Bank Collapse Spiked Kidnapping In the East - Ohakim

LAGOS, July 22, (THEWILL) - Imo State Governor, Chief Ohakim Ikedi today said the collapse of Nigeria’s top banks and crisis in the stock market compelled a number of young eastern entrepreneurs who lost huge investment in the Nigerian Stocks Exchange (NSE) to resort to abduction and kidnapping in the South Eastern states.

Ikedi, who paid a courtesy visit to Lagos State Governor Babatunde Raji Fashola (SAN) at the Ikeja House along with key members of the Imo State Executive Council said bank collapse catalysed the state of kidnapping which has been blown out of proportion in the South Eastern states.

The governor, who is on a three-day visit to Lagos explained that the agents of commercial banks with head offices in Lagos stormed different parts of eastern states, convincing young entrepreneurs to invest in their banks, some of whom he said, bought into what was labeled road show in the East.

"You may have noticed the state of kidnapping which has been blown out of proportion in the South East states. One of the things I needed to tell you is that people came from Lagos to tell us in the east in road shows, asking our people to buy shares in banks and quoted all sorts of profit people will make.

"Our people sold their wares. Some sold their warehouses. And we were captured by volcanic capital market because people put all their money into that. Unfortunately, the market crashed and young boys got frustrated. We are trying to see how we can restore them. Our people have lost too much money in most of these banks stationed in Lagos," he said.

But Ikedi said he would work out how some of these banks can substantially "contribute towards mitigating the security problem. I know you will support me because you have security trust fund and you can give me some money. It is better I say the truth because heaven helps those who helps themselves."

He also commended Governor Fashola for one contribution he made at the national economic council where he said 27 signatures "are required to clear goods in the Nigerian port. Whereas in Benin Republic, it is three."

At the forum, Fashola reflected on his first encounter with Ikedi with whom he served in the committee at the National Council of States when they assumed office in 2007, saying their relationship had been robust since then.

He added that Ikedi’s visit would rekindle the relationship between the West and East which two former leaders, Chief Nnamdi Azikwe and Chief Adeniran Ogunsanya fully represented in the First Republic and before then, adding that what harnesses the social contract is not only in the leadership, but also in the followership.