A’Ibom assembly approves N30bn bond request for Ibom Air

Akpan Umoh, Uyo

 The Akwa Ibom House of Assembly has approved Ibom Air for the assessment of N30 billion Bond under the N200 billion Bond Issuance Programme by IAL Financing SPV PLC sponsored by Ibom Airlines Limited.

This was contained in a letter with serial number, GHU/ AKS/S/104/S.4/ Vol.1/597 by Gov. Umo Eno of Akwa Ibom to the Speaker of the Assembly for consideration and approval during plenary on Thursday.

The Letter titled, “Re: Resolution of the Akwa Ibom State House of Assembly on the Provision of Irrevocable Standing Order (ISPO) for up to N30 billion bond Issuance Under the N200 billion Bond Issuance Programme by IAL Financing SPV PLC (Sponsored by Ibom Airlines Limited).”

The letter, Eno said, was in line with the relevant provisions of the Akwa Ibom State Bonds, Notes, and other Securities Issuance Law of 2023.

In their respective contributions, the Deputy Speaker of the 8th Assembly, Mr KufreAbasi Edidem and the Deputy Leader of the House, Mr Otobong Bob, enlisted the unanimous support of their colleague’s approval of the request to enable the State’s Airline to buy the Bond from the market to encourage their operations.

For the repayment plan, the Deputy Speaker went further to explain that it will be the responsibility of the Airline to pay back the money and not the Akwa Ibom State Government.

After due deliberation on the matter with the approval of the House, the Speaker ordered the Clerk, Mrs NsikakAbasi Orok to communicate the resolution of the House to the Governor for action.

Meanwhile, the House has adjourned its plenary to reconvene on February 15.