Akwa Ibom Assembly approves N4.7bn loan request for Gov Emmanuel

The Akwa Ibom State House of Assembly, on Thursday, approved Governor Udom Emmanuel’s request to access a loan of N4.7billion from Zenith Bank.

The governor had approached the assembly on Tuesday, requesting for the approval of the said amount, which he said would be given to Mimshac Digital Automobile Assembly Plant, Ikot Ukap, Itu Local Government Area of the state.

In the governor’s message forwarded to the Speaker of the House and read by the Clerk, Mrs Mandu Umoren at Plenary on Tuesday, the loan facility would facilitate the implementation of the Memorandum of Understanding (MoU) between the Akwa Ibom State Government and Mimshac Digital Ltd Automobile Plant for the sum of 10,000,000 Dollars, equivalent to N4.7billion at the exchange rate of N470 per Dollar.

“The said amount from Zenith Bank will help finance the procurement of Semi Knocked Down and Complete Knocked Down (CKD) parts for the assembling of 85 stainless steel, 20-Seater Luxury Buses.


“The requested sum will also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.” The governor said.

The House of Assembly in its deliberations, noted that the Car Assembling Plant, when fully functional, will boost the economy of the state and create more jobs for the teeming unemployed youths.

The lawmakers assured that the House will continue to support Governor Emmanuel in his quest to leave the state better than he met it.

In his remarks, the Speaker, Rt. Hon. Aniekan Bassey, directed the Clerk to communicate the resolution of the House to the Executive Governor.