By Our Reporters

The Akwa Ibom State Government has launched reforms to improve accountability and address financial mismanagement in its State-Owned Enterprises (SOEs), focusing on reviving the struggling Dakkada Global Oil Palm Limited project. The reforms follow revelations of fraud and misappropriation of funds, which have undermined the initiative’s objectives and tarnished its financial standing.

As part of the changes, Governor Umo Eno has instructed the transfer of all state government shares in SOEs to the Akwa Ibom Investment Corporation (AKICORP). This move aims to streamline the management of state investments, ensure transparency, and enhance operational efficiency.

In a press release by the State Commissioner for Information, Comrade Ini Ememobong, the government outlined its strategy to realign its investment priorities. He noted that Akwa Palm Industries Limited’s failure—despite owning a 3,000-hectare plantation and a nursery capable of producing 300,000 seedlings—stemmed from poor management and mounting debts to workers and contractors. The company was eventually deregistered in 2021.

With AKICORP now overseeing these investments, the state plans to adopt stricter accountability standards and sustainable business practices to restore the profitability of its assets. The Commissioner highlighted the significant economic potential of the plantation, which spans six communities across three local government areas: Orukim and Unyenge in Mbo; Etebi Idung Asang, Ntak Inyang, and Akwa Ata in Esit-Eket; and Udung Ukpo in Urue Offong Oruko. Boasting over 200,000 oil palm trees, the revitalized plantation could drive local employment and stimulate economic growth.

Although AKICORP Chairman Obong Ide O. Owodiong-Idemeko was unavailable for comment, restructuring the state’s investment framework reflects the government’s commitment to addressing past irregularities and promoting long-term economic stability. By centralizing the management of state investments, the administration hopes to attract new investors and rebuild public trust in its economic policies.

The government clarified the nature of previous arrangements in its statement: “It was standard practice for the State Government to appoint officials to serve as directors or shareholders in SOEs in their official capacities. Upon leaving office, such individuals relinquished these roles and the associated responsibilities.”

“Governor Umo Eno has now directed the transfer of all State Government shares in SOEs to AKICORP to ensure efficient and centralized management of state investments. For instance, in the case of Dakkada Global Oil Palm Limited, where Governor Umo Eno was listed as a shareholder during his tenure as Executive Director of Agric Investments in AKICORP, he resigned from all associated roles and relinquished shares in 2022 when he left the position.”

“The Attorney General and Commissioner for Justice have been tasked with collaborating with relevant Ministries, Departments, and Agencies to ensure all government-owned investments are brought under AKICORP’s supervision. This directive is already being implemented, with all state investments set to be fully managed by AKICORP.”

“We assure citizens that the shares and offices previously held by officials were held in trust for the state. The interest of Akwa Ibom remains safeguarded. The current administration remains steadfast in its commitment to transparency and accountability in managing public assets.”