The Akwa Ibom Government has directed the transfer of all its shares in State-Owned Enterprises (SOEs) to the Akwa Ibom Investment Corporation (AKICORP).
This was contained in a press release issued by the state commissioner for information, Comrade Ini Ememobong on Wednesday, November 20, 2024.
The state government indicated that Governor Umo Eno directed that the administration of government investments be centralised under AKICORP in order to improve efficiency and accountability.
The state government’s reform was sparked by a damning report that revealed deceit and misappropriation of funds within the Dakkada Global Oil Palm Limited project.
Essentially, the project’s funds were allegedly used for unauthorized purposes, which is a classic case of misappropriation – when someone entrusted with money or assets uses them for their own benefit.
This move by the state government aims to address the financial irregularities and ensure transparency in the project’s management.
|SituationReport|
Akwa Ibom Transfers Public Enterprises’ Shares To Investment Corporation After Project Mismanagement Report |SituationReport By Idorenyin UMOREN, Uyo|
