By Basil Okoh
The Delta state government assigned three of its high level officials, Fidelis Tilije, (Commissioner for Finance), Charles Aniagwu (Commissioner for Information and PDP Campaign Spokesman), Olisa Ifejika (Chief Press Secretary to Governor Ifeanyi Okowa) on a mission to doublespeak its way out of a troubled loan entanglement. The entire encounter was an exercise in spin, misinformation and mass deception so early in a blessed week.
And this is the reason why no questions were answered after the false flag presentations. Three of them were deep in gorging up on a word salad while engaging the media on the loans that Delta seeks but is not seeking at the same time. The media encounter was remarkable for its refusal to provide information and for misuse and abuse of words.
Now read these classic example of doublespeak:
- Delta State government did not ask for loans from banks but from “finance houses”. But the finance houses remain unnamed. This is deception of the brainless kind.
- The team of three insensitive storytellers did not tell us that the new “Lead finance house” is “Premium Trust Bank”, a bank that Okowa himself partly owns. The other “lead finance house” that refused, along with other members of the banking consortium, to lend Delta state money, is Zenith Bank. Only God truly knows the true conditions that the Delta state government may have signed unto now to get those loans from a bank that definitely does not have the mojo to lend and is daring where the finance majors dreaded to hunt.
Desperation being another form of madness can lead Okowa to put the state on hock.
- Delta state reapplied to the House of Assembly for approval because it does not need the original N150 billion applied for. It now needs only N100 billion. At what point in all these did government realize that its needs were N100 billion and not N150 billion? Do you see how Okowa without planning, is bandying figures in billions in a transaction that is at best wooly?
- Delta State is seeking N20 billion loan from another finance house (did not mention Fidelity Bank) to help finance “an investment by the state government in a floating gas company to be situated in Warri”.
Investment in a private company as what? As Equity participant or as Father Christmas? Where is the enabling law by the House of Assembly that permits the investment into a private company that the entire state don’t know? Why is the company not named?
Do not be fooled by Okowa government bandying the prospect of jobs in a gas company for Delta. Emmanuel Uduaghan made the same promises with the “Warri Industrial (Business) Park”. Delta lost N32 billion in that heist.
The first evidence of deception is the careful removal of names of the banks Delta state government is asking for loans. No names of banks were mentioned. This is disinformation by halfwits.
Zenith Bank leading a consortium of banks previously stopped the draw down on the N150 billion loan when the banks discovered Okowa’s treachery and lack of good faith. Now Delta state is asking the new Premium Trust Bank for N100 billion and Fidelity Bank for N20 billion. These are the facts of the matter that the Delta state government, along with other matters, don’t want you to know
Okowa’s desperation to ask Premium Trust Bank, a bank that is less than one year in banking operations for N100 billion when bigger and stronger banks have declined the application signals a death knell for the bank in financial circles. Delta state is borrowing the bank to the death. The bank doesn’t know this yet but things will be clearer after the elections.
Except of course that Okowa’s intention is to borrow and bankrupt the bank. It has happened many times in history. The clear determination to yoke the bank to Delta state government will definitely sing its “Nunc dimittis”, no doubt.
Premium Trust Bank has no capacity to advance a hundred billion to the Delta state government. This is a dire risk exposure to an outgoing government which will have no powers to control decision making on repayment after the election.
So sensible investors and depositors will be forced to withdraw their holdings, deposits and all other engagements and create a run on the new bank. Okowa in his desperation for the vice presidency has decided to bankrupt the Premium Trust Bank.
In spite of all the pastors, prophets, shamans, diviners and forest operators, everyone can now witness the efficacy of the makutu on Okowa wrought by Atiku’s marabouts gathered from across the desert, Mauritania to the Sudan.
@basilokoh.
