Efio-Ita Nyok|17 May 2016|7:50am
Yesterday Monday 16 May, I made a publication where I captured the response of one of the Directors of the controversial Cross River Garment Factory Limited, Emmanuel Ubua; today, I will be publishing the response of the second Director, Dr. Edward Otu Obi-Akatchak.
According to the Corporate Affairs Commission (CAC) document dated 23 June 2015, DR EDWARD OTU OBI-AKATCHAK of No 1 Basic School Road, Okundi, Boki, Cross River State and BARR. UBUA EMMANUEL of No 75 Market Road Obudu, Cross River State are share holders in the Cross River State Textile Industry and Garment Factory. In fact, the document shows that, DR OBI-AKATCHAK holds N1, 500, 000 ordinary shares, whereas, BARR. UBUA EMMANUEL N1, 500,000 holds ordinary shares. The 14 September 2015 CAC documents affirms the previous document except that it adds that one Ministry of Finance Incorporated also has shares, to the tune of N3,000,000 in the said limited liability company.
Owing to the leaked document of 23 June 2015 by Ifere Paul, a renowned whistle blower and the debates that the leak has incited in Cross River cyberspace and otherwise, one of the shareholders, Dr. Edward Obi Atachak of No 1 Basic School Road, Okundi, Boki, Cross River State has allegedly responded. This response was culled from Ifere Paul's social media timeline. And it reads thus:
'My attention has been drawn to a simplistic material posted on facebook by one Mr. Paul Iferi insinuating that the Cross River State Government Industry (one of Prof. Ben Ayade’s Signature Projects) could not be a legitimate state project because a non-government agent Dr. Obi Akatchak is listed as a shareholder in the company.
This is a naïve view of contemponary corporate practice posted by Mr. Iferi. Partnership between public and private entrepreneurs is an emerging frontier in cooperate practice which has become a catalyst for cooperate efficiency. The new initiative uses the special project vehicle (SPV) sometimes simply referred to as Public Private Partnership to invigorate and make public corporations more transparent and attractive to market forces.
Viewed in this light, therefore, the participation of private entrepreneur in the state government industry increases rather than diminishes the industry’s legitimacy. The Cross River State Garment Industry is indeed well placed for operation as an equal opportunity employer of labour with a viable corporate image.
Mr. Iferi and persons of his mould are advised to “chill-up” and allow better informed and progressive Cross Riverians to open up the state to sustainable development'.
This is Emmanuel Ubua's previous response published yesterday:
'My attention has been drawn to the controversy surrounding the ownership of the Cross River State Garment Factory and issues related to the integrity of the project as a public enterprise.
While I find the concerns of Ifere and Chief Obono Obla not out of place, giving the right of the public to know, I would like to advise caution in the inquiry so that we do not prejudge unduly and reduce such a serious matter to pedestrian politicking.
Be that as it may, I would like to place on record,unequivocally, that the project is that of the Cross River State Government. Neither I nor any private person owns that company or any part of it, to the best of my knowledge. Our names were brought in at the time government had not been fully constituted as promoters only upon the understanding that the equity of the company will be turned over to government and the board of the company will be constituted by appropriate government functionaries of the respective Ministries and parastatals by virtue of their offices.
In the circumstance, there is nothing unethical that has been done.Concerns about cost of the project have no direct bearing on the equity base of the company at incorporation. A company's share capital is amenable to being raised whenever it becomes necessary to reflect the value of its property or enable it do business under certain circumstances. Other issues regarding the cost of the project and whether Government is adhering to due process in the project execution are matters that can be easily and comprehensively addressed if the budget and the Cross River State Exco proceedings are looked at. And it is easy to access the relevant information using the Freedom of Information Act as a vehicle.
Please, the public should know that neither I nor my co-promoter owns a kobo in the said company now or in future. It was quite clear and agreeable to me that I will append my signature to any resolution to replace our names as soon as the substantive board is constituted. While commending the campaign for probity in governance , especially at this time when our economy is in dire straits and the fight against corruption has become a mantra, I admonish us to approach this matter and others like it with due circumspection so that we don't throw the baby away with the bath water.
No doubt, we all have an obligation to raise the red flag where necessary but the public will gain more capital out of such engagement and attach premium to our contributions when we make a wholistic appraisal of the subject of such inquiries before conclusions are drawn. Please be well guided'.
These debates on who owns the GF will not be complete if Cross Riverians do not hear an explanation from Barr. Alphonsus Ogar Eba, the witness to the entire transaction and in whose legal firm the deal was prosecuted. We are waiting for your response Sir.
Efio-Ita Nyok
Is a Blogger & the Editor of Negroid Haven
