AKWA SAVINGS AND LOANS LTD AT THE THRESHOLD OF TOTAL COLLAPSE AND GOVERNOR UDOM EMMANUEL’S INDUSTRIALIZATION PROGRAM

It is a universally acknowledge truth that industrialization is successful where there is a strong financial institution.

Unfortunately, the reverse is the case in Akwa Ibom State as our Governor Udom Emmanuel is very busy with his industrialization program when our state government owned bank, Akwa Savings and Loans Ltd is at the threshold of total collapse.

Akwa Savings and Loans Ltd has a very low capital base and the bank is burdened with high profile debts from politicians who are very close friends with the governor and other top government functionaries. These debtors’ relationship with the government has made them untouchable hence incapacitates debts recovery efforts by the bank.

Recently, staffers and retired staff of the bank protested non payment of salaries and pensions of two years.

As its name implies, Akwa Savings and Loans Ltd is supposed to offer both credit facility and expert advice to industrialists in Akwa Ibom State.

The question therefore is, how the Governor, Mr Udom Emmanuel will address and reconcile the hard realities in Akwa Savings and Loans Ltd with his industrialization agenda. The governor worked and served at the apex management level of Zenith Bank and he should know the roles banks play in the success of industries.

Furthermore, it is the highest level of disservice and insincerity to Akwa Ibom State that her one and only bank, Akwa Savings and Loans Ltd is not allowed to partake and contribute her quota in the Akwa Ibom industrialization project due to her travails sanctioned by the government of the day.

Mr. Bassey Mfon Awah is Publicity Secretary, Akwa Ibom APC Youth Congress.