Udom guarantees N4.7bn Zenith Bank loan for automobile plant

From Joe Effiong, Uyo

Akwa Ibom State government has guaranteed a N4.7 billion loan for Mimshac Digital Automobile Assembly Plant,  a private automobile company at Ikot  Ukap Itam, Itu Local Government Area of the state. 

Governor Udom Emmanuel had written to the House of Assembly requesting approval for the loan guarantee from the bank.

In a message to the Speaker and read by the clerk, Mrs. Mandu Umoren, at plenary on Tuesday, the governor said the loan would aid the implementation of the Memorandum of Understanding (MoU) between the state and Mimshac Digital Automobile Plant for the sum of $10,000,000 (equivalent to N4.7billion at the exchange rate of N470 per 1$.)

Udom said the loan would also 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 and 

facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel. 

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Some of the lawmakers, Udo Kerian Akpan, Aniekan Uko, David Lawrence and Kufreabasi Edidem, in their contributions, said the car assembling plant when fully functional, would boost the economy of the state and create more jobs for youths. 

The request was unanimously supported by all members of the House and subsequently approved. 

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

Speaker Aniekan Bassey, directed the clerk of the House to communicate the resolution to the governor.