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AKWA IBOM GOVT N150 BILLION BOND: GOP CALLS IT FRAUD, MOVES TO SCUTTLE IT.

By Dr Amadu Attai

3rd January,2012

The Director-General
Securities and Exchange Commission
Headquarters
SEC TOWERS
Garki,Abuja
Dear Madam,

PROPOSED 150 BILLION BOND ISSUE BY AKWA IBOM STATE GOVERNMENT

We are the alternative government in Akwa Ibom State and we represent a vast majority of the citizens therefrom.It is on their instructions and behalf that we lodge this protest.

We are constrained by circumstances enumerated hereunder to bring to your notice certain material non-disclosure on the part of Akwa Ibom State Government in the information submitted to you in pursuance of their unpopular decision to issue subject bond through you.

It is axiomatic to reiterate the obvious truism that every transaction done in the Capital Market must be clothed by uberrime fidei,that is good faith.This necessarily includes the duty of frank disclosure of every factor that may debilitate if not totally destroy the substratum of the transaction.We make bold to inform you that Akwa Ibom State Government[hereinafter referred to as AKSG] has wilfully concealed useful information from you even as they hurry to hoodwink you into this potentially failed transaction.Particulars of this Material Concealment are as follows.

1.There is a pending pre-election litigation with a very high probability of flushing Governor Godswill Akpabio and his government out of office very soon.This is Suit Number FHC/ABJ/CS/365/2011 pending before Honourable Justice Kafarti sitting in Federal High Court No 2,Abuja.Part of the numerous critical issues involved in this matter is the very serious allegation of forgery of result of the Primary election held on January 15th which purportedly produced Govenor Akpabio as the candidate of PDP.The uncontroverted fact is that as at the 15th of January,2011,Dr Nwodo had lost the powers to act as the Chairman of PDP having been restrained by a court injunction.That is why he could not preside over the PDP National convention that took place on 13th and could not have possibly signed a result for Governor Akpabio on the 15th of January 2011.

This case has reached an advanced stage and will be decided very soon.Its next adjourned date is 30th January.Please find attached hereto a copy of the Originating Summons filed against Governor Akpabio in this case for your independent assessment.

2.There is also an equally very potent post election case instituted by our great party against Governor Akpabio.On the 14th of November 2011,the Supreme Court ruled in our favour and ordered that this case should be tried on the merit as contradistinguished from pyhrric technical victories apparently preferred by Governor Akpabio.Consequent upon the Supreme Court judgement in our favour,the acting president of Court of Appeal,set up a totally fresh panel of Judges to hear this case in uyo.The inaugural sitting has been scheduled for 10th Tof january 2012.Our likely success in this matter will also oust Governor Akpabio from office.

3.There is yet another case against Governor Akpabio instituted by the Governorship candidate of Progressive Action Congress,Mr Steve Ibanga.This is SC/354/2011.This case was recently re-listed by the Supreme Court and a hearing date will soon be issued.The logo of this party was excluded by INEC and the potential effect of their success in court will be the nullification of Governor Akpabio's election.

4.The last but not the least is also another case recently filed yet again by the PAC Governorship Candidate this time challenging the disbursement of funds to the unconstitutional transition committees at the Local Government level.This is in Suit No FHC/CS/1008/2011.The Accountant -General of the Federation as well as Revenue Mobilisation and Fiscal Management Commission are parties and injunction against the debitting of our FAAC proceeds is in issue here.

With this kind of baggage of potentially dangerous litigations,it is better for to err on the side of caution before mortgaging the future of Akwa Ibom people at the behest of an outgoing Governor.The timing of this transaction is suspect.Why was it not done in his first term where he had security of tenure?Why now?We need hardly add that no incoming Governor would want to be saddled by this kind of wanton financial recklessness especially against the backdrop of our squandered FAAC proceeds as well as IGR.

Finally,based on the foregoing,we respectfully demand that you stop this process forthwith as a potentially embarrassing situation is best avioded.

Thank you.

Dr Amadu Attai
Acting State ACN Chairman
Barrister Andem Ndem
State Legal Adviser