Re-investing in neglected assets for revenue generation, significant of an asset management board

By Emmanuel Nicholas

In a stunning display of financial ingenuity, Pastor Umo Eno, the Governor of Akwa Ibom State, has unveiled a brilliant master plan to turbocharge the state’s coffers by utilizing the numerous properties owned by the state government throughout Nigeria.

During a stakeholders meeting at the banquet hall, Governor Umo Eno informed the state’s Stakeholders that previous leaders had acquired a significant number of assets for the state, many of which are currently in a state of disrepair and unused.

He mentioned that in Lagos alone, the state government possesses over 10 properties in prime locations.

As an expert in the art of hospitality investment, Pastor Umo Bassey intends to convert several properties owned by the State in Abuja into opulent three-star or five-star hotels, and lease them to a capable hotel management team and transform the ones in Lagos to high rise residential buildings for outright sales under the supervision of the Assets Management Board and AKICORP

Governor Umo Eno’s brilliant plan to transform these forgotten state assets into cash cows is a stroke of genius, as the initiative will increase the internally generated revenue of the state .He will surely lead the State into a shining future.

In the illustrious history of Akwa Ibom, the wise and caring citizens have made their voices heard on the matter of the state’s wealth scattered across the grand cities of Abuja and Lagos.

Some propose a bold solution of selling off these assets without delay, while others suggest the noble pursuit of developing and commercializing these treasures to fill the state’s coffers.

Governor Umo Eno not only aims to invest the State’s resources in these ventures but has also implemented a legal framework that has enabled the creation of strong institutions to supervise these forward-thinking investments and offer expert guidance to ensure their success.

Because of this, the executive branch government introduced a bill to the State House of Assembly on creating an Asset Management and Maintenance Board, which has progressed through the legislative process from the first reading to the second reading on the floor of the State Assembly.

The legislation was made available to the public for feedback, discussed by important stakeholders, leading to revisions in specific parts of the proposal.

Afterward, it went back to the Akwa Ibom State House of Assembly for a third reading, following standing committees discussions, amendment of some sections and eventual passage.

And finally, it was forwarded to the executive branch of Government for the Governor’s assent to officially pass the bill into law.

Governor Umo Eno signed the successful transformation of the bill into law, with the supervision of principal officers from the Akwa Ibom State House of Assembly.

Thereafter, Governor Umo Basseg Eno has constituted the Asset Management Board, with a directive to board members to conduct thorough assessments of properties of the State to determine their, conditions, values, and identify potentially profitable investments based on their lucrative locations.

Many ask why the Governor must have to establish new board before such investment is done, when there are Ministries, who are saddle with the responsibility of conducting such transactions for Government?

Governor Umo Eno during the Stakeholders meeting told the people that he intend to build strong institution for Akwa Ibom State to be able to earn more internally generated revenue through asset management Board.

He says without asset management team it will not be proficient, Pastor Umo Eno says in the meeting that efficient management of assets is a critical component in ensuring the effective functioning of government entities.

From infrastructure to financial resources, governments are entrusted with a wide array of assets that must be carefully monitored, maintained, and optimized to serve the best interests of their citizens.

To achieve this, the establishment of dedicated asset management teams within government agencies is essential.

Pastor Umo says the teams will play a pivotal role in safeguarding public resources, enhancing operational efficiency, and promoting transparency and accountability in government operations and investments

That the related ministries will play supervisory roles, by been watchdog of the asset management board and AKICORP.

The Akwa Ibom State Governor says one of the primary reasons why governments need dedicated asset management teams is to ensure the proper stewardship of public resources.

By centralizing responsibility for asset management in specialized teams to generate more revenue through the asset for the State.

In Constitution of the Asset Management Board by Pastor Umo Eno, the government has established clear protocols and procedures for the acquisition, management, maintenance, utilization, and disposal of assets.

This helps prevent misuse, loss, or mismanagement of resources, thereby safeguarding taxpayer money and promoting fiscal responsibility.

The State Governor assured the stakeholders that it is not a duplication of roles, but the establishment of dedicated asset management teams is essential for governments to effectively steward their resources, enhance operational efficiency, and promote transparency and accountability.

Pastor Umo also declared that he is bringing core professionals that will help the State to invest in robust asset management practices

Umo Eno maintained that he is empowering specialized teams to oversee asset lifecycles, and how governments can optimize the value of the assets, mitigate risks, and deliver better services to their citizens, and generate more money for the State

The Governor’s decision to reinvest in these infrastructures aim to enhance the State’s wealth. Therefore, he is not delegating this responsibility solely to the Asset Management Board; instead, Asset Board will collaborate with AKICORP in all their undertakings.

Both boards are guided by experienced professionals from investment banking, real estate management, and financial management.

The AKICORP Board members are as follows: Obong Ide Owodiong-Idemeko (Chairman), Pastor Imoabasi Jacob (Managing Director), Barr. Ben Udowa (Executive Director), Pastor Godwin Ukwat (Executive Director), and Mr. Idorenyen Enang, a Non-Executive Director (OPS).

The Infrastructure and Assets Management and Maintenance Agency is chaired by Elder Udo Sam Umoatan, with Prof. Comfort Etok, Mr. Joshua Ndon Ikpe, the Permanent Secretary of the Office of the Secretary to the State Government, the Permanent Secretary/Accountant General, the State Director of Fire Service, and Barr. Victor Bob serving as Secretary.

The commissioners in the Ministries overseeing their operations include the Attorney-General and Commissioner for Justice, as well as the Commissioners for Finance, Investment, Lands, Economic Development, Housing, and Agriculture.

Any effective revolutionary leader will continually strive to improve the financial well-being of their people. Pastor Umo Eno’s efforts to transform the neglected wealth of the State into a source of greater prosperity are a welcomed development.

The people of Akwa Ibom State, who have long lamented the neglect of this infrastructure, are pleased.

Nicholas,  author ,THE CRYING GHOST’
write from Afe Mbaya in Uruan, Akwa Ibom State, Tel 08033375068
Email whitebombom@yahoo.com