Udom guarantees N4.7bn Zenith Bank to automobile plant


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

Gov Udom Emmanuel had written to the state House of Assembly requesting them to approve to guarantee the loan from Zenith Bank.

The Governor in a message forwarded to the Speaker of the House and read by the Clerk, Mrs Mandu Umoren at Plenary on Tuesday, said the loan facility will aid 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.

According to the Governor, the said amount from Zenith Bank, Aka Road for Mimshac Digital Automobile Assembly Plant, Ikot Ukap, Itu LGA, 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 state Chief Executive in the message explained that 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.


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In their separate contributions, the Leader of the House, Rt. Hon. Udo Kerian Akpan (Oruk Anam), Rt. Hon. Aniekan Uko (Ibesikpo Asutan), Rt. Hon. David Lawrence (Eket) and Hon. Kufreabasi Edidem (Itu), pointed out 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.

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

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