Delta State governor, Ifeanyi A. Okowa, recently incorporated a bank with his family and friends and named it Premium Trust Bank. It is situated opposite the State Secretariat, Maryam Babangida Way, near the Central Bank of Nigeria, Asaba.
He then instructed the Accountant General to direct that all leading accounts in the MDA’s across Delta State be moved to Premium Trust, his family bank.
Now the catch.
Dr. Okowa’s government had applied for a loan facility of N150 billion from a consortium of banks. This was signed, sealed and ready to be delivered until the word went out that all accounts have been instructed to be moved to Premium Trust Bank, which was not a part of the lending consortium.
Trust the bankers.
They moved so quickly to unscramble the loan deal that Okowa has been lost in high waters. They have asked Okowa and the Delta State government to approach Premium Trust Bank for the facility since they now hold all the major accounts of the state government.
Premium Trust Bank is a new bank that does not have such funds and cannot expose itself to such political risk.
Now the banks have resolved not to be exposed anymore to any credit arrangement with the Delta state government until the end of Okowa’s tenure. When “Tete” thinks it’s so smart and jumps too frequently, it jumps into fire.
Are you still wondering why there is such paucity of funds in Atiku’s campaign?
NB: Mr Egharhevwa is an accomplished UK-based Legal Practitioner with large following on Social media.