Bond Loan: Abia Commerce Chambers Back Kalu

By Kingsley Emereuma, This Day (Lagos), 23 May 2002

Umuahia—The Abia and Umuahia Chambers of Commerce, Industry, Mines and Agriculture have endorsed the decision of the Abia State Governor, Dr. Orji Uzor, to raise N3 billion from the Capital market for capital projects in the State.

The two Chambers who stated their position at a joint luncheon hosted for them by the governor at the Banquet Hall, Government House, Umuahia on Monday, said the approach was a step in the right direction designed to enhance the welfare of the masses of the State.

According to the presidents of the two chambers of commerce Messrs. John Udeagbala (Aba) and George Akomas (Umuahia), the idea of the loan from the Stock Market was a visionary and welcome development in view of the high interest rate on loans by banks.

The two presidents who spoke separately at the luncheon each observed that long term loans are easier and cheaper to repay than short term loans and urged the governor to disregard those opposing the plan.

While noting that business chambers all over the world were progressive partners with their governments, the chamber presidents said they were in support of Kalu's plan to transform the State industrially, just as they commended his transparent commitment to the welfare of the masses.

However, the two captains of industries asked the governor to review the sanitary programme of Aba to check the heaps of refuse and indiscriminate dumping of refuse in the town, which was fast becoming the order of the day in the city. They also wanted government to address the blockage of drainages in the city.

Responding, Kalu wondered why people would be politicking with matters that border on the welfare of the citizenry of the State, and advised the people to refrain from playing politics with the State government's decision to borrow from the bond market.

People are playing politics with the welfare of Abians. I cannot equate 39 percent interest to 15 per cent in bond, a long term finance manageable by government and everyone. People should leave politics alone, Kalu said.

He thanked the private sector for their truthfulness on the bond issue and debunked the allegation that he was mortgaging the State by the loan, saying that there should only be this much apprehension if he was taking a foreign loan.