• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Tuesday, August 26, 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  Okowa Sparks Fresh Debate in Anioma with Igbo Identity Affirmation

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  Niger Delta Activist Lampoons Region’s Governors for Turning Ecological Fund into Looting Jamboree

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  Ned Nwoko: The Senator Representing Delta?

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

Age Falsification: Fear of Oborevwori’s sledgehammer forces top directors to voluntarily retire
Economy

Delta at 34: Mulade Tasks Gov. Oborevwori on Riverine Infrastructure

August 25, 2025
Delta Govt Awards ₦35bn Effurun–Sapele Road Reconstruction to CCECC
Economy

Delta Govt Awards ₦35bn Effurun–Sapele Road Reconstruction to CCECC

August 22, 2025
Dafinone Builds Support Network of Urhobos in Abuja, Pushes for Ethnic Empowerment
Economy

Dafinone Builds Support Network of Urhobos in Abuja, Pushes for Ethnic Empowerment

August 22, 2025
Stakeholders Warn of Crisis in Unregulated Land Acquisition, Urge Delta Govt to Act
Economy

Stakeholders Warn of Crisis in Unregulated Land Acquisition, Urge Delta Govt to Act

August 22, 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

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

Senator Dafinone Calls for Restraint, Dialogue Amid Brewing Warri Crisis

August 26, 2025
Court fixes April 10 to rule on bail application for Delta SUBEB chairman, Ovie of Evwreni Kingdom, others

Asaba Court Adjourns Trial of RCCG Pastor Accused of Assaulting Journalist

August 26, 2025
EFCC Orders Arrest of Dismissed Staff Over Matchmaking Programme

EFCC Orders Arrest of Dismissed Staff Over Matchmaking Programme

August 26, 2025
Ward Delineation Crisis: Ijaws, Urhobos of Warri Federal Constituency Ask INEC to Halt Voter Registration

Ward Delineation Crisis: Ijaws, Urhobos of Warri Federal Constituency Ask INEC to Halt Voter Registration

August 25, 2025
Okowa Sparks Fresh Debate in Anioma with Igbo Identity Affirmation

Okowa Sparks Fresh Debate in Anioma with Igbo Identity Affirmation

August 25, 2025

TRENDING STORIES

  • Mosogar Monarch Disowns Chiefs Over Olu of Warri Coronation Anniversary Attendance

    Mosogar Monarch Disowns Chiefs Over Olu of Warri Coronation Anniversary Attendance

    0 shares
    Share 0 Tweet 0
  • Delta Govt Releases 2025/2026 Academic Calendar as First Term Begins September 8

    0 shares
    Share 0 Tweet 0
  • Urhobo Elder Challenges Emuoboh Gbagi’s Claim as First Son of Late Kenneth Gbagi

    0 shares
    Share 0 Tweet 0
  • Dafinone Demands Arrest, Prosecution of Vigilantes Over Brutal Assault on NYSC Member

    0 shares
    Share 0 Tweet 0
  • Chaos Rocks Delta South APC Women’s Meeting Over ₦50m ‘Kola-Nut’ Fund

    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.