Estate Project: Group Writes Bayelsa Assembly, EFCC Over Alleged N10bn Loan

A Bayelsa State-based transparency group known as the Rescue Bayelsa Group has petitioned the House of Assembly and the authorities of the Economic and Financial Crime Commission (EFCC) over the alleged N10billion Palm Estate Project, which was part of the N17 billion loan approved last year for the state governor, Senator Douye Diri.

According to the group, though they were not bothered by the approval made to the Bayelsa governor to access the N4 Billion for Sustainable Development Goals (SDGs) counterpart fund, the EFCC and the State House of Assembly should review and investigate the N10 billion facility from the Central Bank of Nigeria (CBN) to revitalise the Elebele oil palm project.

The Rescue Bayelsa Group (RBG), in a petition submitted to the Bayelsa State House of Assembly and the EFCC and signed by their counsel, Barr. Osagie Obayuwana, claimed that the N10 billion component of the loan package, meant to revitalise the Elebele oil palm project is unnecessary and that the Bayelsa Palm Estate has become a cocoa farm for successive administrations.

According to the group, “Even the immediate past administration was unable to entrench a solid governance structure in place, thereby making the estate susceptible to fraudulent activities and that at some point, it was leased to some Bayelsans, who till date, are harvesting the palm fruits of the estate and making fantastic profits.”

“We are taken aback if the revenue or finance committee of this House has conducted a penetrating investigation as to how much is being made by the lessees in the lease agreement. It is also fundamental that so many concerned Bayelsans are asking what the identity of the lessees are, and other terms of reference as to the tenure of the lease agreement”