AKHA Moves To Save Ibom Air From Collapse, Approves N30B Bond

By Asuquo Edem

The Akwa Ibom State House of Assembly has passed a resolution for Ibom Air to access neccesary funds for operation to remain in business.

The resolution came from a letter from the State Governor Pastor Umo Eno to the Speaker with details GHU/ AKS/S/104/S.4/ Vol.1/5 titled "Re: Resolution of the Akwa Ibom State House of Assembly on the Provision of Irrevocable Standing Order (ISPO) for up to N30,000,000,000.00 (Thirty Billion Naira) Bond Issuance Under the N200,000,000,000.00 (Two Hundred Billion Naira) Bond Issuance Programme by IAL Financing SPV PLC (Sponsored by Ibom Airlines Limited)."

In his contributions to the letter of request, the Deputy Speaker, Rt. Hon Kufreabasi Edidem while decrying the travails of businesses with high interest rates from commercial banks noted that the approach of the governor for the airline showed clear ingenuity and encouraged his colleagues to support the cause to purchase the bond from the market.

He stated that it would be the responsibility of the Airline and not the State Government to repay the Bond

The Deputy Leader of the House, Rt. Hon Otobong Bob also gave his support to the letter of Bond request starting that the Airline which was likened to the bride of the State must be made to remain in business.

The motion to pass the resolution was moved by the Deputy Leader and was seconded by the Chief Whip.

After due deliberation on the matter with due approval of the House, the Speaker called on the Clerk, Mrs NsikakAbasi Orok to communicate the resolution of the House to the Governor for neccesary action.

Meanwhile, the House has adjourned its plenary to Thursday, February 15, 2024.

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