The Akwa Ibom State House of Assembly ( AKHA ) has given approval to Ibom Air for the accessement of N30B Bond under the N200B Bond Issuance Programme by IAL Financing SPV PLC sponsored by Ibom Airlines Limited.
This was contained in a letter with serial number, GHU/ AKS/S/104/S.4/ Vol.1/597 by Governor Umo Eno to the Speaker of the Assembly for consideration and approval during Thursday’s plenary.
The Letter 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).”
The letter, Pastor Eno, said, was in line with the relevant provisions of the Akwa Ibom State Bonds, Notes, and other Securities Issuance Law of 2023.
In their respective contributions, the Deputy Speaker of the 8th Assembly, Rt. Hon. KufreAbasi Edidem and the Deputy Leader of the House, Rt. Hon. Otobong Bob, enlisted the unanimous support of their colleagues approval of the request to enable the State’s Airline to buy the Bond from the market to encourage their operations.
For the the repayment plan, the Deputy Speaker went further to explain that it will be the responsibility of the Airline to pay back the money and not the Akwa Ibom State Government.
After due deliberation on the matter with the approval of the House, the Speaker ordered the Clerk, Mrs NsikakAbasi Orok to communicate the resolution of the House to the Governor for action.
Meanwhile, the House has adjourned its plenary to Thursday, February 15, 2024 by 10:00 hours.