• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Saturday, August 2, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Economy

DELTA N150BN LOAN: Mulade decries use of oil facilities in Ijaw, Itsekiri areas as collateral

…says no project worth N10bn insight despite huge contributions under Okowa administration

by NewsNet Nigeria
3 years ago
in Economy
DELTA N150BN LOAN: Mulade decries use of oil facilities in Ijaw, Itsekiri areas as collateral
Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

A Delta-born peace advocate and environmental rights activist, Chief Sheriff Mulade has condemned the use of Delta State oil facilities in the Ijaw and Itsekiri areas as collateral for the N150 billion loan by the Delta State Government.

The condemnation by Mulade comes after he congratulated Governor Ifeanyi Okowa on his emergence as the Vice Presidential candidate to the Presidential candidate of the Peoples Democratic Party, PDP, Alhaji Atiku Abubakar.

Mulade admonished Governor Okowa to judiciously use the billions of naira borrowed to execute people-oriented development projects for the benefit of Deltans devoid of politics.

According to him, Governor Okowa obtained the N150bn loan part of which he (Okowa) said was meant for the construction of an international conference centre in Asaba, as well as other development infrastructure in the State, using the state’s assets, especially the state’s oil facilities, as collateral.

Chief Mulade on Friday, July 1, 2022, in a statement, said the information was part of the findings of an independent investigation carried out on the alleged contract agreement used to acquire the said loan.

ALSO READ  ANTI-OPEN GRAZING LAW: Delta Activist Mulade Laments Non-Implementation, Accuses Government of Lacking Political Will

He noted as alleged that oil facilities in Delta State were used as collateral for the N150b loan, saying if it is correct, the move will be subjecting the entire Delta Ijaw and Itsekiri nations to perpetual indebtedness and financial bondage, despite the established fact that both ethnic nationalities have not derived any significant benefit from the administration of Okowa in his over seven years of governance.

According to the statement, the facilities allegedly used as collateral include those operated by Chevron Nigeria Limited, NPDC, Shell, Exxon Mobile Agip, Pan Ocean, Seplat and Neconde, covering Escravos oil facilities, Forcados oil facilities, and others located mainly in Ijaw and Itsekiri areas of the state.

Lamenting further, the development advocate said despite the contributions of the Itsekiri and Ijaw communities to the state revenue, no project worth of 5billion naira was executed in the area to give credence to the Okowa legacy project, rather the ‘roads master administrator’ will gladly for political reasons refer to concrete walkways in the riverine communities as ROADS that are not linked to any community.

ALSO READ  Okowa’s Top Aide, Hilary Ibegbulem, Mourns Father’s Passing

Chief Mulade, therefore, called on Governor Okowa to focus on the development of the state, and use the borrowed funds to develop the state, especially the riverine areas whose over 80% of its assets are being used as collateral for the N150b and the recent 25billion loan, now that he has emerged the PDP Vice Presidential candidate, to win the heart, trust and confident of Deltans before Nigerians in general.

Mulade recalled that the Delta State House of Assembly, in May 2022, approved a request from Governor Okowa to borrow the sum of N150 billion in favour of the state government, with Okowa claiming that the loan was principally meant to settle the arrears of unpaid job certificates earned by contractors with respect to the completion of some ongoing legacy projects awarded by past and present administrations, and that part of the loan would be used to take care of outstanding pension commitments to the State and Local Government pensions in the contributory pension scheme.

ALSO READ  Mulade Urges Gov Oborevwori to Prioritize Industrialization, Youth Employment

He also recalled that earlier in February 2022, the Delta State House of Assembly approved Okowa’s request for a N12 billion bridging finance facility from the Central Bank of Nigeria (CBN) for the State, to cushion the effects of the repayment of the Federal Government’s intervention facilities, on the expiration of the forbearance period.

In addition, he said in December 2021, the Delta State House of Assembly approved another request by Governor Okowa for a N20 billion loan facility from Fidelity Bank Plc to finance the state government’s five per cent equity in the UTM Offshore Limited Floating Liquified Natural Gas (FLNG) Project.

Previous Post

Qatar 2022: FIFA to use new offside technology

Next Post

2023: Nani urges supporters to put behind outcome of senatorial primary for victory of PDP

MORE NEWS

Mulade Urges Ethnic Harmony to Drive Delta’s Development
Economy

Mulade Urges Ethnic Harmony to Drive Delta’s Development

August 2, 2025
Agbateyiniro Redefines Local Governance with Road, Bridge, Education, Health Projects in Warri South
Economy

Agbateyiniro Redefines Local Governance with Road, Bridge, Education, Health Projects in Warri South

July 26, 2025
Oyibode Showcases Achievements in Udu as NUJ Launches One-Year Stewardship Assessment of Delta Council Chairmen
Economy

Oyibode Showcases Achievements in Udu as NUJ Launches One-Year Stewardship Assessment of Delta Council Chairmen

July 26, 2025
You cannot remain overseas and still be on the payroll – Oborevwori to Delta civil servants
Economy

Delta Govt to Construct Flyovers at Agbor, Ughelli in N230bn Infrastructure Drive

July 23, 2025
Next Post
2023: Nani urges supporters to put behind outcome of senatorial primary for victory of PDP

2023: Nani urges supporters to put behind outcome of senatorial primary for victory of PDP

Leave Comment

RECENT STORIES

Delta Police Arrest Notorious Kidnap Kingpin “Smooth”, Bust Cultists in Abraka Raid

Delta Police Arrest Notorious Kidnap Kingpin “Smooth”, Bust Cultists in Abraka Raid

August 2, 2025
Vandals Attack NYSC Camp in Delta, Destroy Electrical Installations

Vandals Attack NYSC Camp in Delta, Destroy Electrical Installations

August 2, 2025
Mulade Urges Ethnic Harmony to Drive Delta’s Development

Mulade Urges Ethnic Harmony to Drive Delta’s Development

August 2, 2025
Between Ken Pela’s hollow vision and Oborevwori’s High Performance

Between Ken Pela’s hollow vision and Oborevwori’s High Performance

August 1, 2025
Media Attacks On Senator Dafinone: When Criticism Becomes a Tool for Political Blackmail

Media Attacks On Senator Dafinone: When Criticism Becomes a Tool for Political Blackmail

August 1, 2025

TRENDING STORIES

  • Samuel Adjogbe Foundation Scholars Stand Out as AGGS Ughelli Holds 2025 Graduation Ceremony

    Samuel Adjogbe Foundation Scholars Stand Out as AGGS Ughelli Holds 2025 Graduation Ceremony

    0 shares
    Share 0 Tweet 0
  • Sports University of Nigeria, Idumuje-Ugboko: “A National Vision Made Manifest,” Says Senator Ned Nwoko as 2025/2026 Admissions Begin

    0 shares
    Share 0 Tweet 0
  • Delta Police Arrest Woman for Faking Own Kidnap to Avoid Debt

    0 shares
    Share 0 Tweet 0
  • Okowa’s Top Aide, Hilary Ibegbulem, Mourns Father’s Passing

    0 shares
    Share 0 Tweet 0
  • Ughelli North Legislative Arm Suspends Three Councillors Over Gross Misconduct

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.