing spree using internally generated revenue (IGR) and excess crude that are yet to accrue to the state as collateral.

Peterside, who was speaking at the formal presentation of the ‘Think Dakuku Project’ in Port Harcourt, the state capital, said, “To tell you that this man does not mean well for our people he has gone on a borrowing spree. In the first 30 days he borrowed N30 billion. Till today we can’t find a justification for that borrowing.

“As if that is not enough on the 9th of September, he wrote a letter to Zenith Bank asking for another N15 billion loan to be backed by excess crude account. Excess crude has not been paid to him; he is borrowing against excess crude that will be paid in future. What this means is that even if in future they share excess crude, Zenith Bank takes their own, he has taken the future of our children.

“The same September 30, he made another letter to Zenith Bank asking for N25billion loan against our internally generated revenue, IGR that he has not collected. That again is another step to mortgage the future of our children. The same Nyesom ran to the CBN through Zenith Bank asking that the loan he took earlier, that N25 billion he took earlier be converted to federal government bond to be paid over a period of 20-30 years. What it means, he will collect the money and spend today and allow us pay in 20 years time.

“In October, he wrote again asking for another N25 billion loan, this one without any form of security, any form of collateral. The banks are refusing and he is insisting. What are they asking for; the approval of the state assembly.”

To back up the allegation of its governorship candidate, the APC recently released photocopies of alleged letters written and signed by Wike, the state commissioner for Finance, Dr. Fred Kpakol, and the accountant-general of the state, Dagogo Abere, to the Governor of Central Bank of Nigeria (CBN) and the Managing Director of Zenith Bank, seeking for N10 billion loan.

Claiming that it got photocopies of the letters from a socio-political group, the Rivers Progressives Forum (RPF), the APC, in a statement by its publicity secretary, Chris Finebone, alleged that the present administration in the state was out to defraud the people of their commonwealth, adding this is not the time for the government to embark on borrowing.

Also, chairman of the party in the state, Dr. Davies Ibiamu Ikanya, warned banks to shun loan requests by the governor, saying that any bank that gave loans to Wike would be working against the interest of the state.

Ikanya, who cautioned that such a bank would be seen as collaborating with Wike to mismanage the economy of the state, said, “Let me warn all the banks not to give Nyesom Wike loans. But if they give him loans that means that they are collaborating with the governor to take money belonging to Rivers people.”

But in a swift reaction, Wike denied the allegation by Peterside and the APC that he was attempting to seek for N10 billion loans from banks for infrastructural development in the state, saying the APC had reversed the loan allegation for the seventh time in two months.

The governor, in a statement by his special assistant on Electronic Media, Simeon Nwakaudu, said, “Rivers State APC has rehashed this false loan allegation for the seventh time in two months. It is simply an attempt to be heard in the face of massive developmental work by Governor Nyesom Ezenwo Wike.

“The Rivers APC and her leaders are merely trying to distract Nigeria’s best performing governor. As always, they will fail once again. Governor Nyesom Ezenwo Wike is committed to the development of Rivers State and will not be drawn into unnecessary politicking when he is seriously engaged in pro-people projects.”

But, few days after it warned banks against granting loans request of Wike, the APC raised another alarm that the Rivers State House of Assembly met at about 6.00 am in the morning and approved a N10 billion loan request for the governor.

The party, in a statement by its publicity secretary, Finebone, said, “According to the source who was also involved in the entire bizarre arrangement, Governor Nyesom Wike met with his cohorts by 5.00 am at the Government House, Port Harcourt where he briefed them on the need to keep away this loan from the prying eyes of Rivers People, after which they moved to the Rivers State House of Assembly (RSHA) Complex to meet with the state assembly men.

“By 6 am, the House members, who were previously notified of the unusual meeting, privately passed a resolution authorising the governor to borrow the sum of N10 billion from a commercial bank (name withheld). A second resolution authorising another N22 billion was also considered.”

The leadership of the State House of Assembly did not hesitate to deny the allegation by the opposition party that it sat at 6.00 am to approve a N10 billion loan for the governor, insisting that sittings are done in line with Order 5 Rule 1 and as well as Order 37 Rule 4 of the House Order.

Addressing newsmen in Port Harcourt, leader of the House, Hon. Martins Chike Amaewhule, however said the latest approval of N10 billion for the governor was on November 12, 2015, insisting that the House conducts its legislative businesses within the ambit of the law.

Amaewhule said, “The issue of loans is something that is known to Rivers people. The government of Chief Ezenwo Wike had approached the Assembly to approve for the state government to borrow and I want to say that the Rivers State House of Assembly follow due process and in tandem with the law and our rules to approve such loans for the government.

“The Rivers State House of Assembly under the watch of Rt Hon Ikuinyi-Owaji Ibani is an Assembly that has decided to do things in line with the law, contrary to what we had when Amaechi was the governor of Rivers State, the Assembly had to sit in Government House and make illicit and unfriendly approvals against Rivers people.

“The Rivers State House of Assembly never sat at 6.00am any time, any day. It is purely the fabrication of Chris Finebone. As the chairman of Rules and Business Committee of the House, the committee is provided for in Order 37 Rule 4 of the Standing Order of the House. We work in tandem with the House and come up with what will come up in the Order paper.

“We have made approvals for the Rivers State government to borrow, the latest approval is N10 billion. But let me quickly say this; even if we put together, the funds approved by the Assembly for the government, it is a paltry sum compared to what the Edo State government just borrowed, approved by the federal government; compared to what the Lagos State borrowed, other states are borrowing.

“The point being made is that on the 12th day of November, 2015, the Assembly reconvened and deliberated on the request from Rivers State governor for the Rivers government to borrow and the House granted that request. That was not the only thing on that day, we also screened caretaker committees for two local governments, Opobo/Nkoro and Khana, which were previously not on the list. We never sat on the 18th day of November.”

To the APC in the state, the governor have to apologise to it and its governorship candidate, Peterside, for all the abuses and curses rained on them when they raised the alarm on plans by Wike to obtain another N10 billion loan.

According to Godstime Orlukwu, secretary, Media and Publicity Committee of the APC, “This is not just propaganda; what is this government doing with all these loans? Do they care about our future? Shouldn’t Governor Wike apologise to Dakuku Adol Peterside, who raised this alarm?

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