Members of Rivers State House of Assembly during the regime of the immediate past Governor Chibuike Amaechi, have reacted to the allegation of misappropriation of N53 billion leveled against the regime by the incumbent Governor Nyesom Wike, describing the alleged findings of the Commission of Inquiry as “grotesque, preposterous, absurd and antithetical with the magnanimity synonymous with good governance” .

In a statement issued on Sunday, Hon. Chidi Julius Lloyd, Majority Leader in the Seventh Assembly said the fund in question was accessed by the then government with the approval of the State House of Assembly.

Hon. Lloyd stated the fact of the matter thus:

“Motivated by the need to ensure utmost financial frugality, especially, save for the rainy day, the administration of Rt. Hon. C.R. Amaechi, CON , conceived and proposed several Bills to promote fiscal responsibility to the 6th House of Assembly of Rivers State, including the Rivers State Reserve Fund Bill {2008} as it then was.

The Bill was extensively deliberated upon and passed into Law and was subsequently assented to on the 3rd day of May, 2008. by Rt. Hon. C R Amaechi, CON, Governor of Rivers State as he then was.

RIVERS STATE RESERVE FUND LAW:

The Law established a fund known as the Rivers Reserve Fund which consists of [a] a capital contribution of not more than ten per cent of monthly net total revenue but not less than one Billion Naira { # 1, 000.000.000} paid monthly by the state government from its said monthly net total revenue.

[b] Such sums as may be paid voluntarily by any person whether by way of gift, bequest or such other voluntarily donations made from time to time,

[c] Reserve accruing periodically from approved investments made out of the capital in the fund;

[d] Other revenue legitimately accruing to the fund by means not provided for in the Law; and

[e] Such other sums as may accrue to the capital in the fund from time to time.

Skye Bank Plc, was dully nominated as the Bank for the fund and as at February, 2014, the state government has religiously made an unprecedented savings of Fifty -three Billion Naira { # 53,000.000.000] In the fund.

Consequent upon identified exigencies and after requisite compliance with due process, the 7th Assembly passed a Bill for the amendment of the Law in 2014. It was assented to by the Governor C.R. Amaechi on the 13th, February, 2014 .and called Rivers State Reserve Fund [Amendment] Law , No.1, 2014.

WITHDRAWAL FROM THE FUND:

Sometime in 2013, funds accruing to state governments in the country from the Federation account began to dwindle as a result of mismanaged economy occasioned by monumental looting of public funds in high places. Thus the Rivers State government like other states of the Federation began to experience grave challenges in fulfilling its Capital and re-current expenditure demands. After exhausting all available sources of funds, the State government was constrained to resort to the Reserve Fund.

Accordingly and in strict compliance with extant Laws, Gov. Amaechi made two requests in writing to the House of Assembly for a resolution to access the fund.

The House after extensive deliberations gave approval for the withdrawal of the first tranche of N30,000.000.000.in February, 2014 and N19, 000.000.000 in October, 2014.

It is worthy of note that the House of Assembly did not stop at approving the said sums, but also ensured the funds were deployed for the purpose for which it was drawn. And we were satisfied with deployment of the funds having complied strictly with extant laws.

It is crystal clear that Gov. Amaechi is without blemish whatsoever

PURPORTED INDICTMENT OF GOVERNOR AMAECHI FOR THE DISBURESMENT OF N53, 000.000.000 RESERVE FUND.

[a] JURISDICTION

It is imperative to note that, the George Omereji,J, led judicial Commission of Inquiry, lacks the jurisdiction to inquire into Rivers State Government Finances or expenditure pursuant to the decision of Hon, Justice I.N. Buba of the Federal High court, Port Harcourt Division, in Suit No. FHC/PH/CS/78/2007 DELIVERED ON THE 20th of March, 2007.in ATTORNEY GENERAL FOR RIVERS STATE AND ECONOMIC AND FINANCIAL CRIMES COMMISSION & 3 Ors.

The so called judicial commission of inquiry is bereft of the necessary powers to preside or make any determination or decisions or finding concerning the activities of the Rotimi Amaechi led administration.

CONCLUSION:

It is therefore shocking that any panel would even insinuate any wrong doing on the part of Gov. Amaechi, who rather deserves commendation of God fearing citizens for being frugal.

Pointedly, the judicial commission of inquiry is pedestrian and its alleged findings grotesque, preposterous, absurd and antithetical with the magnanimity synonymous with good governance, fair determination of issues and totally perverse, especially when the Rivers State Government is clearly aware that no one, institution or panel is in build with the powers to inquire into the expenditures of the government except in accordance with the judgement of Hon.Justice I.N. Buba .

It is worthy of note that, there is no appeal against the said decision, the judgement is VALID AND STILL SUBSISTS.

Sign:

Hon. Chidi Julius Lloyd,

Ex-Majority Leader

Port Harcourt.