Gboyega Nasir Isiaka
Mrs Kemi Adeosun - Ogun State Commissioner for Finance
By Gboyega Nasir Isiaka
My attention has been drawn to a premeditated misinformation spewn by the Ogun State Commissioner for Finance, Mrs. Kemi Adeosun during her appearance before the State House of Assembly on Wednesday 12th of February, 2014, to defend yet another loan that the State government wants to obtain which is to the tune of N19B (Nineteen billion naira).
I have no cause to join issues with her as regards the mission to the legislative chamber had she stayed within the purview of her objectives but rather, in a morbid bid to justify the pervasive and now well-established poor management of the State's resources, she played to the gallery by saying, “Gateway Holdings at the twilight of the last administration obtained (for the purpose of building its head office) a N2.8billion loan for which they couldn't find the site of the structure”; among other claims.
Let it be stated emphatically that her submission as usual, is a huge lie and a deliberately crafted falsehood consciously weaved to misinform the OGHA and indeed Ogun people in order to befuddle them from querying their latest loan gambit. Contrary to Adeosun's claim, such a figure does not exist as the following information will show. Gateway Holdings started operations in 2004 and by 2008, it had substantially raised the investment profile of the State and paid dividend income in excess of N1.5billion to the coffers of the State, the first time in the history of the State.
In 2008, the management of the Company saw the need to significantly increase its working capital especially to support its subsidiaries and also opted to diversify its investment portfolio by constructing a 12 storey building to house the permanent location of the Abeokuta branch of the Nigerian Stock Exchange, utilise a maximum of 4 floors for itself and subsidiaries while generating income by leasing the remaining floors to companies who were being encouraged to move their offices to Ogun State.
I can recall that a few of such businesses whom the State Government has driven away with its vendetta actions had already indicated interest at the time.
Consequently and typical of investment companies all over the world who seek to leverage on its positions if and when necessary, Gateway Holdings Ltd. (GHL) applied for a loan from Sterling Bank Plc. The loan was subsequently approved and a sum of N1.5billion was drawn in two tranches of N1billion on 29th September, 2008 and N500million on 17th October, 2008. The facility was applied for the purpose meant including acquisition of additional shares in the capital market, recapitalisation of Gateway Savings and Loans and working capital support for subsidiaries such as Gateway Oil & Gas
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