Geometric Power: Governor Alex Otti Faces Accusations of Denying Abia State's Equity Stake(Document) | #NwokeukwuMascot

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…Geometric Power: Prof Barth Nnaji Writes Governor Alex Otti on Equity Stake by Ikpeazu led Administration | #NwokeukwuMascot 

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In a recent development, Prof Barth Nnaji, Chairman/CEO of Geometric Power, has written a letter to Governor Alex Otti, shedding light on the equity stake held by the Okezie Ikpeazu administration. This comes after Prof Nnaji initially denied Abia State Government's investment in the company, sparking controversies.

According to a reliable source within Geometric Power, the administration of Governor Okezie Ikpeazu paid $3.56 million for a 3.5% equity stake in the company. This information was disclosed to our correspondent. Chief John Okiyi Kalu, the former Commissioner for Trade and Investment during the Ikpeazu administration, also affirmed that evidence exists of the payment made through Stanbic Bank.

The leaked letter, dated 28th February 2024, confirms the details previously sent to Governor Ikpeazu. Interestingly, Governor Alex Otti had already received this letter before his recent interview with Channels Television, during which he claimed to have no evidence of the state's investment in the Geometric Power Aba project. He also stated that he lacked the necessary documents to prove any investment.

However, Chief Okiyi countered Governor Otti's claims in a social media post. He stated that the transaction was recorded in the handing over note given to Governor Otti on May 29th, 2023. He also mentioned that the details were published in the 2022 financial report of the state, circulated by the Otti administration. Chief Okiyi questioned how Governor Otti could deny the investment through his aides and later lie on national television, especially when he already possessed Prof Barth Nnaji's letter confirming Abia's investment in the project, as initiated by former Governor Okezie Ikpeazu.

In response to these allegations, Chief Okiyi called on Prof Nnaji to clarify why he initially denied the investment and then confirmed its existence. He emphasized that Prof Nnaji greatly benefited from the support provided by Dr Okezie Ikpeazu and expressed his confusion regarding the initial denial. Chief Okiyi highlighted Governor Ikpeazu's efforts in taking Prof Nnaji to China to meet with Rui Group and to Egypt and South Africa, where a $50 million facility was finalized by AFREXIM bank for the project.

The former Abia commissioner said; "I am aware that it was Governor Ikpeazu that took him to China to meet with Rui Group that wanted to invest and later to Egypt and South Africa where a facility of $50m was finalized by AFREXIM bank for the project. 

"In addition to that, Governor Ikpeazu also invested the sum of $3.56m on behalf of the people of Abia State in the Geometric Aba Power Project, yet Prof allowed himself to be corralled by a desperate glory hunting politician whose only contribution to the project appears to be supporting a loan for high profit facility in 2012," he  concluded.

This latest revelation adds fuel to the ongoing controversy surrounding the equity stake held by Abia State in Geometric Power. As the situation unfolds, further investigations and statements from involved parties are expected to shed more light on the matter.