In a move to enhance efficiency and accountability, the Akwa Ibom State Government has directed the transfer of all its shares in State-Owned Enterprises (SOEs) to the Akwa Ibom Investment Corporation (AKICORP). This decision, announced by the state commissioner for information, Ini Ememobong, is aimed at addressing financial irregularities and ensuring transparency in project management.
The reform was sparked by a damning report revealing deceit and misappropriation of funds within the Dakkada Global Oil Palm Limited project. The project’s funds were allegedly used for unauthorized purposes, leaving a multi-million-dollar debt owed to workers and contractors. To revive the enterprise, the government struck off the investment at the Corporate Affairs Commission (CAC) in early 2021.
Akwa Palm Industries Limited, incorporated in 1988, boasts a 3,000-hectare oil plantation with over 200,000 oil palm trees and a 300,000-capacity nursery. The plantation spans six communities across three local government areas. However, mismanagement led to its failure, prompting the government’s intervention.
As a specialized entity established in 2012, AKICORP promotes investments, entrepreneurship, and rapid industrial development in Akwa Ibom State. Its statutory functions include coordinating investment promotion activities, advising on policies, and providing information on investment opportunities.
The state government assures citizens that those who held offices and shares in SOEs did so in trust, due to their official capacity, and that the state’s interests are well protected. This administration’s commitment to transparency and accountability in managing public assets remains unshakeable.
With this consolidation, AKICORP is poised to play a pivotal role in driving economic growth and development in Akwa Ibom State.
